In February this year, Tata Trusts announced that Venkat would quit as managing trustee by March-end. The income-tax department had revoked tax benefits for the Sir Dorabji Tata Trust as it found Venkat's salary to be higher than the permissible limit.
This also comes in the backdrop of Tata Sons raising its stake in AirAsia Ltd to 51 per cent from 49 per cent held earlier. Venkat held 1 per cent in AirAsia, while S Ramadorai held another 1 per cent. The rest 49 per cent equity is held by AirAsia.
Insiders said Venkat was likely to join the group’s Tata Opportunities Fund — a third-party private equity fund, which invests in select Tata group companies and in outside companies. There was also speculation that Venkat would be offered a position overseas, but it could not be independently confirmed.
An email sent to Tata Sons on Friday seeking comments on Venkat’s new role did not elicit any response.
A committee of trustees of Tata Trusts, led by Ratan Tata, is currently conducting interviews to select the the next CEO for the trusts. The other members of the committee are Vice Chairman of Tata Trusts Venu Srinivasan, chairman of the TVS group, and retired bureaucrat Vijay Singh.
Prior to his association with Tata, Venkat was head of business support at Qatar Foundation, a non-profit organisation based in Doha.