The Tata Trusts have not agreed to listing of Tata Sons, it said in a statement.
The communication received from the Reserve Bank of India on 11th September 2026 was discussed at the board meeting today. 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, it added.
In this context, it may be noted that 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 Mr. Ratan Tata, and had resolved that the company should remain unlisted, the statement said.
In July 2025, the Sir Dorabji Tata Trust and 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, it added.
“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,” Noel Tata said.
“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 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.
Read here: Detailed statement by Noel N. Tata to Tata Sons board https://www.tatatrusts.org/Upload/Content_Files/statement-by-mr-noel-tata-20260917.pdf