The Tata Sons boardroom battle has entered a new phase after Tata Trusts proposed restructuring the holding company as an alternative to a public listing. The proposal involves merging Tata Electronics Systems Solutions (TESS) and Tata Consulting Engineers (TCE) into Tata Sons, giving the holding company substantial operating businesses and revenues. Tata Trusts says the proposed structure could take Tata Sons outside the regulatory classifications of an NBFC and Core Investment Company, potentially allowing it to remain an unlisted private company. The proposal still requires consideration by the Tata Sons board and regulatory approvals, including an RBI no-objection certificate.
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