达里乌斯·坎巴塔已致信诺埃尔·塔塔和塔塔信托，表示将不寻求连任受托人，并对9月17日的事态发展及塔塔之子上市问题提出担忧。
Darius Khambata has written to Noel Tata and Tata Trusts, saying he will not seek reappointment as trustee, while raising concerns over September 17 developments and the Tata Sons listing issue.
据CNBC-TV18获悉，资深大律师达里乌斯·坎巴塔将不寻求连任多拉布吉·塔塔爵士信托（SDTT）和拉坦·塔塔爵士信托（SRTT）的受托人。
Senior advocate Darius Khambata will not seek another term as a trustee of the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT), CNBC-TV18 has learnt.
CNBC-TV18获取的一封日期为2026年11月2日的信件显示，坎巴塔致信塔塔信托主席诺埃尔·塔塔和首席执行官西达尔特·沙尔马，表示不愿提名自己连任。他此前是在已故拉坦·塔塔的邀请下接受这两个职位的。
In a letter dated November 2, 2026, addressed to Tata Trusts Chairman Noel Tata and CEO Siddharth Sharma, which CNBC-TV18 has accessed, Khambata said he did not wish to offer himself for reappointment. He had accepted both positions at the invitation of the late Ratan Tata.
他在SDTT的任期将持续至2026年11月9日。他在SRTT的任期也将于本月结束。坎巴塔表示，连任需要所有其他受托人的同意。
His term at SDTT runs until November 9, 2026. His tenure at SRTT also ends this month. Khambata said reappointment requires the agreement of all other trustees.
他写道：“这是一种我绝不愿去争取的同意，因为那会损害我的独立性。”他补充说，他的立场有时与其他受托人（包括诺埃尔·塔塔）不同。“一个将永载汗青的耻辱日”坎巴塔对2026年9月17日保留了最严厉的批评。
That is a consent that it is not in my character to seek as it would compromise my independence to do soKHAMBATA WROTE He added that his position had at times differed from those of other trustees, including Noel Tata. 'A day that will live in infamy' Khambata reserved some of his strongest criticism for September 17, 2026. The sad events of 17 September 2026, a day that will live in infamy, have sullied Tata Sons' reputation and have imperilled the image of corporate India.
他写道：“2026年9月17日的悲惨事件，一个将永载汗青的耻辱日，玷污了塔塔之子的声誉，并危及了印度企业界的形象。任何舆论操弄都无法掩盖发生的事实。”
No spin doctoring can mask what happenedHE WROTE On that day, the Tata Sons board voted 4-1 to retain N Chandrasekaran as chairman and to list the company, with Noel Tata casting the only dissenting vote.
当天，塔塔之子董事会以4比1的投票结果决定留任钱德拉塞卡兰为主席并推动公司上市，诺埃尔·塔塔投出唯一反对票。塔塔信托随后表示，该留任决议属于非法。
Tata Trusts subsequently said the reappointment resolution was illegal. "Would the board of Tata Sons have acted as it did on 17 September, had Ratan Tata still been alive? Of course not. But duties are owed to institutions, not to individuals.
坎巴塔写道：“如果拉坦·塔塔仍在世，塔塔之子董事会会在9月17日那样行事吗？绝不会。但责任是对机构而非个人负的。正如拉坦·塔塔常说的，机构永远大于个人。”
And as Ratan Tata used to say, the institution is always bigger than the individual," Khambata wrote.
关于印度储备银行，坎巴塔表示，信托 2025 年 7 月的决议已将信任寄托于钱德拉塞卡兰，让其与印度储备银行（RBI）接触，以支持塔塔资产公司的注销申请。然而，他对这些讨论的结果表示不满。
On the RBI Khambata said the Trusts' July 2025 resolution had placed its confidence in Chandrasekaran to engage with the Reserve Bank of India (RBI) in support of Tata Sons' application for deregistration. However, he expressed dissatisfaction with the outcome of those discussions.
他写道：“遗憾的是，我不认为与印度储备银行的接触有任何实质性进展，更不用说成功了，无法展示塔塔资产公司即使作为核心投资公司（CIC）被注销，或能通过重组避免上市这一‘核选项’，究竟如何能完全采用上市公司的透明度和报告机制。”
"Unfortunately, I do not believe that the engagement with the RBI has been meaningful, much less successful, in showing how Tata Sons could fully adopt a listed company's transparency and reporting mechanisms even if it was deregistered as a CIC or could restructure to avoid the nuclear option of listing," he wrote.
关于钱德拉塞卡兰，坎巴塔表示，2025 年 7 月通过的第二项决议支持钱德拉塞卡兰连任第三任期，但此后已被“2026 年 8 月和 9 月令人震惊的事件所超越”。
On Chandrasekaran Khambata said a second resolution passed in July 2025, supporting a third term for Chandrasekaran, had since been "overtaken by the astounding events of August and September 2026".
他写道：“正如钱德拉所说，塔塔资产公司必须始终与塔塔信托保持同步，依我之见，此后发生的一切都不足以重新审视这一关系。讽刺的是，那些引用其成功为由、却要将塔塔资产公司与信托剥离的人，如今正威胁这一模式，这并非客观判断。”
"As Chandra has said Tata Sons must always be in sync with Tata Trusts, and to my mind, nothing since warrants a relook at that dynamic. That this model is now threatened by those who, ironically citing its success, would decouple Tata Sons from the Trusts, is not objective judgement," he wrote.
