Shapoor Mistry pushes for Tata Sons listing as Tata Trusts’ unanimity breaks

Mumbai: Shapoor Pallonji Group has once again weighed in on the Tata Sons listing issue, making the most of the uproar that arose after two vice-chairmen of Tata Trusts broke ranks to support the public market launch of the holding company of the various Tata Group.

“As I have stated earlier, we would like to reiterate that the timely listing of Tata Sons is not just regulatory compliance but also a necessary evolution. It is a development that will strengthen corporate governance and deepen transparency and accountability,” SP Group chairman Shapoor Mistry said in a statement on Friday.

SP Group is the largest shareholder of Tata Sons with 18.37% stake. Listing Tata Sons could help the Mumbai-based engineering and real estate group ease some of its projected debt load. ₹55,000-60,000 crore.

Mistry’s comments come after Tata Trusts vice-chairmen Venu Srinivasan and Vijay Singh called for a listing of Tata Sons in separate interviews with the Economic Times and Indian Express this week. Tata Trusts is an umbrella organization of 15 charities that own two-thirds of Tata Sons’ shares.

In July last year, Tata Trusts, led by chairman Noel Tata, directed Tata Sons chairman Natarajan Chandrasekaran to explore all possible options to ensure the Tata Group’s holding company remains private. Significantly, Tata Trusts asked Chandrasekaran to continue talks with the Shapoorji Pallonji Group to facilitate the exit of its largest minority shareholder.

The issue of listing Tata Sons comes as part of the scale-based regulatory framework introduced by the Reserve Bank of India in October 2022. The framework divided non-banking financial companies (NBFCs) into four tiers, namely base tier, middle tier, top tier and top tier, based on size, activity and perceived risk. In this context, Tata Sons has been classified as a top-tier non-banking financial company (NBFC-UL) due to its significant borrowings and heavy investments in group companies.

Tata Sons missed the September 30, 2025 deadline for listing as stipulated by the banking regulator.

Mistry said in his statement on Friday that the company has so far failed to present an evidence-based case for remaining private. Listing Tata Sons was in the interest of the public as it would strengthen the accountability of the board and expand the investor base. A listing would also create value for millions of retail shareholders, create a more defined and robust dividend stream for Tata Trusts, and expand social and philanthropic impact that benefits the country’s poorest, he said.

Concluding his statement, Mistry said, “We have full confidence that the Government of India and the Reserve Bank of India will act decisively.”

The reclusive SP Group had similarly broken character by publicly calling for the listing of Tata Sons after the company missed the September 30, 2025 deadline.

Tata Sons had no immediate comment.