Archive · 19 Sep 2026
Harish Salve Backs Tata Sons Listing Amid Governance Dispute
Harish Salve is advising Tata Sons Chairman N Chandrasekaran during a disagreement with Tata Trusts.
He said Tata Sons has a legally strong position but must follow rules set by the Reserve Bank of India.
Those rules, according to the report, require the company to become public.
Tata Sons had argued that repaying its loans in 2019 meant it no longer needed certain registration.
The Reserve Bank of India did not accept that argument because companies controlled by Tata Sons still had loans.
Salve believes selling shares to the public would make Tata Sons more transparent.
He also said it could bring clearer management and more oversight.
Tata Trusts trustees disagree about the proposal, creating a governance deadlock.
Harish Salve said Tata Sons must comply with Reserve Bank of India regulations applicable to Core Investment Companies and Upper Layer NBFCs.
Salve described Tata Sons’ legal position as “legally perfect” and said the company must become public.
He said Tata Sons’ earlier argument that repaying loans in 2019 removed its need for Core Investment Company registration was rejected by the Reserve Bank of India.
Salve argued that listing could improve transparency, professional management, operational clarity and regulatory oversight.
Tata Trusts trustees are divided over the proposal, while Salve said a company with assets of around ₹2 lakh crore cannot remain deadlocked.
- Who
- Harish Salve, Tata Sons Chairman N Chandrasekaran, Tata Sons and Tata Trusts are central to the dispute; the Reserve Bank of India is involved through its regulations.
- What
- Salve backed Tata Sons becoming a public company and said it must comply with Reserve Bank of India regulations.
- When
- During the ongoing governance differences between Tata Sons and Tata Trusts; no specific date is provided.
- Where
- Salve made comments in interviews with ANI and Rahul Shivshankar of CNN-News18.
- Why
- Salve said public status could satisfy regulatory requirements, improve transparency and professional management, and prevent governance differences from paralyzing Tata Sons.
Supporters of Tata Sons Becoming Public
Trustees Opposing the Proposal
Public-company status
Supporters of Tata Sons Becoming Public
Harish Salve said Tata Sons must become a public company to comply with Reserve Bank of India requirements and that listing would strengthen transparency and oversight.
Trustees Opposing the Proposal
Some Tata Trusts trustees oppose the proposal, according to the report, amid disagreements over governance and control.
Governance structure
Supporters of Tata Sons Becoming Public
Salve said public ownership could create a clearer operational structure, encourage professional management and prevent a company of Tata Sons’ size from remaining paralyzed by trustee differences.
Trustees Opposing the Proposal
Opponents are reported to fear that becoming public could reduce Tata Trusts’ influence and control over Tata Sons.
Resistance to listing
Supporters of Tata Sons Becoming Public
Salve questioned whether resistance reflected private ambitions rather than sound corporate governance and said restrictions in Tata Sons’ Articles would fall away after it became public.
Trustees Opposing the Proposal
The reports do not provide a detailed public explanation from opposing trustees beyond their governance and control concerns.
- Commentator
- Harish Salve, senior advocate and former Solicitor General of India.
- Company at issue
- Tata Sons.
- Regulator
- Reserve Bank of India.
- Regulatory issue
- Compliance with rules for Core Investment Companies and Upper Layer Non-Banking Financial Companies.
- Salve’s legal assessment
- He described Tata Sons’ legal position as “legally perfect.”
- Estimated assets
- Around ₹2 lakh crore, according to Salve.
- Governance dispute
- Tata Trusts trustees are divided over whether Tata Sons should become a public company.
- Interviews
- ANI and CNN-News18.
