New Delhi: Everything is not going well in India’s most legendary industrial group Tata. During the board meeting held on 11 September 2025, Tata Trusts, one of the oldest philanthropic institutions, the differences came to light. As per media reports, two camps have emerged in the Tata Trusts. The first camp comprises – chairman of Tata Trusts, Noel Tata, Venu Srinivasan and Vijay Singh. The other other camp has Mehli Mistry, Pramit Jhaveri, Jahangir S. Jahangir and Darius Khambata. Just one year has passed since the demise of Ratan Tata and board room differences are making the headlines.
According to a report, Mehli Mistry’s camp is demanding transparency in the listing and trust of Tata Sons. On the other hand, Noel Tata’s camp is not in favour of the listing of Tata Sons. Whereas Shapoorji Pallonji Group (SP Group) has knocked on the door of SEBI again for the listing of Tata Sons. After all, what is it that Noel Tata’s camp is not ready for the listing of Tata Sons?
Tata Trusts manages the Tata Sons, which has 29 companies, with a turnover of 38,000 million rupees. The trust’s stake in Tata Sons is 66 percent.
Effects of listing of Tata Sons
If the shares of Tata Sons are listed on the market, it will be a big step towards corporate governance of the country. The IPO of Tata Sons will not only be a public offer, but with the arrival of a large group, the valuation of the market will increase drastically. An important path will also open towards corporate transparency. However, the question is not just about the valuation or the price of shares. The question is also the evaluation of trust. In fact, Tata Sons is the holding company of a total of 29 companies. These include giant companies like Tata Motors, Tata Power, Titan and TCS. Therefore, the total value of Tata Sons is 180 billion dollars.
Why is Noel Tata against Tata Sons market debut?
If Tata Sons is listed in the market in the future, then for the first time the internal balance sheet of the Tata group and the ways in which companies are run will be revealed. Investors will know how companies have been operated and what has been the basis for the decisions taken from growth to expansion. Besides this, the listing will also bring transparency within the trust, which Mehli Mistry is demanding. Also, the actual value of external stakeholders like Shapoorji Pallonji Group (SP Group) will be revealed and the real value for shareholders will be unlocked.
According to the ongoing discussions in the market, the value of Tata Sons is estimated to be between Rs 11 and Rs 13 lakh crore. If the IPO of Tata Sons comes in the future, it could be India’s biggest public offer.
Control will be reduced
Noel Tata’s camp does not want a listing because if the listing is done, the Tata Trusts’ control over Tata Sons will be reduced by 66 percent. The listing will give strength to the shareholders and the board form decisions will be made public. Overall, a family legacy will turn into a corporate voting. So, Noel Tata does not want a listing. Whereas Mehli Mistry’s camp is trying to bring Tata Sons to Dalal Street.
SP Group wants to cash out shares
Shapoorji Pallonji Group (SP Group) has to repay a loan of about 1.2 billion dollars (about Rs 10,000 million) in December 2024. Therefore, the group is in favour of listing, so that he can repay his debt with the income he earns. Shapoorji Pallonji Group owns 18.37 percent stake.
Tata Sons row: Where did the dispute begin?
The 10th October meeting was settled peacefully, but it is being said that the flame of the dissipated dispute has not been extinguished yet. The controversy began with the re-appointment of trustee and vice-chairman of Tata Trusts Vijay Singh to the Tata Sons Board, when a group led by trustee Mehli Mistry stood up against Singh’s re-appointment.
Just a year since Ratan Tata passed away on 9th October 2024, and some cracks are now visible in the impeccable looking building of the Tata Trusts. Unlike the Tata-Cyrus Mistry case, in which Mistry was defeated, the latest differences between the Tata Trusts are dominated by Cyrus’ cousin Mehli Mistry. At least their disagreement has exposed some key differences between the trustees.