他说，他对诺埃尔·塔塔与钱德拉塞卡兰之间日益加深的分歧感到悲伤。
He said he was saddened by the growing divide between Noel Tata and Chandrasekaran.
他补充道：“领导力不关乎权力或地位，而关乎达摩、智慧与节制。职位必须通过共识和尊重赢得，而非靠谋略。”
"Leadership is not about power or position but about dharma, wisdom and temperance. A position must be won by consensus and respect and not by stratagem," he added.
关于塔塔资产公司上市，坎巴塔表示，他是最早警告不要让塔塔资产公司上市的人，曾在 2025 年 5 月的一次会议上将其描述为对信托而言“关乎生存”的问题。
On Tata Sons listing Khambata said he was the first to caution against listing Tata Sons, describing it as "existential" for the Trusts at a meeting in May 2025.
他写道：“关于更强的融资能力和更高增长的说法，忽略了一个简单的真相：该模式之所以成功，正是因为它不由贪婪或短期利益驱动。”他辩称，塔塔资产公司作为私营公司的地位，使其能够全额偿还塔塔金融存款人款项、为塔塔通信的亏损提供资金，并投资印度航空和半导体业务。
Talk of the greater ability to raise capital and higher growth misses the simple truth: the model succeeded precisely because it was not driven by avarice or short-term gainHE WROTE He argued that Tata Sons' status as a private company had allowed it to fully repay Tata Finance depositors, fund Tata Communications' losses, and invest in Air India and semiconductors.
“如果塔塔资源有限公司上市，并以短期回报为标准衡量，恐怕无法做出此类资源配置，”他写道。
"A listed Tata Sons, judged on the anvil of shorter – term returns, could probably not make such allocations," he wrote.
坎巴塔还表示，沙普尔吉·帕隆吉集团对流动性的渴望是可以理解的。
Khambata also said the Shapoorji Pallonji Group's desire for liquidity was understandable.
“我始终坚定支持任何能给沙普尔吉·帕隆吉集团带来流动性的提案，”他写道。
"I have remained strongly supportive of any proposal that gives the Shapoorji Pallonji Group liquidity," he wrote.
媒体攻势与提名董事 坎巴塔表示，包括他在内的四位受托人曾于2025年9月投票反对续聘维杰·辛格担任信托提名董事。他称，该决定旨在强化对上市的反对力度。
Media campaign and nominee directors Khambata said four trustees, including him, had voted in September 2025 against renewing Vijay Singh's tenure as a Trust nominee director on the Tata Sons board. He said the decision was intended to strengthen opposition to a listing.
“然而，我们却遭遇了一场旨在抹黑我们的持续媒体攻势。现在其原因显而易见，”他写道。
"Yet we suffered a sustained media campaign designed to discredit us. It is now apparent why," he wrote.
他表示，维杰·辛格和维努·斯里尼瓦桑曾于2026年4月对媒体表示支持上市，这与他们此前支持的决议背道而驰。
He said Vijay Singh and Venu Srinivasan had told the media in April 2026 that they favoured a listing, contrary to resolutions they had previously supported.
援引最高法院在“塔塔诉米斯特里案”中的判决，坎巴塔称，信托提名董事进入塔塔资源有限公司董事会是为了保护信托的利益。
Citing the Supreme Court's judgment in Tata v Mistry, Khambata said Trust nominee directors were on the Tata Sons board to protect the interests of the Trusts.
“不能存在两类受托人——即担任提名董事的受托人和不担任提名董事的受托人。所有受托人对信托负有同等的受托责任，”坎巴塔写道。
There cannot be two classes of trustees – those who are nominee Directors and those who are not. All Trustees owe an equal fiduciary duty to the TrustKHAMBATA WROTE Khambata also said he had seconded Noel Tata's appointment as chairman in October 2024 and proposed Neville Tata's appointment as a trustee in November 2025, developments he said had not received media attention.
坎巴塔还表示，他曾于2024年10月附议诺埃尔·塔塔担任主席的任命，并于2025年11月提议内维尔·塔塔担任受托人，他称这些进展未获媒体关注。“有时很难让真相大白，”他写道。他在信末将此事交由历史评判。
"It is sometimes difficult to get the truth out," he wrote. He ended the letter by leaving the matter to history's judgement.
“我将此事交由历史评判，看看拉坦·塔塔委以塔塔模式重任的人们，是否具备超越个人利益、保全而非削弱这一模式的政治家风范，”坎巴塔写道。
昌德拉塞卡兰的连任和拟议上市均仍有待即将召开的塔塔资源有限公司股东周年大会批准。
I leave it to the judgement of history as to whether those to whom Ratan Tata entrusted the Tata model have the statesmanship to rise above personal interest and to preserve, rather than diminish, the modelKHAMBATA WROTE Both the reappointment of Chandrasekaran and the proposed listing remain subject to ratification at the pending Tata Sons annual general meeting.