Business
Tata Group Tussle: What’s Behind The Boardroom Rumblings And Tata Sons Listing Row
The Tata Group, one of India’s largest and most respected business conglomerates, is facing growing internal differences over whether its parent company, Tata Sons, should be listed on the stock market. Tata Sons is the unlisted holding company that controls the Tata Group’s vast network of businesses — including Tata Steel, Tata Motors, Tata Consultancy Services, and Air India. According to its 2024–25 annual report, it holds stakes in 355 subsidiaries, 39 joint ventures, and 48 associate companies, and received Rs 36,149 crore in dividends from them last year, reported Mint
Because Tata Sons is unlisted, its shareholders cannot easily sell or “monetize” their holdings. The SP Group, which has been part of Tata Sons since the 1930s, has long wanted a listing to unlock the value of its stake — estimated between Rs 1.5 trillion and Rs 3 trillion, said reports.
The Core Dispute
The SP Group’s demand for listing gained momentum after its representative, Cyrus Mistry, was removed as Tata Sons chairman in 2016, a move that led to a bitter legal and personal fallout between the two groups.
The SP Group, which faces significant debt in its construction and infrastructure businesses, sees the listing as a way to raise funds and strengthen its finances. Earlier this year, credit rating agency ICRA reaffirmed a ‘BBB’ rating with a negative outlook for Shapoorji Pallonji and Company Pvt. Ltd., pointing to continued pressure on liquidity, said reports.
In contrast, Tata Trusts, which uses its dividends from Tata Sons to fund large-scale philanthropic projects, has no such financial pressure. In 2024–25, it disbursed Rs 902 crore in grants, with most funds directed to social and institutional programs. The Trusts also influence key decisions within Tata Sons, including top appointments and governance matters, and want the group to retain its private, long-term structure. Meanwhile, as per PTI reports, Tata Trusts has circulated a proposal to reappoint Mehli Mistry as a trustee for three of its key philanthropic bodies, a move that would make him a lifetime trustee.
RBI’s Role and the Listing Deadline
The Reserve Bank of India (RBI) added to the tension in September 2022, when it classified Tata Sons as an “upper-layer” non-banking financial company (NBFC) — a category that required the company to list its shares within three years, by September 2025.
However, Tata Sons moved to avoid that requirement by retiring debt and surrendering its NBFC licence earlier this year. This would allow it to remain a privately held company. The company is currently awaiting RBI’s approval for its deregistration.
The RBI’s silence on the matter since then has raised eyebrows among market watchers, with some questioning whether the central bank will enforce the original listing rule or allow Tata Sons to remain private.
What’s At Stake
According to experts, for the SP Group, listing Tata Sons could unlock much-needed value and ease its debt burden. In a recent statement, the group called the listing a “moral and social imperative,” arguing that it would “unlock immense value for over 1.2 crore shareholders of listed Tata companies who indirectly have a stake in Tata Sons.”
The Shapoorji Pallonji (SP) Group has renewed its call for public listing. In a strongly worded statement, the group described the IPO as “a moral and social imperative”, saying it would “unlock immense value for over 1.2 crore shareholders of listed Tata companies.
For Tata Trusts, however, a public listing could mean less control over the company that anchors the entire Tata empire. The Trusts’ leadership believes the current structure — where dividends from Tata companies fund its philanthropic work — best preserves the vision of Jamsetji Tata, the group’s founder, noted analysts.
Business
US-China trade deal: Delegations begin talks in Kuala Lumpur; Trump’s 155% tariff threat looms – The Times of India
China and the United States kicked off their latest round of trade talks in Malaysia on Saturday, as the world’s two largest economies attempt to prevent further escalation of a costly tariff dispute. “The Chinese and US delegations convened on Saturday morning for talks on economic and trade issues,” official Xinhua news agency reported, as cited by AFP.These discussions come as the two nations get embroiled in a new wave tariff tensions.Chinese vice premier He Lifeng is leading a delegation to Malaysia from October 24 to 27 to hold economic and trade talks with the United States, the Chinese commerce ministry had said earlier in a statement.US President Donald Trump had threatened 100% additional tariffs on Chinese imports after Beijing’s introduction of sweeping controls on its vital rare earths industry earlier this month. Both nations have imposed arrival fees on each other’s ships, after a US “Section 301” investigation concluded that China’s dominance in the sector was unreasonable. Trump had also warned he might cancel his anticipated meeting with Chinese President Xi Jinping in South Korea, which was scheduled on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit beginning October 31. Despite these tensions, the US president has underlined his aim to secure a “good” deal with China and end the trade war. The ministry had earlier said the discussions will focus on “important issues in the economic and trade relationship between China and the United States.” The timing of the talks coincides with President Trump’s visit to Kuala Lumpur for the Association of Southeast Asian Nations (ASEAN) meeting from October 26 to 28.
