Noel Tata-led trustees defend proposal to keep Tata Sons unlisted

The Economic Times reports that Noel Tata and other trustees rejected two vice chairmen's objections to a proposal to merge two units into Tata Sons, with the aim of avoiding a listing. In an October 4 letter, the trustees said the RBI had declined Tata Sons' bid to surrender its registration but had not ordered a listing. They also denied that the plan threatened the trusts' charitable status and said the trusts do not run Tata Sons.