The Reserve Bank of India rejected Tata Sons' application to surrender its registration as an upper layer non-banking financial company, closing its exit route from mandatory public listing.
Tata Sons previously repaid over ₹21,000 crore of debt and filed for deregistration in March 2024 to remain privately held under its chairman N Chandrasekaran and Tata Trusts chairman Noel Tata.
The board will discuss response options on September 17, which include reducing the balance sheet below regulatory thresholds or potentially splitting the company into two entities.