Srinath Narasimhan is set to take over as the chief executive of the Tata Trusts, the majority shareholder of $100-billion Tata Sons, the holding company of the Tata Group.
The trustees of Tata Trusts, headed by Ratan Tata, decided to appoint Srinath Narasimhan the chief executive of the Trusts, with effect from April 1, 2020. The trustees also appointed Pramit Jhaveri, former chief executive officer of Citi India and former vice-chairman of banking, capital markets and advisory for Asia Pacific, a trustee of the Sir Dorabji Tata Trust; effective from February 12, 2020.
Narasimhan is currently managing director of Tata Teleservices Ltd and Tata Teleservices (Maharashtra) Ltd. Having joined the Tata Administrative Services in 1986, Narasimhan has held various assignments in the Tata Group, including as the MD of Tata Communications Ltd.
Tata Trusts have been functioning without a CEO after R Venkataramanan quit as managing trustee on February 14, 2019. A Committee of trustees, comprising Ratan N Tata, chairman of the Trusts; and Vijay Singh and Venu Srinivasan, vice-chairmen of the Trusts, was set up to oversee the operations and select a chief executive for the Trusts.
Venkataramanan quit the post saying “he had been considering other options, given that he was completing five years as the Trusts’ Executive Trustee/ Managing Trustee, and sought to be relieved”. Speculation was rife that some trustees were not happy with Venkataramanan. Tata Trusts, which collectively own 66 per cent of Tata Sons, had been engaged in a legal dispute with the Income-Tax Department over tax exemption.
The I-T department had recently cancelled registration of six Tata Trusts, including Jamsetji Tata Trust, R.D. Tata Trust and Tata Education Trust, following their decision to surrender the same. The Tata Trusts said the cancellation was a culmination of the decision taken by these six Trusts in 2015 to surrender their registration and to not claim the associated income tax exemptions.
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