A significant writ petition has been filed before the Bombay High Court, seeking directions for the Reserve Bank of India (RBI) to ensure that Tata Sons lists its shares on both the BSE and NSE. The plea also calls for the removal of Tata Trusts chairman Noel Tata from his positions if he or other trustees are found to obstruct the proposed listing.
Petitioners, claiming to represent underprivileged beneficiaries, argue that Tata Sons, as a Core Investment Company (CIC) in the upper layer of non-banking financial companies (NBFCs), is mandated to list under the RBI’s scale-based regulatory framework. This requirement applies to large CICs with assets exceeding ₹1 lakh crore; Tata Sons reported net assets over ₹2 lakh crore as of March 31, 2026.
Why Petitioners Seek Listing
The core argument presented by the petitioners is that the public are the ultimate beneficial owners of Tata Sons' substantial assets, yet currently lack adequate mechanisms to question its management. The company is valued by the petitioners at approximately ₹30 lakh crore. Listing Tata Sons, they contend, would significantly enhance transparency and unlock considerable value, potentially boosting philanthropic payouts far beyond the current annual dividend flow of ₹1,500 crore.
The plea urges the RBI to act under Sections 45ID and 45IE of the RBI Act, seeking actions against the board for alleged non-compliance, which could include board supersession or the removal of obstructing directors. It also asks the regulator not to defer the listing requirement, alleging prior inaction and undue pressure on authorities.
Key Respondents Named
The writ petition names several key entities and individuals as respondents, including Tata Sons Ltd, N Chandrasekaran, Saurabh Agrawal, Harish Manwani, Anita M George, Noel Tata, Venu Srinivasan, Darius Khambata, Bhaskar Bhat, and Siddharth Sharma. Additionally, the constituent trusts of Tata Trusts, regulatory bodies such as the RBI and SEBI, the Registrar of Companies, the Charity Commissioner, and the National Company Law Tribunal (NCLT) are also listed.
The petitioners further urge the court to lift the corporate veil to inspect the relationship between Tata Sons and its controlling trusts, which collectively hold over 67% of the company. They also seek declarations on civil court jurisdiction under the Maharashtra Public Trusts Act, 1950, and the Companies Act, emphasizing the charitable mandate of Tata Trusts in their arguments.