Noel Tata asked the Tata Sons board to discuss the RBI’s September 11 letter and a reorganisation proposal on November 26. He wants a presentation on preserving the company’s unlisted status. He also sought a vote on a Rs 25,000 crore funding request from the Shapoorji Pallonji Group through capital reduction.

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Noel Tata, Chairman of Tata Trusts, wrote to Tata Sons' board seeking two items on agenda for November 26 board meeting, reported CNBC-TV18 citing sources.

Noel Tata has sought Tata Sons' board discussion on RBI's September 11 letter and Tata Trusts' reorganisation proposal, the channel further reported on October 30.

Noel Tata reportedly wants management presentation, including legal advice received and next steps to be taken to preserve Tata Sons' unlisted status.

In a letter dated September 11, 2026, the Reserve Bank of India said that, after considering Tata Sons’ application dated March 28, 2024, and subsequent correspondence, it could not accede to the request for voluntary surrender of the Certificate of Registration (CoR).

The RBI had advised Tata Sons to take necessary action to ensure full compliance with all guidelines and instructions applicable to NBFC–Upper Layer (UL) entities.

Meanwhile, Noel Tata has also sought board vote on a Rs 25,000 crore funding request from minority shareholder Shapoorji Pallonji (SP) Group through a proposed capital reduction, reported CNBC-TV18. This relates to the SP Group request that Tata first placed before the board on September 17. The draft resolution proposes that Tata Sons buy back and cancel enough of the SP Group's shares to yield a gross consideration of Rs 25,000 crore. The shares would be valued at fair market value under Rule 11UA of the Income-tax Rules by a merchant banker or registered valuer.

A restructuring proposal was made by Sir Dorabji Tata Trust and Sir Ratan Tata Trust on September 28 to merge two operating subsidiaries, Tata Electronic Systems Solutions (TESS) and Tata Consulting Engineers (TCE), with Tata Sons. This merger will make Tata Sons an operating company, not just a holding company. Since both subsidiaries are wholly owned, no new shares would be issued and the shareholding of Tata Sons' members would not change. Tata Sons would first seek the RBI's no-objection before filing the scheme with the National Company Law Tribunal (NCLT). Once the scheme takes effect, the company would apply to surrender its CIC registration.

The aim is to cease Tata Sons as an NBFC and make it a core investment company.

According to people familiar with the matter, the letters, dated October 29, were addressed to Tata Sons Company Secretary Suprakash Mukhopadhyay and copied to all directors