New Delhi, June 5 (SocialNews.XYZ) Philanthropic organisation Tata Trusts on Friday rejected allegations about a 1989 share transfer by the Navajbai Ratan Tata Trust to the late Naval H. Tata, calling them unfounded and a malicious attempt to damage the reputation of the philanthropic institution 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,” the Tata Trusts statement said.
The Tata Trusts shall be pursuing appropriate legal remedies to safeguard their goodwill and reputation, the statement noted.
The Trusts added that 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 and that the transfer was effected 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 added.
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."
It mentioned observations made by the Bombay High Court in a recent writ petition, criticising the manner in which representations were made and subsequently allowed 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."
—IANS
aar/pk
Source: IANS
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