The boards of Tata Trusts, excluding the Sir Ratan Tata Trust (SRTT), whose meetings remain stalled due to proceedings before the Maharashtra Charity Commissioner, will meet on June 8 and are expected to discuss some of the most sensitive issues facing the Tata Group. These include the potential listing of Tata Sons, an extension of N. Chandrasekaran's tenure as chairman until 2032, and Trusts vice chairman Venu Srinivasan's complaint regarding the governance structure of SRTT, one of the group's two principal promoter trusts.

Sources said the June 8 meetings will primarily involve the boards of the Sir Dorabji Tata Trust and Tata Education and Development Trust. Apart from chairman Noel Tata and vice chairman Venu Srinivasan, the Sir Dorabji Tata Trust board includes Vijay Singh, Darius Khambata, Neville Tata and Bhaskar Bhat. The trustees of Tata Education and Development Trust include Noel Tata, J.N. Mistry and Mehli Mistry. The SRTT board will not meet because of the ongoing inquiry by the Maharashtra Charity Commissioner into its board composition.

Sources familiar with the developments said the trustees may revisit the resolution passed earlier in support of Chandrasekaran's third term. "Some trustees are not clear whether the resolution extending Chandrasekaran's term is still effective. So it may come up for discussion, as they are expected to raise it," said a source.

The boards are also expected to deliberate on the continuing debate over whether Tata Sons should remain privately held or pursue a stock market listing. Tata and Srinivasan hold differing views on the issue, with Srinivasan, along with Vijay Singh, supporting a public listing.

The Trusts may also discuss replacing Srinivasan as their nominee director on the Tata Sons board. Among the names being considered is Bhaskar Bhat, former managing director of Titan. Bhat joined the board of Sir Dorabji Tata Trust in November last year along with Neville Tata, Noel Tata's son.

Srinivasan's position has come under scrutiny following differences with the Trusts' collective stance on several governance matters. Sources said his public support for listing Tata Sons was at variance with the Trusts' resolution authorising Chandrasekaran to engage with the RBI on keeping the company unlisted.

His move before the Maharashtra Charity Commissioner challenging the composition of the Sir Ratan Tata Trust board also surprised Noel Tata. In his complaint, Srinivasan argued that SRTT violates state laws by having more than 25% perpetual trustees. He had also supported the continuation of Chandrasekaran's leadership at a time when Noel Tata was seeking greater clarity on the losses and investment requirements of businesses such as Air India, Tata Digital, Tejas Networks and Tata Electronics.

The Tata Trusts collectively own about 66% of Tata Sons, giving them significant influence over the holding company's governance and long-term direction through the veto powers available to their nominee directors. Tata and Srinivasan currently represent the Trusts on the Tata Sons board.

The question of a Tata Sons listing has emerged as one of the most significant points of divergence within the Tata ecosystem. While Srinivasan and Vijay Singh are understood to favour a listing, the Shapoorji Pallonji Group, the second-largest shareholder in Tata Sons, has argued that a public issue could improve transparency and unlock value. Tata, however, is understood to have written to the Reserve Bank of India opposing such a move, arguing that a listing could alter the character of the holding company and reduce the resources available for the Tata Trusts' philanthropic activities.

The June 8 meetings are also expected to revisit concerns raised by Noel Tata during recent Tata Sons board discussions. These relate to the performance of newer businesses such as Air India and Tata Digital, their capital requirements, and the visibility of their long-term turnaround plans. Noel Tata is understood to favour making these businesses self-sustaining through stronger cash flows rather than relying heavily on debt, as increased leverage could complicate efforts to remove Tata Sons from the RBI's upper-layer NBFC category, which carries a listing requirement.

At earlier Tata Sons board meetings, Tata had reportedly sought assurances on preserving Tata Sons' private status, improving the performance of loss-making businesses, and facilitating an exit for the Shapoorji Pallonji Group from its Tata Sons shareholding.

Chandrasekaran maintained that the final decision on the listing issue rests with the RBI. He subsequently convened an extraordinary Tata Sons board meeting on May 26, where the chief executives of three major new businesses presented their funding requirements and future plans.