After a majority of trustees voted against his reappointment to the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, Mehli Mistry, a close friend of Ratan Tata, is leaving Tata Trusts. Mistry will resign from the Tata Trusts’ governing boards after three of the six trustees opposed his renomination in a circular resolution that was distributed last week.
According to sources, former Defence Secretary Vijay Singh, TVS Group chairman Venu Srinivasan, and Tata Trusts Chairman Noel Tata were the three trustees that opposed his reappointment. Darius Khambata and Pramit Jhaveri voted in favour of Mistry’s continuation at the Sir Dorabji Tata Trust, while Khambata and Jehangir HC Jehangir did the same at the Sir Ratan Tata Trust. The split ruling, which ends Mehli Mistry’s official affiliation with two of India’s most significant philanthropic organisations, highlights the widening gaps in the trusts’ leadership about appointments and governance issues.
Tata Trusts’ Internal Rift Lead to Mehli’s Exit
Mistry’s current three-year tenure as a trustee ends on October 28. He was first inducted in 2022. The most recent suggestion is made in the midst of rumoured internal divisions within Tata Trusts, with one side reportedly supporting Chairman Noel Tata and another group led by Mistry and consisting of supporters of Ratan Tata.
The most influential stakeholder in the company is the Tata Trusts, which together own 66% of Tata Sons. With Mehli Mistry’s support, Tata Trusts unanimously reappointed Venu Srinivasan as a lifetime trustee earlier this week. Mistry backed Srinivasan’s reappointment as a trustee of Tata Trusts, as did trustees Pramit Jhaveri, Jehangir H.C. Jehangir, and Darius Khambata.
They did, however, include a crucial requirement: majority consent is required for any subsequent trustee renewals. They cautioned that their permissions would be revoked if there was not unanimous agreement. Voting was never a possibility within the Trusts during Ratan Tata’s leadership. Traditionally, decisions were made by consensus and group agreement; however, this approach is currently being examined in light of indications of internal conflict.
Noel Tata, Venu Srinivasan and Vijay Singh Opposed Mistry’s Reappointment
Mistry had the backing of trustees Pramit Jhaveri, Darius Khambatta, and Jehangir H.C. Jehangir, although Noel Tata, Venu Srinivasan, and Vijay Singh were apparently against his continuing. A month ago, a group of four trustees led by Mehli Mistry objected to Vijay Singh’s reappointment as a nominee director on the board of Tata Sons, the firm’s main holding company. This was the most recent flashpoint.
A rare and visible indication of discontent among one of India’s most prestigious corporate institutions, the decision caused an unusual split (3-4) within the Tata Trusts. The second week of September 2025 saw Singh’s resignation from the Tata Sons board. Singh needed the support of both Srinivasan and Noel Tata, but it was insufficient because all Tata Trust actions must be approved unanimously.
The significant division among the trustees was revealed when Srinivasan and Tata resisted Mistry’s candidature for the Tata Sons board. There is no chance that Noel will change his mind about turning down Mistry’s application for a Tata Sons board membership, according to people familiar with the situation.
Quick Shots
•Mehli Mistry, a close confidant of Ratan Tata, has
been voted out of the Sir Dorabji Tata Trust and Sir Ratan Tata Trust boards.
•The decision came after three of six trustees
opposed his reappointment in a circular resolution last week.
•This marks the end of Mistry’s official association
with Tata Trusts, key shareholders owning 66% of Tata Sons.
•Trustees Noel Tata, Venu Srinivasan, and Vijay
Singh voted against Mistry’s reappointment.
The reappointment of trustee Mehli Mistry, whose term expires on October 28, is unlikely to be approved by Tata Trusts chairman Noel Tata, vice chairman Venu Srinivasan, and Vijay Singh, several persons close to the issue informed ET. On 27 October, the trustees may communicate their choice.
This week is Mistry’s renewal vote. Mistry has served as a trustee of the Sir Dorabji Tata Trust (SDTT) and the Sir Ratan Tata Trust (SRTT) since 2022. Together, the two trusts own 51% of Tata Sons, the holding company of the Tata Group. Siddharth Sharma, the CEO of Tata Trusts, moved a resolution on Friday to extend his tenure. According to sources, Jehangir HC Jehangir, Pramit Jhaveri, and trustee Darius Khambata have all agreed.