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Bank customers and investors in India can safeguard a portion of their regular income in accessible and beneficial emergency fund options.
Where should you maintain an emergency fund? (Representative Image)
An emergency fund is the financial cushion you require during stressful and uncertain times to sustain your existing livelihood and safeguard your family’s needs and interests. In India, due to rising inflation and other economic challenges, low-income and middle-class citizens are often just a medical bill or job loss away from facing poverty. An emergency fund helps you shield against such unforeseen events, helping you stay afloat despite paying for medical coverage and riding the wave during unemployment days.
Fortunately, bank customers and investors in India have the option to safeguard a portion of their regular income in accessible and beneficial emergency fund options such as savings accounts, fixed deposits and post office schemes. Here is what you should know before determining the best option among the three for yourself.
Saving Accounts: Easy Access But Moderate Interest
Holding a savings account gives you easy access to your bank balance while earning moderate interest on the savings. Bank customers having a savings account can undergo the fastest transactions and fund transfers during emergencies using UPI, debit card and ATM facilities. While the interest earned on maintaining a savings account is quite low, customers also enjoy easy liquidity and a clean audit trail. However, you should keep track of the minimum balance rules during heavy withdrawals and you can also opt for a sweep-in facility provided by certain banks, where the surplus automatically moves into short-term deposits.
Fixed Deposits: Safety Plus Predictable Returns
Fixed Deposit is a financial instrument offered by the bank where customers can deposit a lump sum amount for a predetermined period at a fixed interest rate. FDs are known for their low risk value and predictable returns, making them a highly attractive option for those looking to ensure coverage during uncertain periods of life in the near future. But while safe and beneficial, FDs don’t provide easy access or liquidity. Premature withdrawal is only allowed after paying a small penalty or signing up for lower interest.
Post Office Scheme: Govt’s Safety, Workable Access
For those looking to maintain an emergency fund via a post office savings account or schemes, the government of India provides safety for the sum assured, stability on interest and multiple tax benefits. The accessibility and liquidity are also usually great, with account holders able to access their funds and make quick transactions during tough times. They also enjoy tax benefits on different schemes and quarterly interest payout.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
Delhi, India, India
October 25, 2025, 07:47 IST
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Rachel Reeves has declined to rule out raising income tax at next month’s Budget, according to reports.
The Chancellor has previously insisted that Labour’s manifesto commitment not to raise income tax, national insurance or VAT “stands” when questioned about how she will bridge a fiscal black hole in November.
But asked about reports the Treasury was considering an income tax hike, the BBC said Ms Reeves told reporters on Friday she would “continue to support working people by keeping their taxes as low as possible” but was still “going through the process” of writing the Budget.
The Chancellor said: “Although I can’t talk about individual measures at this stage, I understand that the cost of living is still people’s number one concern.”
Ms Reeves is widely expected to use the Budget to increase taxes once again, with the Institute for Fiscal Studies estimating she needs to find £22 billion of tax rises or spending cuts to meet her self-imposed fiscal rule.
The gap comes as a result of higher borrowing costs, weak growth and an expected downgrade to official productivity forecasts, although recent better-than-expected inflation figures have eased the pressure slightly.
Raising the basic rate of income tax by 1p could raise around £8 billion, but would break a clear manifesto pledge.
It would also be the first time the basic rate has been increased since the 1970s.
The Chancellor is also reported to be considering cutting the amount of money people can save in cash Isas as part of a drive to encourage investment in stocks and shares.
It is understood that no decision has yet been made and several options are being considered, including halving the allowance from £20,000 to £10,000.
Treasury minister Lucy Rigby told the Telegraph the Government was “looking at the right balance between cash and shares in the Isa”.
She said: “The bottom line is, we want people to be better off and one way we can do that is to build a shareholding democracy in this country.”
Meanwhile, The Times reported that the Chancellor would use the Budget to increase the minimum wage once again, and make further moves towards abolishing lower minimum wage rates for younger people.
India’s exports to US drop, to non-US markets expand in Sep: Crisil
US-China trade deal: Delegations begin talks in Kuala Lumpur; Trump’s 155% tariff threat looms – The Times of India
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