Tata Sons, meanwhile, repaid ₹20,642 crore in FY23 to become a net debt-free company before seeking declassification as an NBFC, according to its annual report
Tata Sons may seek similar relief from RBI as Shanghvi Finance: Lawyers
Tata Sons Pvt Ltd, the holding company of the Tata group, may argue for the same regulatory relief that the Reserve Bank of India (RBI) granted to Shanghvi Finance Pvt Ltd, the investment arm of Sun Pharmaceutical Industries promoter Dilip Shanghvi, to remain private after the central bank declassified the latter from its “upper-layer” non-bank lender category in 2023 following payment of the company’s debt, said top corporate lawyers.
Tata Sons, the holding company of India’s largest conglomerate, was grouped with Shanghvi Finance in the RBI’s 2022 list of “upper-layer” non-banking financial companies (NBFCs). The classification required upper layer NBFCs
