Tata Sons held a pivotal board meeting at its Bombay House headquarters in Mumbai, attended by all six board members, including Executive Chairman N. Chandrasekaran and Vice Chairman Noel Tata. The meeting primarily focused on the future of corporate governance and the potential for an Initial Public Offering (IPO) following the passing of Ratan Tata. The board deliberated on whether to maintain Tata Sons as a privately held entity or transition to a public listing. Historically, the company has managed its debts to avoid regulatory listing requirements set by the Reserve Bank of India. However, there is significant advocacy from certain factions within Tata Trusts and major shareholders for an IPO, which they believe could unlock market valuation and stabilize dividend streams. Additionally, the board reviewed various operational and financial challenges currently affecting the conglomerate, valued at approximately USD 180 billion, particularly concerning the performance of its unlisted entities. After the meeting, board members refrained from commenting on the outcomes or decisions made.