Overview

• The Shapoorji Pallonji Group publicly endorsed a Tata Sons listing, citing transparency and the need to partially sell its 18.37% stake to cut debt.
• Sources say Tata Trusts, which owns about 66% of Tata Sons, generally disfavors an IPO due to concerns over diluted control, takeover risk, and stricter governance.
• The Reserve Bank of India classified Tata Sons as an upper‑layer NBFC with a September listing mandate, and a request to de‑register as a Core Investment Company remains undecided.
• After Tata Capital’s listing, attention has shifted to whether the RBI will require Tata Sons to go public or allow an alternative compliance route.
• Trustee tensions surfaced with the blocking of Vijay Singh’s reappointment to the Tata Sons board, prompting meetings with senior government ministers and fresh expert calls for listing to improve governance.