Listing will destroy its character: Noel Tata pushes back after Tata Sons board backs IPO

Tata Trusts Chairman Noel Tata has opposed any move to list Tata Sons and called for all possible alternatives to be explored first.

In a statement at the Tata Sons board meeting on September 17, Noel Tata said the company should engage with the Reserve Bank of India (RBI), seek legal advice and examine restructuring and other options before considering a public listing.

His statement came after the RBI, on September 11, declined Tata Sons’ application to voluntarily surrender its certificate of registration. The application was made in March 2024 after the Tata Sons board unanimously decided that the company should remain unlisted.

Noel Tata said the RBI communication does not specifically mention listing or prescribe any particular step. It advises Tata Sons to take necessary action to comply with the rules applicable to a non-banking financial company in the Upper Layer.

He said the board should first be fully briefed on the company’s discussions with the RBI over the past two-and-a-half years, the options that were considered and what choices remain available.

He also called for detailed legal advice before the board decides how to respond to the RBI communication.

Noel Tata pointed out that the Tata Sons board had already decided in March 2024 that the company should remain unlisted. The decision was taken under the guidance of the late Ratan Tata.

Following the decision, Tata Sons repaid borrowings and prematurely redeemed preference shares worth around Rs 20,000 crore, using internal resources and proceeds from the sale of group holdings.

This is a developing story. It will be updated.- EndsPublished By: Anuja JhaPublished On: Sep 17, 2026 19:58 IST