Shapoorji Pallonji Group Chairman Shapoorji Pallonji Mistry has “wholeheartedly” welcomed the Reserve Bank of India’s decision on the status of Tata Sons and has supported its listing for the sake of transparency, accountability, fairness and responsible institution-building, he said on Friday (September 18, 2026).

The SP Group, with a little over 18% stake in Tata Sons, had lobbied for the listing of the Tata Group’s holding company to unlock value and tide over a severe financial crisis. Mr. Mistry is the elder brother of former Tata Sons Chairman the late Cyrus Mistry, and brother-in-law of Tata Trusts Chairman Noel Naval Tata.

“The Reserve Bank of India has provided full clarity. Tata Sons had been classified as an Upper-Layer NBFC under the RBI’s Scale-Based Regulatory Framework, and the prescribed listing route followed from that regulatory architecture,” Mr. Mistry said in a statement.

“With the RBI having rejected the application to surrender its registration and directing Tata Sons towards the necessary compliance at the earliest, the path forward is clear,” he said.

Stating that this “landmark” decision should not be viewed as a victory of one stakeholder over another, he said it should be seen as an opportunity to bring people and institutions together.

“The listing of Tata Sons can become a bridge. A bridge between shareholders and Trusts, between private heritage and public accountability, between generations of stewardship, and between India’s great past and the extraordinary future that lies ahead,” he said.

He said a transparent and publicly accountable Tata Sons can strengthen the entire ecosystem, broaden participation, enhance governance, give greater visibility to value, protect the legitimate interests of investors and provide the basis for a more robust and equitable dividend policy.

“Most importantly, it can strengthen the capacity of the Tata Trusts to pursue their philanthropic responsibilities over generations,” he stated.

“The millions of Indians who have invested in listed Tata companies are also part of this larger story. They have placed their faith and their savings in the Tata name. A publicly accountable holding company can strengthen the relationship between that enormous community of investors and the institution whose success underpins the wider Tata ecosystem. Transparency, in my view, is the truest form of respect for both legacy and the future,” he pointed out.

Calling upon every section of the Tata Group — individual trustees, Tata Sons, its leadership, its shareholders, employees and all other stakeholders — to come forward in a spirit of harmony and shared purpose, he said the listing should not be allowed to become even a minor point of division.

“Let us use it as a bridge. Let us make it an opportunity for reconciliation, renewal and a stronger institutional future,” he said.

Supporting Tata Sons, he said: “From my side, I want to make my views unequivocally clear. I look forward to working closely and constructively with Tata Sons on this pathway.”

“For me, the principle has always been simple. Our nation comes first. That is the spirit with which I have approached the question of Tata Sons’ listing, and that is the spirit in which I will approach the future,” he emphasised.

“The objective is not victory for one side. The objective is a stronger Tata institution, stronger philanthropy, greater accountability, deeper partnership and, ultimately, greater service to India,” he added.

Shares of most Tata Group ​stocks fell on Friday, reversing ​some of the gains made on Thursday, after Tata Sons reappointed N. Chandrasekaran as chairman ‌for another five years and decided to consider a public listing. Tata Trusts has termed Mr. Chandrasekaran’s appointment “illegal”.

As of 9:40 a.m. IST, Tata ‌Chemicals tumbled as much as ‌7.8%, ⁠while Tata Investment ⁠Corporation fell 3.9%. Tata Motors Passenger Vehicles dropped 2.6% and Tata Power lost 1.4%.

Shares ​of Tata ‌Steel were down 0.15%, Tata Motors fell 0.48% and Tata Elxsi slipped 1.09%, while Tata ‌Capital rose 1.1%.