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Home , Cyrus Mistry, Dorabji Tata, Noel Tata, Ratan Tata, Sir Ratan Tata Trust, Tata family

TRUSTING THE FAMILY: A SHORT HISTORY OF OWNERSHIP The weight and might of the 18 per cent stake in Tata Sons inherited by ’s father Pallonji Shapoorji played a key role in him trumping international competition to take up the corner office in . This stake will come into play again if things turn less friendly between the Mistrys and their fellow shareholders: Sir Trust and Sir Trust, which between them own 66 per cent and are headed by Ratan Tata. Here’s a look at how the Mistrys and the trusts came to JAMSETJI own their Tata Sons shares: NUSSURWANJI TATA (owns Tata & Sons) FRAMROZE EDULJI RATANJI DINSHAW DADABHOY TATA Landlord; Advisor, (RD) TATA SONS 1904 friend and lender of After last resort for Tatas (owns Tata & Co) Jamsetji’s death,his two In 1924-26 1926 sons Dorab, FE Dinshaw lends ~2 crore to bail out RD Tata dies, leaving his SIR RATAN Ratan and and Tata Hydro entire estate and debts to TATA cousin RD Tata eldest son JRD merge SIR DORAB companies to TATA Tatas agree to pay 25% share in profits form the of Tata Steel and 12.5% of profits in modern-day J.R.D. TATA Tata Sons Tata Hydro becomes second largest 1918 1930s shareholder Dinshaw’s debt gets converted to equity in Tata Sons of 12.5% in Tata Sons Sir Ratan bequeaths close to 40% stake in JRD divides shareholding SHAPOORJI Navajbhai adopts Tata Sons to Sir Ratan equally with siblings Sylla, Naval, father of Tata Trust (SRTT) and Darab, Jimmy and Rodabeh Ratan and 1936 small portion to widow Navajbhai Dinshaw dies. Shapoorji Pallonji buys his 12.5% stake from Dinshaw’s heirs 1936-38 1932 Sylla and Darab sell more Sir Dorab dies, 1975 shares to Shapoorji, leaving close to Pallonji Shapoorji, son taking his stake to 17.5% 40% in Tata Sons of Shapoorji Pallonji, to Sir Dorabji Tata inherits the Tata stake Trust (SDTT) 1938 1991 1996 JRD ascends to the top post RATAN TATA takes Rights issue: Stake up to 18.5% over as chairman 1932 SDTT and SRTT now own 2012 80% in Tata Sons, 2003 F E Dinshaw 12.5% Pallonji Shapoorji sells in Tata Sons CYRUS MISTRY takes buyback to bring down stake to 18% over as chairman of Tata sons Ratan Tata steps down; retains 2005 the position as chairman of Pallonji retires on turning 75. Younger trusts 1996 son Cyrus Pallonji Mistry steps in as Tata Sons rights issue. Trusts don’t director subscribe, their stake falls to 66%

CURRENT SHAREHOLDING OF TATA SONS: 66%* 18% 2003 TRUSTS - , PALLONJI SHAPOORJI - , 2016 FIRMS - 13%, In the run-up to TCS IPO, Tata Sons Ratan returns announces buyback of up to 20%. MEMBERS, OTHERS - 3% replacing Mistry Trusts don’t participate, stake on Tata sons * Trusts’ shareholding has reduced slightly since 2003 increases to 68% board as interim Source: Media reports, Wikipedia, Tata Central Archives, ACC chairman Compiled by N Sundaresha Subramanian