Tata Trusts has reiterated their opposition to a public listing of Tata Sons, asking the holding company’s board to examine all available alternatives in response to the Reserve Bank of India’s communication on September 11, 2026. The Trusts said preserving the Tata Group’s century-old ownership structure remains central to its character and public purpose.

At a Tata Sons board meeting on September 17, Tata Trusts Chairman Noel N. Tata reiterated that the Trusts have not agreed to the listing of Tata Sons. The board discussed the RBI communication and agreed that all permissible options, rather than listing alone, should be “thoroughly explored and assessed on an immediate basis”.

The findings and recommendations from the review will be presented to the Tata Sons board, after which a separate meeting will be convened to consider the assessment and decide on the appropriate course of action.

The Trusts pointed to earlier decisions to underline that their position has remained unchanged. The Tata Sons board had unanimously decided in March 2024 that the company should remain unlisted. The decision was taken under the guidance of the late Ratan Tata.