The Economic Times
12,119.00-129.25
Stock Analysis, IPO, Mutual Funds, Bonds & More

Tata veteran Srinath leads race to head Tata Trusts

After R Venkataramanan exited the top position at Tata Trusts in March this year, the foundation had formed a three-member committee to select a successor. The committee, led by Ratan Tata, looked at many people over the past several months and has finally narrowed down on Srinath, said the people quoted earlier.

Updated: Dec 10, 2019, 11.02 AM IST
0Comments
Agencies
1
Srinath has been involved in the sale of Tata Teleservices’ consumer mobile business to Bharti Airtel.
(This story originally appeared in on Dec 10, 2019)
MUMBAI: Tata veteran N Srinath has emerged as a strong contender to lead Tata Trusts, the country’s largest public charitable organisation, said people familiar with the matter. Srinath (57), who once was executive assistant to Ratan Tata, will step into the new role early next year, said the people.

After R Venkataramanan exited the top position at Tata Trusts in March this year, the foundation had formed a three-member committee to select a successor. The committee, led by Ratan Tata, looked at many people over the past several months and has finally narrowed down on Srinath, said the people quoted earlier. A Tata Trusts spokesperson declined to comment on the report.

Unlike Venkataramanan, who held the position of managing trustee, Srinath will be offered the post of CEO. Tata Trusts decided to create the CEO post after it ran into trouble with income tax authorities over Venkataramanan’s high compensation. The authorities had said that the high salary, which was a couple of crores, was not in accordance with Tata Trusts’ deed. The deed of Sir Dorabji Tata Trust (one of the main charitable organisations within the fold) specifies that a trustee must be paid Rs 1,000. But now, with the managing trustee post gone, there will be no issues over the formulation of a compensation package for Srinath.

Srinath, who has been involved in the sale of Tata Teleservices’ consumer mobile business to Bharti Airtel, will now have to deal with the legal battles at Tata Trusts, among other things. He joined the Tata Group in 1986 and currently holds board positions in a few Tata companies, including Tata Communications (earlier known as VSNL).

Also Read

Ex-Citi India Boss Pramit Jhaveri tipped to board Tata Trusts

Tata Trusts forced to give up registration in 2015: Taxman

Six Tata trusts to challenge tax department order in tribunal

Tata Trusts to rank states on justice delivery

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service