According to insiders, the dispute over his reappointment may lead to legal challenges. Mistry was perceived as hostile against chairman Noel Tata and the other nominated directors on the Tata Sons board, including Singh and Srinivasan.
Tata Trust Has Become a New Battle Ground
At Tata Trusts, trustee appointments, like other choices, are typically made by consensus. About a year after the passing of long-time patriarch Ratan Tata, on September 11, the trustees defied tradition by voting by majority to remove former defence secretary Vijay Singh as a nominated director on the Tata Sons board. That started a series of events that brought the infighting at India’s most prominent public trusts to the attention of the entire country.
It’s unclear if a majority vote can be used to reappoint a trustee in the event of disagreements or if a unanimous decision is needed. According to insiders, this is new ground for the trusts because, in the decades prior to Ratan Tata’s leadership of the organisation, trust decisions were not put to a vote.
Trust affairs are decided by a combination of the Maharashtra Public Trusts Act regulations, the trust deed (or the will by which the trust was established, as in the case of Sir Ratan Tata Trust, founded in 1916), and resolutions passed by trustees from time to time. This is in contrast to companies, whose governance is standardised under the Companies Act and other applicable laws. According to the Sir Dorabji Tata Trust’s 1932 trust deed, “the decision of a majority of the trustees present at a meeting shall bind the minority,” and a quorum necessitates three trustees.
Recent Resolution by Tata Trust Trustees
Additionally, there is a more recent resolution that is pertinent. The “moment of transition between two eras” was marked by the trustees’ meeting on October 17, nine days following Ratan Tata’s passing. They committed to the founding fathers’ vision and ethos and agreed to act in concert and in support of the trusts’ goals and objectives.
According to the resolution, a copy of which ET has examined, they determined that all trustees will be reappointed by the relevant trust at the expiration of their term, with no time limit placed on the term of such reappointment. This implies that all trustees will have their terms extended for life. However, the resolution does not include enough details about the process by which this will be accomplished.
According to ET, Mistry, a close friend of the late Ratan Tata, conditionally approved Srinivasan’s reappointment as vice chairman and trustee of SDTT last week. Late on October 21, he sent an email requesting reciprocity in the extension of his own tenure. His email appeared to recognise that a unanimous trustee decision is necessary for reappointment for life.
For the avoidance of doubt, Mehli’s response asserted that I do not formally approve the reappointment of Venu Srinivasan in the event that any trustee chooses not to pass this resolution or an identical unanimous resolution for all other trustees as and when their respective tenures expire.
Quick Shots
•Mehli Mistry’s tenure ends on October 28, 2025; a decision on
renewal is expected on October 27.
•Mistry has served as trustee of Sir Dorabji Tata Trust (SDTT)
and Sir Ratan Tata Trust (SRTT) since 2022.
•Differences over the reappointment process may trigger legal
challenges within the trusts.
•Disagreement persists over whether majority or unanimous
consent is needed to reappoint trustees for life.
As the 157-year-old Tata organisation, the biggest corporate conglomerate in the nation, negotiates intricate shareholder disputes and strategic choices, a number of changes within the organisation are garnering fresh attention. The firm has been embroiled in fresh scandals since the death of seasoned businessman Ratan Tata last year, involving everything from domestic family conflicts to government interference.
The main cause of the current commotion is the possible departure of Tata’s biggest and oldest shareholder, the Shapoorji Pallonji (SP) Group. As of 1936, the SP Group had an 18.37% ownership holding in Tata Sons. Tensions erupted in 2016 during the well-known Cyrus Mistry-Ratan Tata case, which went to the Companies Tribunal and then the Supreme Court, where Tata Sons prevailed. The relationship had been characterised by friendly relations for decades.
SP Group Navigating Through Financial Crunch
Ten years later, tensions between the two families have returned, this time in relation to Mehli Mistry and Noel Tata. According to reports, Tata Sons has started looking into ways to permanently address these problems, such as maybe purchasing the SP Group’s holding.
In order to reduce its financial risk, the SP Group, which has substantial debt commitments, has indicated a desire to sell its shares in Tata Sons. However, corporate governance regulations impede any escape. Since the SP Group is a promoter with a holding greater than 10%, any acquisition or disposal must go by the rules of the Reserve Bank of India, Tata Sons’ articles of association, and general business standards.
