Mumbai — Tata Trusts on Friday rejected allegations related to a 1989 share transfer by the Navajbai Ratan Tata Trust to the late Naval H. Tata, calling the claims unfounded and malicious.
The philanthropic organization said the allegations were an attempt to damage the reputation of Tata Trusts and the Tata family.
“Any suggestion of impropriety on the part of either the Sir Ratan Tata Trust, Navajbai Ratan Tata Trust, or any of the parties to the transaction is categorically denied. It is affirmed that the transaction was lawful, undertaken for consideration, and fully compliant with the rules in force at that point in time,” Tata Trusts said in a statement.
The organization said it will pursue appropriate legal remedies to protect its goodwill and reputation.
Tata Trusts said the transfer had been cleared at the appropriate levels, including by the late Nani A. Palkhivala, and approved by the then board of Tata Sons. It added that the transfer was carried out on a valid transfer form duly stamped by the Registrar of Companies.
“These allegations also seek to taint the Tata family, including the late Naval H. Tata and his sons, the late Ratan N. Tata, Jimmy Tata and Noel N. Tata,” it said.
Tata Trusts described the petitioner behind the allegations, Suresh Tulsiram Patilkhede, as a “serial litigator” who had previously filed cases against the Trusts “without any locus and with an apparent objective of disrupting the philanthropic activities and functioning of the Tata Trusts.”
The organization also referred to observations made by the Bombay High Court in a recent writ petition, saying the court had criticized the manner in which representations were made before allowing the petitioner to withdraw the case.
Tata Trusts said the allegations lacked any factual basis and pointed to a “wilful, malicious and orchestrated campaign” to discredit “an institution that has served this country for over 130 years and has consistently upheld the highest standards of public trust, accountability and ethical conduct.” (Source: IANS)
