Charity Commissioner Closes Complaint Over 1989 Share Transfer: Tata Trusts

(MENAFN- IANS) Mumbai, Sep 3 (IANS) Tata Trusts on Thursday said the Maharashtra Charity Commissioner has closed a complaint seeking an inquiry into the transfer of 833 shares of Tata Sons Private Ltd from Navajbai Ratan Tata Trust to Naval H Tata in 1989.

Tata Trusts said the recent order vindicates their position that allegations concerning the share transfer were baseless, unsubstantiated and mala fide.

The complaint was filed by Vijay Singh, trustee of Navajbai Ratan Tata Trust, through an email dated June 10, 2026.

The Charity Commissioner undertook a detailed examination of the issues raised in the complaint and the response submitted by Navajbai Ratan Tata Trust along with supporting documents, according to Tata Trusts.

The Charity Commissioner concluded that the sale was necessitated by statutory compulsions and that the transfer of shares was carried out with proper documentation.

Moreover, the order found that appropriate consideration based on a valuation agreed upon by the Commissioner of Wealth Tax was paid to the Trust and that the Trust earned a profit on the transaction which was reflected in its balance sheet as of March 31, 1989, it said.

The shares were transferred on the condition that they would not be sold to any third party and would remain within the family of the recipient.

In addition, the transfer was found to be in full compliance with the provisions of law then in force, Tata Trusts said.

The Charity Commissioner accordingly held that given the facts and circumstances of the case no further inquiry under the Maharashtra Public Trusts Act, 1950 was warranted in relation to the share transfer.

Tata Trusts also highlighted the Charity Commissioner's observations on Singh's conduct, including his failure to share the email with the Trust which the Commissioner said indicated an intention to suppress this from the other Trustees and the Trust as a whole and was unbecoming of a Trustee of NRTT.

It termed the allegations part of a wilful, malicious and orchestrated campaign to discredit the institution.

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