As Noel Tata takes on a larger role, Ratan Tata aide Mehli Mistry exits RNT Associates

Mehli K. Mistry, one of the closest associates of the late Ratan Tata and an executor of his will, has resigned as a director of RNT Associates Pvt. Ltd., the privately held investment company founded by the former Tata Sons and Tata Trusts chairman.

According to a report by The Indian Express, Mistry cited his preoccupation with other commitments as the reason for stepping down from the board of the investment firm.

The resignation comes during a period of leadership transition across several Tata-linked entities, with Noel Tata taking on an expanded role following Ratan Tata's passing while also overseeing planned board transitions at multiple Tata Group companies.

Exit comes amid wider governance changes

Mistry's departure follows several governance developments involving the Tata Trusts over the past year.

According to The Indian Express, he stepped down in October 2025 as a trustee of:

• Sir Ratan Tata Trust (SRTT)
• Sir Dorabji Tata Trust (SDTT)
• Bai Hirabai Navsari Charitable Institution Trust

His reappointment to the boards of these trusts was not approved by the remaining trustees.

Despite those changes, Mistry continues to serve as a trustee of the Tata Education and Development Trust (TEDT), which supports higher education through scholarships and institutional partnerships.

Last month, Mistry also expanded his challenge to the governance framework of the Tata Trusts before the Maharashtra Charity Commissioner, raising questions over trustee appointments, remuneration arrangements, board decisions and potential conflicts of interest involving trustees serving on Tata Group company boards.

RNT Associates remains Ratan Tata's investment legacy

Founded in March 2009, RNT Associates serves as the personal investment office established by Ratan Tata. The firm operates from India and Singapore and focuses on investments in startups and early-stage businesses across sectors including:

• Venture investing
• Financial services
• Technology
• Advisory
• Social inclusion

According to The Indian Express, the company's board includes Shireen Jejeebhoy, Deanna Jejeebhoy, Jamsheed Poncha and Sidharth Sharma.

Industry observers told the publication the investment firm has backed more than a dozen companies, primarily participating in Series B funding rounds. Its portfolio includes investments in companies such as Ola, Urban Company, Lenskart, Snapdeal, GirnarSOFT, CarDekho and Moglix. The firm has also frequently co-invested alongside venture capital investors including Accel.

Noel Tata's responsibilities continue to expand

Mistry's resignation coincides with an evolving leadership structure across the wider Tata ecosystem.

Following the death of Ratan Tata, Noel Tata has taken on a larger leadership role within the Tata Trusts, while succession planning has continued across several Tata Group companies.

As previously reported by People Matters, Noel Tata recently announced he would step down as Voltas chairman after the company's annual general meeting. He had also exited the chairmanship of Trent as part of the Tata Group's governance policy requiring non-executive directors to retire at the age of 70. He is also expected to retire from the boards of Titan, Tata Investment Corporation, Tata Steel and Tata International later this year.

A continuing transition across the Tata ecosystem

Mistry's departure from RNT Associates represents another development in the broader evolution of institutions associated with Ratan Tata's legacy. 

While the investment firm continues to support startup investments and early-stage businesses, governance changes across the Tata Trusts and board transitions within Tata Group companies indicate an ongoing leadership realignment as the organisation moves into its next phase.