New Delhi, October 6 (Daily Kiran) : Internal disagreements within the Tata Trusts have intensified regarding the potential listing of Tata Sons, the holding company of the Tata Group. Senior trustees from the Sir Dorabji Tata Trust (SDTT) have accused fellow trustees Venu Srinivasan and Vijay Singh of undermining board proposals and violating their fiduciary duties.
According to a report by NDTV Profit, these accusations surfaced in a letter signed by Noel N. Tata, Darius J. Khambata, Neville N. Tata, and Bhatt. This situation reflects the growing rifts within the Tata Trusts concerning the ownership structure of Tata Sons and its listing status.
The letter emphasizes that maintaining Tata Sons as an unlisted entity has long been an established and agreed-upon policy for both the Tata Trusts and the company. In March 2024, the board of Tata Sons unanimously decided to keep the company unlisted.
In July 2025, trustees from the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust reaffirmed this stance and agreed to continue discussions with the Reserve Bank of India (RBI) on the matter.
The senior trustees claim that the proposals from July 2025 were never retracted. They allege that Venu Srinivasan and Vijay Singh publicly supported listing without presenting their changed opinions for collective discussion among the trustees or requesting a review of previous decisions.
The letter asserts that such public statements not only weaken the official decisions of the trusts but may also impact Tata Sons’ pending processes and applications with the RBI.
Additionally, the senior trustees referenced a proposal from September 28, suggesting a merger between Tata Electronics Systems Solutions Private Limited and Tata Consulting Engineers with Tata Sons. This was seen as one of the potential options to help the company meet RBI’s non-banking financial company (NBFC) criteria without pursuing public listing.
The report also indicated that the board of Tata Sons had instructed the trusts to explore all available options rather than focusing solely on listing. The trustees stated they had fulfilled the expectations set by the Tata Sons board by seeking alternatives to public listing.
This development comes at a time when Tata Sons faces regulatory issues related to the RBI, intensifying the debate on whether the company should remain unlisted or move towards public listing.
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