Mumbai, September 17, 2026: Mr. Noel N. Tata, at the Tata Sons Board meeting held today, reiterated the position of the Tata Trusts regarding preserving the more than a century old structure of Tata Sons and the Tata Group which has steadfastly stood for the national good.
The Tata Trusts have not agreed to listing of Tata Sons. The communication received from the Reserve Bank of India on 11th September 2026 was discussed at the board meeting today. The Board agreed that all available options, and not listing alone, should be thoroughly explored and assessed on an immediate basis, with the findings and recommendations presented to the Board. Following this review, a separate Board meeting will be convened to consider the assessment and determine the appropriate course of action.
In this context, it may be noted that the Tata Sons Board had already considered the matter of public listing and reached a unanimous conclusion in March 2024, under the guidance of the late Mr. Ratan Tata, and had resolved that the Company should remain unlisted. In July 2025, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, also unanimously passed resolutions that the Company should remain unlisted and the same was duly communicated to Tata Sons for necessary action. Accordingly, the position of the Tata Trusts has remained consistent and unchanged.
Mr Noel N Tata, Chairman, Tata Trusts, while speaking about the House of Tatas, stated that Tata Group was conceived as a national service carried on through business and has conducted itself so in this manner for over a century. The structure of its ownership is what has allowed it to remain so and has permitted Tata Sons to act repeatedly in ways that a purely commercial calculus would not have supported. Therefore, what is at stake today is something very fundamental: the nature and character of the Tata Group as a unique institution. What makes the Tata operating structure unique is that it is premised on trust and its majority shareholder is a charity. That charity funds hospitals, universities, and research from the dividends it receives. It exists for public purpose and for nation building.
He went on to state, “That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle.”
The Trusts support a constructive, informed, and lawful process that enables all permissible options to be examined comprehensively, with due regard to protecting the long-term public interest. The Tata Trusts will continue to engage with Tata Sons and the relevant authorities to support a fair, transparent, and legally compliant process.
The detailed statement presented by Mr Noel N. Tata to the Board of Tata Sons, in this matter, is annexed.
Since its inception in 1892, Tata Trusts, India’s oldest philanthropic organisation, have played a pioneering role in bringing about an enduring difference in the lives of the communities it serves. Guided by the principles and the vision of proactive philanthropy of the Founder, Jamsetji Tata, the Trusts’ purpose is to catalyse development in the areas of health, nutrition, education, water, sanitation and hygiene, livelihood, digital transformation, migration and urban habitat, social justice and inclusion, environment and energy, skill development, sports and arts and culture. The Trusts’ programmes, achieved through direct implementation, partnerships and grant making, are marked by innovations relevant to the country.
For more information please visit: www.tatatrusts.org
