Noel Tata’s Opposition to IPO Creates Discord Within Tata Sons

Noel Tata.

Noel Tata’s opposition to taking his family empire’s parent firm public is creating discord atop. As reported by Bloomberg, two of the six trustees at Tata Trusts are set to propose that the group’s holding company prepare for a listing in line with Reserve Bank of India's (RBI) regulations.

Tata Trusts is a group of charities that control two-thirds of Tata Sons Pvt.

Venu Srinivasan and Vijay Singh will likely advocate for the need for Tata Sons to make this transition at an upcoming Tata Trusts board meeting on May 8, the report added citing people familiar with the matter.

In a separate development, Mehli Mistry, former Tata Sons trustee, has written to the Tata Sons informing them that he has explained in an affidavit why he voted against the reappointment of Venu Srinivasan and Vijay Singh to the Tata Education and Development Trust (TEDT).

Mistry referred to the proceedings when, according to him, the trustees had wrongfully voted against him. The development has come ahead of a crucial May 8 meeting of the Tata Sons, where the board is set to review trustee representation and deliberate on a possible listing as a public company.