Ratan Tata's close confidant Mehli Mistry to join two Tata Trusts

Low profile Mistry, 62, runs about a dozen firms, with interests ranging from paint distribution to logistics, travel, and automotive dealerships

Mehli Mistry, a close confidant of Tata group patriarch, Ratan Tata has joined the boards of two Tata Trusts as a trustee. The two Tata trusts, Sir Dorabji Tata Trust and Sir Ratan Tata Trust, hold 66 per cent stake in Tata Sons Private, the holding company of the Tata group of companies.

Low profile Mehli Mistry, 62, who was caught in the crossfire between his late cousin Cyrus Mistry and Ratan Tata, runs about a dozen companies, with interests ranging from paint distribution to logistics, travel and automotive dealerships. Tata Trusts already has Noel Tata, half brother of Ratan Tata, and JN Tata as Trustees.

Mehli’s inclusion on the Tata Trusts board was speculated for a long time considering his close proximity to Ratan Tata. Mehli was accused by Cyrus Mistry of getting contracts from Tata Power but these charges were rejected by the Supreme Court last year.

As of now former government of India official Vijay Singh and Venu Srinivasan are Vice chairmen of the Sir Ratan Tata Trust and Dorabji Tata Trust. Both are also on the board of Tata Sons. RK Krishna Kumar and Jehangir HC Jehangir are also on the board of Sir Ratan Tata Trust.

In April this year, Tata Sons shareholders cleared new articles of association (AoA), which legally separates the position of Tata Trusts and Tata Sons chairman in future.

Tata trusts is currently chaired by Ratan Tata who also held the position of Tata Sons chairman till 2012. N Chandrasekaran is the executive chairman of Tata Sons board. With the changes in the AoA of Tata Sons, Ratan Tata would be the last to hold both positions at the trusts as well as Tata Sons.

Mistry’s induction on the board comes at a time when  N Srinath, CEO of Tata Trusts, is retiring on his superannuation on Monday. A new CEO of the Tata trusts will be announced soon. Before taking over as Tata Trusts CEO, Srinath led Tata Teleservices which made huge losses due to multiple reasons.