Two boards, one listing battle: Inside Tata Sons’ directors RBI board link

The classification as an NBFC-UL put the company on a path towards listing. Tata Sons subsequently sought to surrender its regulatory registration in an attempt to avoid the listing requirement. The Tata Sons battle over compliance with the Reserve Bank of India’s (RBI) norms, including the possibility of listing the group’s holding company, has taken on another dimension. Two of its key directors, N Chandrasekaran and Venu Srinivasan, have also served on the RBI’s Central Board, albeit at different points in time. Chandrasekaran was appointed a non-official director on the RBI Central Board in March 2016 — much before he was appointed as Tata Sons Chairman in January 2017 — and remained on it until March 2022. He was among the government-nominated directors on the powerful central board.