18 September,2026 10:09 AM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
Tata Trusts on Thursday said it has not agreed to the listing of Tata Sons, the holding company of the USD 180 billion Tata conglomerate, maintaining that the century-old structure of Tata Sons and the Tata Group should be preserved.
The Trusts' statement comes amid Tata Sons board resolving to move ahead with the listing the holding company.
However, Tata Trusts, which along with affiliated trusts controls about 66 per cent of Tata Sons, said that all available options, not only a listing, should be examined urgently.
"The Board agreed that all available options, and not listing alone, should be thoroughly explored and assessed on an immediate basis, with the findings and recommendations presented to the Board. Following this review, a separate Board meeting will be convened to consider the assessment and determine the appropriate course of action," it said.
Tata Trusts Chairman Noel Tata has pushed for the holding group company to remain private, saying that the listing will destroy its character.
"That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle," Noel Tata said in a statement.
The Trusts further pointed out that Tata Sons Board had already considered the matter of public listing and reached a unanimous conclusion in March 2024, under the guidance of the Ratan Tata, and had resolved that the company should remain unlisted. In July 2025, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, also unanimously passed resolutions that the company should remain unlisted and the same was duly communicated to Tata Sons for necessary action.
"Accordingly, the position of the Tata Trusts has remained consistent and unchanged," it said.
Noel Tata in a statement to board members said, "This Board has already taken a decision on the question of whether this Company remains unlisted. A matter of this kind requires papers, explanations, advice and time, and I have no doubt that these are being assembled. The Board will need a full briefing."
Tata further pointed out that the RBI communication on September 11 "does not mention listing" and the regulator has not prescribed any particular step, nor has it said "the company is in breach."
What its legal effect is, and what it requires of this Company and by when, are questions upon which this
Board has formed no view," he said.
The operating structure of Tata Group is unique as it is premised on trust and its majority shareholder is a charity and he further said, "The principal activity of this company is to invest in and support the companies of the Tata Group. If Tata Sons is publicly listed, the rights of Tata Trusts as majority shareholders stand to be seriously impaired."
Speaking at the house of Tatas he said that the charity funds hospitals, universities, and research from the dividends it receives and exists for public purpose and for nation building.
In his statement to the board members, he further said, "A listed Tata Sons would be accountable to institutional and foreign shareholders whose legitimate interest is financial return. It is doubtful that such shareholders would sanction the deployment of capital to rescue a Group company in distress, or the funding of a greenfield venture whose returns lie fifteen years away. That is not a criticism of them. It is a description of their mandate, which is not ours."
The proposed listing of Tata Sons was discussed at the board meeting after the Reserve Bank of India(RBI) rejected its application to surrender its core investment company registration. Tata Sons had sought de-registration in March 2024 after becoming debt free to avoid the listing requirement that applies to upper layer non banking financial companies (NBFCs). However, the regulator's decision means the holding company faces the mandatory listing.
"The Board also resolved to initiate steps to comply with the applicable RBI Guidelines and will seek guidance from RBI, Tata Trusts and other stakeholders on applicable compliance requirements," Tata Sons had said in a statement on Thursday.
