Amit Shah, Nirmala Sitharaman meet Tata leaders amid Tata Trusts infighting

As boardroom tensions escalate within the Tata Group—one of India’s oldest conglomerates—the government has stepped in to mediate.

According to a report by CNBC-TV18, Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman met with Tata Trusts Chairman Noel Tata, Tata Sons Chairman N. Chandrasekaran, and trustees Darius Khambatta and Venu Srinivasan on Tuesday.

Sources told the publication that the government’s intervention aims to contain the widening rift among the trustees of Tata Trusts, which collectively hold a majority stake in Tata Sons.

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Four trustees—Darius Khambatta, Jehangir HC Jehangir, Pramit Jhaveri, and Mehli Mistry—have reportedly sought to challenge Noel Tata’s leadership.

Following the passing of Tata Group’s iconic leader Ratan Tata in 2024, Noel Tata was appointed Chairman of Tata Trusts on October 11, 2024. Unlike Ratan Tata, whose sweeping authority as Trust Chairman went largely unchallenged, Noel Tata has faced difficulty consolidating similar control and has encountered greater scrutiny from fellow trustees.

Mehli Mistry, a trustee connected to the extended Shapoorji Pallonji (SP) family—which owns about 18.37% of Tata Sons—is reported by Moneycontrol to have opposed certain decisions, alleging he was sidelined on key matters.

Amid this internal discord, Tata Sons’ long-anticipated public listing has been delayed. The salt-to-software conglomerate missed its September 30, 2025 deadline to list, as mandated under the RBI’s scale-based regulatory framework for upper-layer NBFCs.

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However, the company continues to operate under an active registration with the regulator. “As long as Tata Sons holds an active registration, it can continue its business,” said Financial Services Secretary Sanjay Malhotra during the Monetary Policy Committee press conference.

Tata Sons has applied to the Reserve Bank of India for de-registration from the upper-layer NBFC category to avoid mandatory listing. According to reports, the RBI may approve Tata Sons’ request, subject to certain conditions—chief among them, forming a consensus with the Shapoorji Pallonji Group on valuation and offering the group a fair exit from Tata Sons.

The SP Group, under financial strain, has been pushing for a public listing to unlock value and establish a transparent market valuation. Noel Tata, historically opposed to listing, now finds himself in a delicate position—given his marriage to Aloo Mistry, sister of SP Group Chairman Shapoor Mistry.