Tata Trusts: Maharashtra Charity Commissioner closes complaint over 1989 share transfer

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 PTIThe Maharashtra Charity Commissioner found that the transaction complied with the law in force at the timeVijay Singh a trustee of the Navajbai Ratan Tata Trust NRTT had filed a complaint on June 10 seeking an independent inquiry into the nearly fourdecadeold transfer of shares to Naval H Tata the father of the incumbent Tata Trusts chairman Noel TataTata Trusts says it stands vindicatedThe Tata Trusts are in receipt of the Charity Commissioners 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 statementThe 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 addedThe 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 TrustsIt concluded that no further inquiry under the Maharashtra Public Trusts Act 1950 was warranted according to the statementThe 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 saidThe 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 recipients family The commissioner concluded that the transfer was made in compliance with the applicable law at the time the statement saidWhat is the complaintThe 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 TrustsAccording 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 NRTTs equity holding to 833 sharesThe 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 afterwardWith inputs from PTI