As the trustees of Tata  prepare to meet on May 8, the battlelines have clearly been drawn. Importantly, this meeting has been called to decide the reappointment of Venu Srinivasan, Chairman Emeritus, TVS Motor, and ex-Defence Secretary Vijay Singh.

Tata Trusts accounts for one-third of Tata Sons’ board and if Srinivasan, one of the nominees, steps down, it complicates an already bitter battle between the trustees. Singh had earlier resigned from Tata Sons’ board.

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Last month, an amendment was brought in for Section 30A(2) of the Maharashtra Public Trusts Act, 1950, which caps the proportion of lifetime trustees at 25% of the total board strength. “It is obviously a battle for the control of Tata Trusts. That has a direct impact on the composition of the Tata Sons’ board,” says Amit A. Tungare, Managing Partner at Asahi Legal.

More than anything else, both Srinivasan and Singh have favoured the listing of Tata Sons, the conglomerate’s holding company. “Noel Tata has not been in favour of the listing and in this scenario, he may want to avoid any conflict in opinion,” he adds.

Sources familiar with the development say the amendment to the trusts Act clarifies the issue. “The relook at the trustees and their appointed for life complicates the issue,” they say.

On the issue of Tata Sons’ listing, the Reserve Bank of India, last week, unveiled a policy that could define the entity as a “shadow bank.” That increases the need for Tata Sons to get listed—the rule applied to companies with assets greater than Rs 10 billion. The number for Tata Sons is Rs 1.75 trillion.

At the end of March 2025, 15 NBFCs were identified in the upper layer category. They are subject to more stringent regulations than those in the middle and base layers. In its report titled, “Trend and Progress of Banking in India”, released in 2025, the RBI said, “The scale-based regulation framework for NBFCs envisages a differential regulatory treatment to NBFCs not availing public funds and not having a customer interface. Towards this initiative, a review of the extant regulations is underway.”

Tata Sons has so far been classified as a core investment company and must list on stock exchanges under existing guidelines. That deadline passed on September 30, 2025, before RBI came up with a new set of regulations a few days ago.

Published on: May 4, 2026 11:34 AM IST