Tata Trusts, an Indian charitable company, which largely owns two-thirds of shares of Tata Sons is in controversy now. The income tax department has discarded R Venkataramanans tax exemptions since Venkats income exceed the defined income as per IT act.
Venkat is currently serving as Managing Trustee of Tata Trusts. Further, Venkat directs AirAsia India group, a joint venture of Tata Sons and AirAsia. In February 2014, Venkat joined Tata Trusts as an executive trustee and later, escalated to Managing Trustee rank.
Aside from the present controversy, Venkat has been involved in a few other controversies in the past also. A short time ago, CBI named Venkat in a case for breaching regulations to acquire a flying license for AirAsia India.
The recent IT department cancellations of Tata Trusts licenses and withdrawal of Venkats salary exemptions are dire. The move has begotten urgencies in Trusts committee to perform an action, leading to shifting Venkat to another division or determining his continuation in the company.
An anonymous source said, The matter of Venkats continuation and his possible shift into another role may be taken up at the Trusts upcoming board meet next week. (source-ET news)