Noel Tata in, Venkataramanan out

Chennai: R Venkataramanan, the managing trustee of Tata Trusts, a string of non-profits that own 66 per cent of the diversified Tata Sons, has resigned. On the other hand, Ratan Tata’s half brother Noel Tata has been appointed as a trustee of the Sir Ratan Tata Trust.

Venkataramanan’s Rs 2.66-crore annual compensation has been under the income tax scanner and led it to withdraw tax exemption to the Sir Dorabji Tata Trust in December 2018. Speculation is rife that Venkataramanan may shift to London in some new role within the Tata group.

Venkat is also under the scanner in a money laundering case involving AirAsia India which is being probed by the Central Bureau of Investigation.

Noel Tata is the chairman of the group’s retail arm Trent and also the managing director of Tata International, the group arm that scouts for new business opportunities outside the country.

He has been appointed as the trustee of Sir Ratan Tata Trust along with Jehangir HC, who is currently spearheading the healthcare mission at the Jehangir Hospital, Pune, a statement said from the firm said.

NT Bureau