The Reserve Bank of India is said to have filed a caveat in the Bombay High Court anticipating a legal challenge from Tata Sons after rejecting its request for de-classification as an unregistered core investment company.
The pre-emptive move is designed to ensure that the RBI gets an opportunity to present its arguments before any court grants interim relief to Tata Sons or any other party challenging the regulator’s decision.
The RBI on Friday communicated that Tata Sons will have to comply with criteria applicable to non-banking financial corporation-upper layer (NBFC-UL) immediately while rejecting Tata Sons plea. This effectively means that Tata Sons would have to list shares on the stock exchange.
The Tata Sons board is meeting on Friday. RBI’s letter would be placed before the board which would decide on the next steps. Last year Tata Trusts which owns 66 per cent stake in Tata Sons had passed a resolution asking it to engage with the RBI with a view to keep the holding company private.
Tata Sons’ listing: RBI unlikely to be swayed by Chandra’s exit
While Tata Trusts Chairman Noel Tata is opposed to share sale, two trustees — Venu Srinivasan and Vijay Singh — have earlier voiced their support for listing Tata Sons. Srinivasan and Tata are the trust nominees on the Tata Sons board.
Published on September 15, 2026
