Tata Trusts, a string of non-profits that own 66 percent of the diversified Tata Sons, is likely to get a new head soon.
Tata Teleservices Managing Director and CEO Srinath Narasimhan is likely to head Tata Trusts and may take over the reins early next year, said a report in The Times of India.
Srinath, who once was executive assistant to Ratan Tata, is expected to be appointed as chief executive officer (CEO) and Tata Trusts decided to create the CEO post after it reportedly invited the ire of the income tax authorities over the high compensation of R Venkataramanan, who was the managing trustee, the report said.
The 57-year-old Tata veteran was picked as the top choice by a three-member committee, headed by Ratan Tata, formed by the foundation to select Venkataraman's replacement, said a report in Moneycontrol quoting sources.
In February this year, Tata Trusts' previous head Venkataramanan had quit the organisation after reports about some trustees not being happy with the high compensation of Rs 2.66 crore paid to him.
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-the largest of all the trusts—in December 2018.
Soon after his exit, Ratan Tata's half- brother Noel Tata was appointed the trustee of Sir Ratan Tata Trust, the second largest among the dozen-odd charities that make up the Tata Trusts.
Considered very close to Ratan Tata, the group patriarch and the chairman of the trusts, Venkataramanan was also under the scanner in a money laundering case involving AirAsia India which is being probed by the Central Bureau of Investigation (CBI).
In April this year, Venkataramanan had resigned from RNT Associates Private Limited, the personal investment vehicle of Tata group patriarch Ratan Tata, according to a Business Standard report.
He reportedly played a vital role in making some marquee investments in Indian startups on behalf of RNT Associates, and personally examined all investment proposals being sent to Tata.
— With PTI inputs
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Updated Date: Dec 10, 2019 18:58:20 IST