印度塔塔集团内部权力斗争升级塔塔集团内部的董事会冲突正在波及该集团的最大股东——塔塔信托基金会（Tata Trusts）。两位塔塔信托基金会的关键成员对诺埃尔·塔塔（Noel Tata）提出质疑，认为他在未与他们协商的情况下强行推动了重组计划。
By P R Sanjai A boardroom clash atop India’s Tata Group is spilling into the conglomerate’s controlling shareholder, as two key members of Tata Trusts challenge patriarch Noel Tata over a restructuring plan they say he pushed without consulting them.
根据《彭博新闻》（Bloomberg News）查阅的这两人9月30日致信托委员会成员的信件，SDTT信托基金会的副主席维努·斯里尼瓦桑（Venu Srinivasan）和维杰·辛格（Vijay Singh）表示，诺埃尔在未经任何讨论的情况下就提出了重组方案。他们写道：“SDTT信托委员会的任何会议都未曾召开。”他们还指出，这份以信托基金会名义发布的声明并不能代表该机构的官方立场。
Sir Dorabji Tata Trust’s vice-chairmen Venu Srinivasan and Vijay Singh said Noel advanced the restructuring proposal without any consultation, according to their Sept. 30 letter to trustees reviewed by Bloomberg News. “No meeting of the Trustees of SDTT was held,” they wrote, adding that the communication — issued in the Trusts’ name — cannot be considered the institution’s collective position.
此外，这两位信托委员会成员还分别向印度马哈拉施特拉邦（Maharashtra）的监管部门反映了SDTT在治理结构方面存在的问题。此前，《经济时报》（Economic Times）已经报道过他们向监管部门发送的函件内容。
The two trustees also separately approached a provincial regulator to flag governance issues pertaining to SDTT, according to a petition filed in the western Indian state of Maharashtra. The Economic Times had reported on Srinivasan and Vijay’s fresh missives to the regulator earlier in the day.
SDTT信托基金会是组成塔塔信托基金会的13家慈善机构之一，而这些信托基金会共同持有塔塔集团（Tata Sons）66%的股份。塔塔集团旗下拥有众多知名品牌，如捷豹路虎（Jaguar Land Rover）、印度航空公司（Air India）、泰姬酒店（Taj Hotels）以及泰特利茶（Tetley Tea）等。诺埃尔·塔塔目前担任塔塔信托基金会的主席。
SDTT is one of the 13 charities that make up Tata Trusts, the group that collectively holds 66% of Tata Sons — the holding company of the sprawling conglomerate behind brands such as Jaguar Land Rover, Air India, Taj hotels and Tetley tea. Noel serves as chairman of Tata Trusts.
争议的核心内容：他们反对的这封函件指的是诺埃尔于9月28日发出的信件，信中他敦促塔塔集团控股公司的董事会审议并批准一项重组计划，目的是解除塔塔集团被贴上的“影子贷款机构”（shadow lender）的标签，从而规避相关的上市规定。诺埃尔的提议建议将塔塔电子系统解决方案有限公司（Tata Electronics Systems Solutions Pvt.）和塔塔咨询工程师有限公司（Tata Consulting Engineers Pvt.）并入母公司，使塔塔集团能够绕过必须公开上市的监管要求。不过，该提案仍需获得印度中央银行的批准以及塔塔集团董事会的同意。
Read: Tata Patriarch’s Feud for Control Shows Limit to Inherited Power The communication they object to refers to a Sept. 28 letter from Noel that urged the board of the Tata Group’s holding company to consider and approve a strategic reorganization, as a means to potentially removing the shadow-lender designation on Tata Sons, and in turn, skirt a mandatory listing. Noel had suggested that folding Tata Electronics Systems Solutions Pvt. and Tata Consulting Engineers into their parent will convert Tata Sons into a holding-operating company, allowing it to bypass regulations mandating a public float. His proposal still needs a no-objection certificate from India’s central bank and approval from the Tata Sons board.