Options Available for SP Group to Strike the Deal
The first option is for Tata Sons to buy all of the SP Group’s shares directly. The 36% capital gains tax that the SP Group will pay on the acquisition, which might total thousands of crores, is the reason for the opposition to the agreement, which is anticipated to cost about INR 3 lakh crore. Converting the SP Group’s investment into stock in Tata companies like Tata Steel or TCS is the second option. This would enable the SP Group to pay off its $1 billion debt that is due in 2026 by progressively realising funds.
However, such an exchange is now prohibited by Tata Sons’ current Articles of Association; thus, rule revisions are required. Thirdly, the SP Group could divest to a private equity fund or another external investor. This strategy saves Tata Sons money but also necessitates the conglomerate’s public listing—a step that has long been opposed in order to preserve the group’s private status.
Fourth, the SP Group would have a formal way out if Tata Sons were listed. However, the Tata Trusts, which own the group and have been adamant about maintaining its private ownership, have prevented this possibility from happening. Experts predict that any resolution will be drawn out and dependent on regulatory clearances, particularly those from the Reserve Bank of India and possibly the Supreme Court, given these limitations.
Quick Shots
•P Group has held an
18.37% stake in Tata Sons since 1936, marking nearly a century of
partnership.
•Relationship soured
after the Cyrus Mistry–Ratan Tata dispute (2016), which reached the Supreme
Court, ruling in Tata Sons’ favour.
•Current friction
reportedly involves Noel Tata and Mehli Mistry, reigniting differences
between the two families.
•Facing
heavy debt obligations, SP Group is looking to offload its Tata Sons stake to
reduce financial strain.
Noel Tata, recently cataloged in the media as Ratan Tata’s half-brother, has silently carved out a significant niche for himself in the oceanic Tata Empire. Overshadowed by the more prominent figures in the family like Ratan Tata, Noel’s contributions to the Tata Group’s success and commitment to social causes have been instrumental in shaping the conglomerate’s retail division and enduring legacy.
Born into the family of legends, Noel Tata joined the Tata Group in 1999 and took over Trent, the retail arm of the huge empire. Under his strategic leadership, Trent came to the forefront of India’s gigantic retail market, diversifying its offering and expanding its footprint. A man of few words with keen business acumen, Noel has played a quintessential role in various Tata ventures, ranging from retail to hospitality.
From his initial days at Tata Industries to becoming the Chairman of Tata International, let us uncover Noel’s challenges and lessons learned in life along the way. Learn about Noel Tata, his education, career, family, and more from this article.
Noel Tata – Biography
Name
Noel Naval Tata
Born
December 1957
Nationality
Indian-born Irish Citizen
Hometown
Mumbai, India
Education
University of Sussex, England INSEAD Business School, France
Position
Chairman Tata Trust Chairman Trent and Tata Corporation Chairman, Non-Executive Director Tata International Vice Chairman Titan Company and Tata Steel Non-Executive Director, Tata Sons
Noel Tata was born with a golden spoon to the legendary Naval Tata and Simone Tata (née Dunoyer) in December 1957. Even though he was born with a golden spoon, Noel’s upbringing has been through understated channels, laying a foundation of benevolence.
His early education was completed in Mumbai, where he immersed himself in the city’s rich culture and tradition that posed a strong foundation of Tata family values. To pursue higher education, Noel flew to England, where he earned a bachelor’s degree from the University of Sussex in the United Kingdom.
To further polish his business acumen, Noel enrolled in the International Executive Program (IEP) at INSEAD Business School in France. His academic journey in England and France helped him acquire a global perspective on business management.
Noel Tata – Career
Noel Tata started his career with the Tata Group in foundational roles and steadily grew through the ranks, demonstrating his leadership skills, and innovative approach and gaining the trust of the vast conglomerate.
His first step in the group was at Tata International, the global trading division of Tata Group, and eventually, he became its Managing Director in 2010. Under his affluent leadership, Tata International diversified to multiple segments like engineering, leather, and metal, creating a global presence. Noel has been the brain behind strengthening the company’s international footprint, especially in Africa and Southeast Asia.
In June 1999, he became the Managing Director of Trent, Tata Group’s retail arm, started by Noel’s mother, Simon Tata. Trent operates retail chains like Westside, Star Bazaar, and Zudio. Under his stewardship, Trent saw substantial growth, with its shares skyrocketing over 6000%. In 2014, he became the Chairman of Trent, with Westside and Zudio becoming major players in India’s fashion retail market.
