Noel Tata's opposition to an initial public offering (IPO) for Tata Sons Pvt., the holding company of the Tata Group, has sparked internal discord among the trustees of Tata Trusts, which control two-thirds of Tata Sons. Venu Srinivasan and Vijay Singh are advocating for a public listing at an upcoming board meeting on May 8, arguing that it would enhance transparency and comply with new regulations from the Reserve Bank of India (RBI). The RBI's rules, effective July 1, classify Tata Sons as a shadow bank, necessitating a public listing to ensure regulatory compliance. Previously, Tata managed to avoid going public by restructuring its debt, but the RBI's latest circular has closed that loophole. The Shapoorji Pallonji Group, a major minority shareholder, supports the IPO to unlock value from its 18.4% stake in Tata Sons, which is currently illiquid. The internal rift highlights the challenges Noel faces in consolidating his authority over the $180 billion conglomerate, particularly as he seeks to navigate these regulatory pressures. The upcoming board meeting will also address the appointment of new nominees to the Tata Sons board, further influencing the group's future direction.