Tata Trusts Chairman Noel Tata stated that a public listing of Tata Sons would fundamentally change the group's long-term investment and social-development model.
He reasoned that a listed holding company would face increased pressure to deliver quarterly results to satisfy shareholders, potentially impacting philanthropic funding.
Noel Tata expressed hope that the Reserve Bank of India would engage with the group to find a solution that avoids listing, complying with RBI guidelines.