塔塔信托副主席、多拉吉·塔塔爵士信托受托人 Venu Srinivasan 和 Vijay Singh 对将塔塔电子支持服务公司和塔塔咨询工程师公司合并入塔塔资有限公司的提案所遵循的流程提出了质疑，消息人士向 CNBC-TV18 透露。
Venu Srinivasan and Vijay Singh, vice chairmen of Tata Trusts and trustees of Sir Dorabji Tata Trust , have raised questions over the process followed for a proposal seeking to merge Tata Electronics Support Services and Tata Consulting Engineers into Tata Sons, sources told CNBC-TV18.
据知情人士称，在致塔塔爵士信托受托人的一封信中（日期为周三，9月30日），这两人表示，他们在9月28日发给塔塔资董事会、寻求批准拟议合并的沟通函发出前并未被咨询。他们还质疑该提案是否获得了所有 SDTT 受托人的支持。
In a letter to the trustees of Sir Ratan Tata Trust dated Wednesday, September 30, the two said they were not consulted before a September 28 communication was sent to the Tata Sons board seeking its approval for the proposed merger, according to people familiar with the matter. They also questioned whether the proposal had the backing of all SDTT trustees.
信中还对以塔塔信托名义发布、未经 SDTT 受托人同意的新闻稿表示担忧。关于 SRTT，受托人质疑在马哈拉施特拉邦慈善专员5月下令推迟原定会议的情况下，如何能召开会议审议该提案；SRTT 此后在持续调查中面临召开会议的限制。
The letter also raised concerns over a press release issued in the name of Tata Trusts without the SDTT trustees' consent. On SRTT, the trustees questioned how a meeting could have been held to consider the proposal given the Maharashtra Charity Commissioner's May order deferring a scheduled meeting; SRTT has since faced restrictions on convening meetings amid the ongoing inquiry.
对信托角色的质疑 Srinivasan 和 Singh 还质疑股东要求塔塔资董事会“批准”商业重组提案的恰当性。他们指出，直接参与塔塔资的商业决策可能会对信托的慈善地位产生影响，并表示该提案可能对塔塔资、信托及其他利益相关者产生重大财务影响。
Questions over Trusts' roleSrinivasan and Singh also questioned the appropriateness of a shareholder asking the Tata Sons board to “approve” a business restructuring proposal. They flagged the possibility that direct involvement in Tata Sons' commercial decisions could have implications for the Trusts' charitable status, and said the proposal could have significant financial implications for Tata Sons, the Trusts and other stakeholders.
Singh 曾单独告知马哈拉施特拉邦慈善专员：“SDTT 在塔塔资的大量持股并不意味着该信托承担商业企业的职能或直接参与塔塔资的业务事务。”
Singh had separately told the Maharashtra Charity Commissioner: “SDTT's substantial shareholding in Tata Sons cannot mean that the trust assumes the functions of a commercial enterprise or participates directly in Tata Sons' business affairs.”
据报道，这场最新争端发生在印度储备银行于9月11日拒绝塔塔资关于核心投资公司框架豁免的请求之后。
The latest dispute comes after the Reserve Bank of India on September 11 rejected Tata Sons' request for exemption from the core investment company framework, according to reports.
塔塔之子董事会随后转向探索公开上市，而塔塔信托表示其未同意上市，并主张应审视所有可行方案。重组方案是什么？
The Tata Sons board subsequently moved towards exploring a public listing, while Tata Trusts said it had not agreed to a listing and that all available options should be examined. What is the restructuring proposal?
9月28日，塔塔信托表示，拟将TESS和TCE合并入塔塔之子，旨在打造一个既非非银行金融公司（NBFC），也非核心投资公司（CIC）的实体。
On September 28, Tata Trusts said the proposed merger of TESS and TCE into Tata Sons was aimed at creating an entity that would be neither a non-banking financial company nor a core investment company .The Trusts said the reorganisation would allow Tata Sons to return to an earlier operating model, with its own businesses and revenues while continuing to function as the Tata Group's holding company.
信托称，此次重组将使塔塔之子回归早期的运营模式，拥有自身的业务和营收，同时继续作为塔塔集团的控股公司运作。塔塔之子在2026财年实现运营收入1.05万亿卢比，而金融资产收入达4007.2亿卢比，占总收入的64.3%。
Tata Sons had operating revenues of ₹1.05 lakh crore in FY26, while income from financial assets stood at ₹40,072 crore, or 64.3% of total income.
信托表示，因此重组后的实体将不符合非银行金融公司的“主要业务”标准。由于对集团公司的投资占净资产总额的比例将低于90%，它也不符合核心投资公司的分类条件。该合并需要印度储备银行（RBI）的事先批准。
The Trusts said the restructured entity would therefore not meet the principal-business criteria for an NBFC. It would also not meet the conditions for classification as a CIC, with investments in group companies accounting for less than 90% of aggregate net assets. The merger would require prior RBI approval.
斯里尼瓦桑和辛格辩称，鉴于印度储备银行9月11日的沟通函件是在之后发出的，信托在2025年做出的决定应予以重新审视。合计持有塔塔之子66%股份的塔塔信托，与塔塔之子董事会在公司的监管地位及拟议上市问题上已出现分歧。
Srinivasan and Singh have argued that decisions taken by the Trusts in 2025 should be reviewed in light of the RBI's September 11 communication, which came later. Tata Trusts, which collectively hold 66% of Tata Sons, and the Tata Sons board are already at odds over the company's regulatory status and proposed listing.