Senior advocate Darius J. Khambata has reportedly declined his reappointment as a trustee for the prestigious Sir Dorabji Tata Trust (SRTT) and Sir Ratan Tata Trust (SDTT). His decision stems from significant concerns regarding trustee independence, the potential listing of Tata Sons, and ongoing governance challenges within the expansive Tata group.
In a letter dated November 2, 2026, addressed to Tata Trusts chairman Noel Tata and chief executive Siddharth Sharma, Khambata stated his clear intention not to seek another term. This decision comes despite both Tata and Sharma reportedly expressing a desire for him to continue in his role. Khambata noted that his initial appointment had been at the invitation of the late Ratan Tata.
Concerns Over Independence and Tata Sons Listing
Khambata articulated that seeking the consent of other trustees for his reappointment would compromise his independence. He emphasized that this independence was crucial and sometimes led to differing viewpoints, even from Noel Tata, which he appreciated as part of the “old Tata way” of democratic acceptance.
A central point of contention for Khambata is the proposed listing of Tata Sons. He staunchly defended the trusts’ pivotal role in Tata group governance and reiterated his strong opposition to the listing, describing it as “existential” for the trusts. He first raised this concern in a May 28, 2025 meeting, subsequently drafting a resolution that passed unanimously in July of that year.
Strategic Decisions and Governance Debates
While acknowledging the Shapoorji Pallonji Group’s understandable need for liquidity, which he suggested could be addressed by selling some or all of its Tata Sons shares, Khambata maintained that listing a private company is a strategic decision for shareholders, not a public right.
He also criticized the trusts’ engagement with the Reserve Bank of India (RBI) regarding Tata Sons’ regulatory status, arguing that it failed to adequately address how the company could adopt listed-company transparency and reporting standards without actually going public.
Khambata’s letter also referenced past disagreements, including events on September 17, 2026, at Tata Sons, which he believes “sullied Tata Sons’ reputation” and “imperilled the image of corporate India.” Expressing sadness over the apparent divide between Noel Tata and Tata Sons chairman N. Chandrasekaran, Khambata affirmed that his decision was a matter of conscience, guided by the responsibilities of a trustee. He recalled Ratan Tata’s advice to “do what was right regardless of personal cost,” an ethos he said guided all his actions as a trustee.