In a letter dated November 2, Khambata explained that he initially joined at the personal invitation of the late Ratan Tata. He argued that taking Tata Sons public would separate it from its philanthropic arms and pose an existential threat to the group's foundational model. Khambata also revealed board tensions, pointing out that nominee directors broke earlier unanimous trust resolutions by publicly favoring an initial public offering.
Key points
Khambata firmly maintained that taking Tata Sons public is entirely unnecessary for raisi…: Khambata firmly maintained that taking Tata Sons public is entirely unnecessary for raising capital or accelerating company growth.
Nominee directors Vijay and Venu reversed their initial anti-listing stances by expressin…: Nominee directors Vijay and Venu reversed their initial anti-listing stances by expressing support for a public offering in April 2026.
The departing trustee supported facilitating liquidity for the Shapoorji Pallonji Group s…: The departing trustee supported facilitating liquidity for the Shapoorji Pallonji Group strictly through the direct sale of its existing shares.
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In a letter dated November 2 addressed to Tata Trusts chairman Noel Tata and chief executive Siddharth Sharma, Khambata said he did not wish to seek reappointment, despite both having expressed a desire for him to continue.
Khambata said he had accepted the original appointments at the invitation of the late Ratan Tata and wanted to maintain his independence as a trustee.
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“That independence comes at a cost. My stand and approach has at times differed from others’, including Noel’s; I appreciate Noel’s democratic acceptance of this. That is the old Tata way. Yet in law even a Trustee’s reappointment requires the agreement of all other Trustees. That is a consent that it is not in my character to seek as it would compromise my independence to do so,” he wrote.
Khambata, who said more than 90% of his meeting time was spent on philanthropic projects, also defended the Tata Trusts’ role in the group’s governance and opposed the proposed listing of Tata Sons.
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