03 September,2026 03:04 PM IST | New Delhi | mid-day online correspondent
Representational Image. File pic.
Tata Trusts on Thursday said the Maharashtra Charity Commissioner has closed a complaint seeking an inquiry into the 1989 transfer of 833 shares of Tata Sons from the Navajbai Ratan Tata Trust to the late Naval H Tata, according to news agency PTI.
The Maharashtra Charity Commissioner found that the transaction complied with the law in force at the time.
Vijay Singh, a trustee of the Navajbai Ratan Tata Trust (NRTT), had filed a complaint on June 10, seeking an independent inquiry into the nearly four-decade-old transfer of shares to Naval H Tata, the father of the incumbent Tata Trusts chairman Noel Tata.
"The Tata Trusts are in receipt of the Charity Commissioner's Order, Maharashtra State, Mumbai, dated 2nd September 2026 disposing off a complaint received from Vijay Singh, Trustee, NRTT, vide email dated 10th June, 2026 which sought an inquiry into the transfer of 833 shares of Tata Sons Private Limited from NRTT to Mr Naval H. Tata in 1989," Tata Trusts said in a statement.
"The Tata Trusts stand vindicated in their assertion that the allegations relating to the transfer of shares were baseless, unsubstantiated and malafide. These were undertaken as part of a wilful, malicious and orchestrated campaign which had, as its sole aim, the objective of discrediting the Tata Trusts, an institution which has, for more than 130 years, served the country and consistently held itself to the highest standards of public trust, accountability and ethical conduct," it added.
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.
It concluded that no further inquiry under the Maharashtra Public Trusts Act, 1950, was warranted, according to the statement.
The consideration paid to the trust was based on a valuation agreed by the Commissioner of Wealth Tax, and the trust made a profit on the transaction that was reflected in its balance sheet as of March 31, 1989, Tata Trusts said.
The order also found that the shares were transferred subject to a condition that they would not be sold to a third party and would remain within the recipient's family. The commissioner concluded that the transfer was made in compliance with the applicable law at the time, the statement said.
The dispute stems from allegations that the shares, which were held by a public charitable trust NRTT, established in 1974, had been transferred to Naval Tata in his personal capacity without adequate consideration, trustee approval or the required documentation, which was denied by Tata Trusts.
According to PTI, a legal notice earlier this year mentioned that the Sir Ratan Tata Trust transferred 625 Tata Sons equity shares and 34 preference shares to NRTT as a corpus donation in December 1974. A 1979 bonus issue increased NRTT's equity holding to 833 shares.
The legal notice alleged that Naval Tata, who was then a trustee of NRTT, resigned from the trust in January 1989 and that the 833 shares were transferred to him personally shortly afterward.
(With inputs from PTI)
