InGovern argued that the application, which was filed in March 2024, was “dead on arrival” based on the RBI’s April 2026 directions, and that the expiration of the September 2025 listing deadline made it “substantively ineligible and procedurally barred.”It warned that without a listing, Tata Sons would remain beyond the reach of Sebi’s disclosure regime, a supervisory gap it described as untenable for a holding company that controls systemic listed entities like TCS.
Without it, transactions with related parties become uncontrolled, and capital allocation at the group level remains opaque to the broader market.Tata Sons has sought to exit the CIC’s regulatory perimeter by repaying more than Rs 20,000 crore of standalone debt, arguing that it has given up access to public funds. However, the Reserve Bank of India’s April 29 directive clarified that public funds include direct and indirect access through group companies — a definition that, Ingovern said, belies the “standalone deleveraging” argument that Tata Sons relied on to justify its exit.
