Amid Tata group power struggle, Shapoor Mistry backs RBI's call on Tata Sons listing

Shapoor Mistry, Chairman of the Shapoorji Pallonji Group, expressed his support for the Reserve Bank of India's (RBI) decision requiring Tata Sons to comply with regulations for upper-layer non-bank financial companies. Mistry, who holds an 18.4% stake in Tata Sons, believes the move could bring greater transparency and accountability to the Tata group's holding company.

The RBI's decision came after its rejection of Tata Sons' request to surrender its registration as a core investment company, directing the company to take necessary steps to comply with relevant regulations. This decision sets the stage for a potential public listing of Tata Sons after years of efforts to keep it privately held.

Mistry stated that the listing could serve as a bridge between shareholders and the Tata Trusts, as well as between private ownership and public accountability. He emphasized that greater public accountability should not undermine the philanthropic purpose of the Tata Trusts, as a listed Tata Sons could provide more visibility into the company's value and reinforce governance.

The Tata group has a history spanning over a century, built through enterprise, trust, and shared experiences. Mistry looks forward to forging a stronger partnership with Tata Sons and the Tata Trusts in the future, guided by the moral foundation laid by Jamsetji Tata, who believed that enterprises should serve the nation and not be separate from it.