A writ petition has been filed before the Bombay High Court seeking directions to the Reserve Bank of India (RBI) to direct Tata Sons Private Limited to list its shares on the Bombay Stock Exchange and the National Stock Exchange.
The petitioners contend that its continued operation as an unlisted private company is contrary to public interest.
The petition, filed by Advocate Rohini Amin and L. Ramanathan, also seeks the removal of Noel Tata as Chairman of the Tata Trusts and as a director of Tata Sons. It further seeks directions for framing a scheme to govern the affairs of Tata Sons and the Tata Trusts.
Reportedly, Noel Tata is due to step down from the boards of six Tata Group companies on November 12, when he turns 70, in accordance with the group's retirement policy. He will continue as a Tata Trusts nominee director on the Tata Sons board.
Tata Sons is currently a private limited company, and its shares remain unlisted. Its FY 2025–26 annual return identifies it as a private company and records that its shares are not listed on a recognised stock exchange.
Tata Sons was converted from a public limited company into a private limited company through a resolution dated September 21, 2017. The National Company Law Tribunal (NCLT), Mumbai, approved the conversion on July 9, 2018.
The petitioners contend that nearly 67% of Tata Sons' shareholding is held by the Tata Trusts. They describe the trusts as public charitable trusts established to utilise their wealth for philanthropic purposes, including education, healthcare, and relief to the poor.
They argue that the public at large are the ultimate beneficiaries of these trusts, and therefore, the Tata empire cannot be treated as private property. The petitioners further allege that the conversion was carried out without consulting these beneficiaries.
The petitioners also challenge the proceedings through which the conversion was approved. They point out that the NCLT's decision was challenged before the National Company Law Appellate Tribunal (NCLAT) and subsequently reached the Supreme Court in the dispute involving Cyrus Mistry.
They contend that the public at large were neither represented nor heard in those proceedings. Their interests, they argue, were not considered.
The petitioners have pleaded,
“The beneficial owners of Tata Trust, the public at large, whom the present Petitioner seeks to represent in a representative capacity were never heard, and therefore, the judgment of the NCLT which ultimately came to be confirmed by the Supreme Court in no way binds them.”
They also contend that the Supreme Court's judgment in the Cyrus Mistry dispute does not operate as res judicata against them, since they were not parties to those proceedings.
The petitioners further contend that Tata Sons, being a Core Investment Company classified as an Upper Layer Non-Banking Financial Company (NBFC-UL), is required to list its shares under the RBI's Scale-Based Regulatory framework. They allege that Tata Sons has assets exceeding ₹2 lakh crore but has failed to comply with the listing requirement.
The plea also alleges that the RBI failed to act on the petitioners' representation seeking intervention under Sections 45ID and 45IE of the Reserve Bank of India Act. The petitioners rely on these provisions to seek action against the company's directors and board.
The petitioners also question the jurisdiction of the NCLT and the Charity Commissioner in relation to the grievances raised in the plea. They have sought declarations concerning the jurisdiction of civil courts and the Charity Commissioner.
As interim relief, the petitioners have sought an injunction restraining Noel Tata from securing the proposed merger of Tata Electronic Systems Solutions Limited and Tata Consulting Engineers Limited with Tata Sons.
They allege that the merger could alter Tata Sons' status as a Core Investment Company/NBFC. This, they contend, could help the company avoid the mandatory listing requirement.
The matter is listed before the Bombay High Court on December 2, 2026, for admission.