RBI's requirement for upper-layer shadow lenders leaves Tata Sons facing an inevitable public listing. To resolve long-standing friction with minority owner Shapoorji Pallonji Group over illiquid shares, Tata Sons could emulate Scottish group Jardine Matheson by simplifying its corporate structure, buying out SP Group's stake, and using differential voting rights during an IPO to preserve control and financial stability.

RBI's requirement for upper-layer shadow lenders leaves Tata Sons facing an inevitable public listing. To resolve long-standing friction with minority owner Shapoorji Pallonji…

MUMBAI: Tata Sons’ escape from an initial public offering hinges on convincing RBI that none of its activities require it to remain within the central bank’s regulatory framework.…