诺埃尔最近面临新的挑战：在上个月的董事会会议上，塔塔集团的高层管理人员（包括斯里尼瓦桑）否决了他提出的两项关键决策——即遵守印度储备银行（RBI）关于公司上市的监管要求，以及重新任命塔塔集团主席的提议。这一情况进一步凸显了他在集团管理层中日益面临的阻力。
The latest challenge to Noel comes after directors of Tata Sons, including Srinivasan, overruled him on two key decisions — complying with RBI’s listing push and reappointment of Tata Sons chairman — at a board meeting last month, underscoring the growing pushback he faces across the group’s management layers.
根据提交给慈善事务监管机构的申诉书，斯里尼瓦桑还质疑诺埃尔作为“永久受托人”的身份的合法性，以及他于2024年10月被任命为集团主席的合法性；同时，他还指控塔塔信托基金（Tata Trusts）越来越多地干涉塔塔集团的商业事务。
Srinivasan separately challenged Noel’s status as a perpetual trustee, the validity of his October 2024 appointment as chairman as well as alleged increasing interference of Tata Trusts in the commercial affairs of Tata Sons, according to the petition filed with the Charity Commissioner.
斯里尼瓦桑、辛格（Singh）以及塔塔信托基金的代表立即回应了相关媒体的询问。两位副主席在回应中表示：“塔塔信托基金的机构立场应与任何个别受托人的观点区分开来。”他们强调，如此重大的决策需要经过“集体讨论和适当的治理流程”才能做出。他们还指出，公司上市的问题其实并不新鲜——在诺埃尔的前任拉坦·塔塔（Ratan Tata）任职期间，塔塔信托基金就已经遇到过类似问题。
Representatives of Srinivasan, Singh and Tata Trusts did immediately respond to requests for comment. “The institutional position of SDTT must be distinguished from the views of any individual trustee,” the two vice-chairmen wrote, stressing that decisions of this magnitude require “collective deliberation and proper governance process.”They further said that the listing issue is not new for the group, recalling that the Trusts had confronted it during the tenure of Ratan Tata, who was Noel’s predecessor.
当时他们曾达成共识：“信托基金的职责并非管理企业的日常运营。”如今，他们担心这一原则正面临被破坏的风险。
At the time, they wrote, it was agreed that “Trusts were not in the business of running a business,” a principle they now warn is being put at risk.
诺埃尔担心公司上市会削弱塔塔集团抵御外部恶意收购的能力。塔塔集团拥有二十多家上市公司，其中包括塔塔咨询服务有限公司（Tata Consultancy Services Ltd.）和塔塔化学有限公司（Tata Chemicals Ltd.）；截至2026年3月，该集团的年收入达到了1850亿美元。
Noel fears a listing would dilute the ability of Tata Sons to fend off any hostile takeover attempts of Tata Group units. The conglomerate has over two dozen listed companies, including Tata Consultancy Services Ltd. and Tata Chemicals Ltd., and had a combined group revenue of $185 billion in the year ended March 2026.
此前，斯里尼瓦桑和辛格曾就另一项问题联合向慈善事务监管机构提出投诉，导致监管机构暂时禁止了另一家信托基金（即“拉坦·塔塔信托基金”Sir Ratan Tata Trust）参加董事会会议或通过任何决议，直到官方调查完成。目前，SRTT（Sir Ratan Tata Trust）与SDTT共同持有塔塔集团51.5%的股份。
Srinivasan and Singh had filed joint complaints over a separate issue with the charity commissioner, following which the regulator had barred another trust — Sir Ratan Tata Trust — from holding board meetings or passing resolutions pending the official inquiry. SRTT, together with SDTT, holds a controlling 51.5% stake in Tata Sons.
这位专员的进一步调查可能会加剧这家从盐业到SUV汽车制造的大型企业集团内部的矛盾；与此同时，该公司正在推进那些对印度总理纳伦德拉·莫迪的工业政策至关重要的旗舰技术项目。
Another investigation by the commissioner could deepen the fight within the salt-to-SUV conglomerate, just as it executes flagship technology projects central to Prime Minister Narendra Modi’s industrial agenda.