Mumbai: Tata Trusts Chairman Noel N. Tata, at the Tata Sons Board meeting held on Thursday, reiterated the position that Tata Trusts have not agreed to the listing of Tata Sons and the century-old structure of Tata Sons and the Tata Group should be preserved, according to a trusts statement.
Tata Sons has been asked to explore options other than listing as the Tata model has to be saved, the statement said.
“That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle,” Noel Tata said, as per the statement.
He highlighted that the communication received from the Reserve Bank of India on September 11 was discussed at the board meeting. The Board agreed that all available options, and not listing alone, should be thoroughly explored and assessed on an immediate basis, with the findings and recommendations presented to the Board. Following this review, a separate Board meeting will be convened to consider the assessment and determine the appropriate course of action, the statement said.
In this context, the Tata Sons Board had already considered the matter of public listing and reached a unanimous conclusion in March 2024, under the guidance of the (late) Ratan Tata, and had resolved that the company should remain unlisted. In July 2025, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust also unanimously passed resolutions that the Company should remain unlisted and the same was duly communicated to Tata Sons for necessary action. Accordingly, the position of the Tata Trusts has remained consistent and unchanged, the statement said.
Noel Tata, speaking about the House of Tatas, stated that Tata Group was conceived as a national service carried on through business and has conducted itself so in this manner for over a century. The structure of its ownership is what has allowed it to remain so and has permitted Tata Sons to act repeatedly in ways that a purely commercial calculus would not have supported.
Therefore, what is at stake today is something very fundamental: the nature and character of the Tata Group as a unique institution. What makes the Tata operating structure unique is that it is premised on trust and its majority shareholder is a charity. That charity funds hospitals, universities, and research from the dividends it receives. It exists for public purpose and for nation building, he added.
“The Trusts support a constructive, informed, and lawful process that enables all permissible options to be examined comprehensively, with due regard to protecting the long-term public interest. The Tata Trusts will continue to engage with Tata Sons and the relevant authorities to support a fair, transparent, and legally compliant process,” he said, the statement added.
IANS
