Plea filed in Bombay High Court seeking Tata Sons stock market listing: Report

A writ petition filed before the Bombay High Court has sought directions to the Reserve Bank of India (RBI) to ensure that Tata Sons lists its shares on the BSE and NSE, while calling for the removal of Tata Trusts chairman Noel Tata from his positions in the trusts if he or other trustees obstruct the proposed listing, according to a Economic Times report.

The writ petition names Tata Sons Ltd, N Chandrasekaran, Saurabh Agrawal, Harish Manwani, Anita M George, Noel Tata, Venu Srinivasan, Darius Khambata, Bhaskar Bhat, and Siddharth Sharma as respondents. It also names the constituent trusts of Tata Trusts, regulatory authorities including the RBI and SEBI, the Registrar of Companies, the Charity Commissioner, and the National Company Law Tribunal (NCLT).

The petitioners contend that Tata Sons — classified 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, the ET report added. The requirement applies to large CICs with assets exceeding ₹1 lakh crore, whereas Tata Sons held net assets exceeding ₹2 lakh crore as of March 31, 2026.

The plea alleges that Tata Sons failed to comply because Noel Tata intends to retain control over the group's holding company, though this submission remains unadjudicated by the court.

Urging the RBI to act under Sections 45ID and 45IE of the RBI Act, the petition seeks action against the board for non-compliance, including 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.

The plea argues that Tata Sons must be viewed in light of the charitable mandate of Tata Trusts, which collectively hold over 67% of the company. Claiming to represent underprivileged beneficiaries, the petitioners argue that the public is the ultimate beneficial owner of Tata Sons' assets and lacks mechanisms to question its management.

They urge lifting the corporate veil to inspect the relationship between the company and its controlling trusts, while also seeking declarations on civil court jurisdiction under the Maharashtra Public Trusts Act, 1950, and the Companies Act.

The petitioners maintain that listing Tata Sons, which they value at roughly ₹30 lakh crore, would enhance transparency and unlock value, boosting philanthropic payouts far beyond the current ₹1,500 crore annual dividend flow, as per the ET report.