Mumbai, September 18 (Daily Kiran) : Shapoorji Pallonji Mistry, Chairman of the SP Group, labeled the listing of Tata Sons as a “social and ethical necessity” during a statement made on September 18 in Mumbai. His comments come after opposition from Tata Trusts regarding the listing of Tata’s flagship company.
Mistry welcomed the Reserve Bank of India’s (RBI) decision, asserting that it brings clarity and will enhance transparency and accountability. His remarks followed a statement from Tata Trusts, which holds a 66 percent stake in Tata Sons, expressing their disagreement with the move to go public. The Trusts urged the company to explore all available options rather than solely focusing on the listing.
Currently, a dispute has emerged between Tata Trusts and the board of Tata Sons over the listing. While Tata Trusts opposes the initiative, the board members approved the listing during a meeting on Thursday.
Noel Tata, Chairman of Tata Trusts, reiterated their stance in a statement to the Tata Sons board, emphasizing that a decision on the listing had already been made. He noted that such matters require documentation, clarification, and time, assuring that all necessary preparations are underway.
Tata also pointed out that the RBI’s directive did not specifically mention the listing. He stated, “The RBI order does not reference the listing,” and added that it does not indicate any wrongdoing by Tata Sons.
The board has yet to form an opinion on the legal implications of the RBI’s communication, which includes what actions Tata Sons should take and the timeline for those actions.
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