Shapoorji Pallonji Group Chairman Shapoorji Mistry has urged Tata Trusts to support a public listing of Tata Sons, presenting the move as a way to strengthen transparency, improve accountability and repair the groups’ strained relationship. Tata Trusts, which owns 66% of Tata Sons, told the holding company’s board that it had not agreed to a listing and that alternatives should be considered. The dispute follows the Reserve Bank of India’s classification of Tata Sons as an Upper-Layer non-banking financial company in 2022 and its September 11 rejection of the company’s application to surrender that registration. Tata Sons’ board resolved on September 17 to begin regulatory-compliance steps and consider a listing, while approving a third five-year term for N. Chandrasekaran as chairman; Noel Tata voted against that decision, according to Mint. Shapoorji Pallonji owns 18.37% of Tata Sons, its most valuable but effectively illiquid asset, and has sought to monetize the stake as it manages debt of more than ₹60,000 crore across its holding and operating companies. Mint reported that Noel Tata proposed seeking at least three years from the RBI if a listing becomes necessary and offered a plan to buy back 3% of the SP Group’s stake for ₹25,000 crore. Tata Trusts had also said the SP Group separately proposed selling part of its holding for at least $2.61 billion. Any listing would be complicated by cross-holdings in Tata Chemicals, Tata Motors and Tata Investment Corporation, and negotiations over timing, structure and valuation could be prolonged.