Tata Trusts to Tata Sons: Try to stay unlisted, allow SP exit

Tata Trusts, led by chairman Noel Tata, has directed Tata Sons chairman Natarajan Chandrasekaran to explore all possible options to ensure that the holding company of the Tata Group remains private even as the deadline for going public ends in two months.

- Varun Sood & Satish John

Significantly, Tata Trusts, which owns 65.9% of Tata Sons, has requested that Tata Sons continue discussions with the Shapoorji Pallonji Group, to provide an exit to the largest minority shareholder.

"The chairman of Tata Sons is requested to exercise best endeavours to ensure that Tata Sons does not change its current status as an unlisted private company and that Tata Sons fully engages with the Reserve Bank of India in this regard," read a resolution passed at the board meeting of Sir Ratan Tata Trusts on 28 July.

"It was agreed at the Trustees meeting of 28th May to request the Chairman, Tata Sons, to explore all possible avenues for ensuring that there was no change in the status of Tata Sons as it currently stood. This included a dialogue with the minority shareholders, i.e. the SP Group, for providing an exit to them from Tata Sons," said the resolution, which was reviewed by Mint.

"The chairman Tata Sons is requested to keep the SRTT (Sir Ratan Tata Trust) informed of the progress of the above matters," it said.