The Shapoorji Pallonji (SP) Group, the second-largest shareholder in Tata Sons, is justified in renewing its demand for a public listing of the holding firm of the Tata group’s 25 listed companies with a combined market cap of `26.5 lakh crore (around $300 billion), and a host of mega unlisted entities. SP Group Chairman Shapoorji Pallonji Mistry’s articulation of his “profound belief” that “transparency is the truest form of respect for both legacy and the future” will find a lot of resonance, particularly when Tata Trusts, which has a commanding say over Tata Sons, is a divided house over governance issues.

In sharp contrast is the Reserve Bank of India’s (RBI) silence on listing of Tata Sons even though the September 30, 2025, deadline of complying with the scale-based regulatory f

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