Overview

• Tata Trusts is described as split between camps aligned with chairman Noel Tata and trustee Mehli Mistry over governance, information-sharing and board control.
• Senior ministers are expected to meet Noel Tata, Venu Srinivasan, N. Chandrasekaran and Darius Khambata to contain tensions and review the path on a Tata Sons listing.
• A Sept. 11 Tata Trusts meeting triggered Vijay Singh’s exit from the Tata Sons board and disputes over naming Mehli Mistry as a nominee director.
• The RBI’s 2022 upper-layer NBFC tag required Tata Sons to list by Sept. 30, 2025, but the firm has applied to surrender its CIC registration and is awaiting a decision.
• Tata Sons says it does not intend to list, has paid down public debt to become net zero debt, and expects the listing mandate to fall away if deregistration is approved.