The Shapoorji Pallonji group has reiterated its demand for a public listing of Tata Sons for the sake of transparency, public interest and principles of good corporate governance, calling it both “timely and necessary”.

The statement issued by Shapoorji Pallonji Mistry, chairman of the SP group — the single largest minority shareholder of Tata Sons with an 18.37 per cent stake — coincided with a contentious board meeting of Tata Trusts, after weeks of purported rift among trustees.

Tata Trusts together hold a 66 per cent stake in Tata Sons, the main holding company of the salt-to-software Tata group. Sources quoted by news agency PTI described the meeting on Friday as “routine”, indicating that no decision was taken on the matter of listing of Tata Sons.

The meeting, however, came days after Tata Trusts chairman Noel Tata, Tata Sons chairman N. Chandrasekaran, board member Venu Srinivasan and trustee Darius Khambatta met Union home minister Amit Shah and finance minister Nirmala Sitharaman in Delhi, amidst a reported difference of opinion among trustees, which had threatened to disrupt the functioning of the $180-billion Tata group.

The ministers reportedly asked the warring faction to work together.

Referring to the “current developments related to Tata Trusts and Tata Sons”, the statement issued in the evening by the SP group suggested that the Reserve Bank of India should nudge Tata Sons for a listing,

“As one of India’s oldest business houses, we have full faith in the Reserve Bank of India, a constitutional and autonomous body, to take decisions grounded in the principles of equity, justice, and public interest.

“The RBI’s scale-based regulatory framework clearly articulates that a non-banking financial company (NBFC) should not act in a manner detrimental to the interests of its investors,” the statement read.

It went on to add, “We trust that the September 30, 2025 compliance timeline under the ‘upper layer’ classification will be viewed with the seriousness and sanctity that regulatory commitments deserve. We are confident that the RBI will act, as it always has, in accordance with the rule of law and the spirit of fairness.”

Tata Sons has so far skirted the idea of public listing. It has sought an exemption from the RBI, asking to be deregistered as a core investment company (CIC) so that it can skip the initial public offering (IPO) and listing. Even though the deadline has passed, the RBI has not yet taken any decision on the matter.

There is now growing speculation that some of the trustees are not averse to the idea of public listing, which did not find favour during the days of Ratan Tata, who helmed the Trusts for more than three decades. Ratan Tata, who had a public spat with the Mistry group, passed away on October 9, 2024.

Noel Tata, his half-brother, and brother-in-law of Shapoorji Pallonji Mistry, became the chairman of Tata Trusts thereafter.

A public listing, the SP group said, is not only a financial step, but a social and moral imperative. It will unlock value also for 1.2 crore shareholders of the Tata group, it added.

“The Shapoorji Pallonji group has consistently advocated the public listing of Tata Sons. We firmly believe that listing this premier institution will not only uphold the spirit of transparency envisioned by its founding father, Jamsetji Tata, but also strengthen trust among all stakeholders — employees, investors, and the people of India,” an SP group statement said.

The listing would also be directly beneficial to the SP group, which has been reeling under its debt burden. The construction giant, which also has a presence in infrastructure, real estate, water, energy and financial services, can potentially monetise its stake in Tata Sons through market linked price discovery, which in effect can shore uap its finances.