Seeing his leadership qualities in 2003, Noel was appointed as the Director of Titan Industries and Voltas. In 2018, he was raised to the rank of Vice Chairman for Titan Industries, and in March 2022, he became the Vice Chairman of Tata Steel.
Noel Tata was embraced as one of the board members of the Sir Ratan Tata Trust in February 2019, and soon after the demise of his brother, on October 11th, 2024, he was appointed as the Chairman of the Tata Trust, which holds a stake of 66% in Tata Sons, the parent company.
In a historic move, Noel Tata joined the board of Tata Sons on November 4, 2024, as a nominee of Tata Trusts, marking the first time since 2011 that a Tata family member serves on both boards. His appointment is in line with Tata Sons’ Articles of Association, allowing Tata Trusts to nominate one-third of the directors on the board.
Noel Tata with wife Aloo Mistry and Daughter Leah Mistry
Noel Tata is married to Aloo Mistry, the daughter of another prominent businessman in India, Pallonji Mistry. Pallonji Mistry has been associated with Tata Group since time immemorial and owns a substantial stake in Tata Sons as the single largest shareholder.
Noel and Aloo have three children, one son, Neville Tata, and two daughters, Leah Tata and Maya Tata. His family life is a reflection of his reserved personality; grounded, private, and away from the public eye. Balancing his professional responsibilities with his personal life, Noel has maintained a quiet yet resilient presence both in the business and family spheres.
Noel Tata – Journey So Far!
Despite speculations in the business world about him succeeding his half-brother, Ratan Tata, as the head of Tata Sons, his brother-in-law Cyrus Mistry was declared as the successor of Ratan Tata in 2011. However, Cyrus was removed from the Chairmanship of Tata Sons in October 2016, and the role went back to Ratan Tata until February 2017.
However, even through this family chaos, Noel remained unimpacted and continued to influence the group’s retail and international operations. His leadership extended further when he took on an influential role within Tata Trusts, which control the majority of shares in Tata Sons.
Noel Tata’s undeniable contributions have coagulated his status in the Tata Group, leaving a mark as a forward-thinker. His hard work as the leading light of Tata International and Trent has substantially contributed to Tata Group’s global expansion, showcasing his commitment towards the legacy and future of Tata Sons.
Despite his dominance across various Tata Group arms, he chose to uphold a quiet presence in the media compared to other Tata family members. Currently, Noel Tata remains a key figure in the operations and governance of the Tata Group, actively taking the Tata family’s legacy to global podia.
Noel’s connection to the Mistry family through his wife, Aloo Mistry, further solidifies his presence within the group, with his children also playing active roles within Tata Trusts. Over the years, Noel Tata has emerged as a key figure shaping the future of the Tata Group, especially following Ratan Tata’s exit from active leadership due to his grief.
Noel Tata may be understated in the media as compared to Ratan Tata, but his achievements have no denying when talking about making Tata Group’s retail and international businesses enduring success.
As the Chairman of Trent, Noel spearheaded the growth of the Westside retail chain, turning it into a profitable and leading retail brand in India and multiplying its shares to over 6000%. He also played a crucial role in expanding the Tata Group’s global footprint, especially through Tata International. Under his leadership as a Managing Director from 2010 to 2021, he raised revenues from $500 million to $3 billion.
To add to his list of achievements, he has held multiple leadership roles in Tata Group, including Vice Chairman of Titan Company and Tata Steel. Noel has now been appointed as the Chairman of Tata Trust to lead the company, after the late Ratan Tata, which oversees a 66% stake in Tata Sons. His current role in Tata Trust solidifies his position within the Tata Group, shutting the mouths of many who doubted his capabilities.
FAQs
Who is Noel Tata?
Noel Naval Tata is a businessman with roots in both India and Ireland. He holds important positions in several Tata companies. He is the newly appointed chairman of Tata Trusts, Trent, and Tata Investment Corporation. He is also the managing director of Tata International and the vice chairman of Titan Company and Tata Steel.
Who is the wife of Noel Tata?
Aloo Mistry, daughter of Pallonji Mistry is the wife of Noel Tata.
What is the net worth of Noel Tata?
The net worth of Noel Tata is $1.5 billion as of 2024.
