The RBI’s September 2025 deadline for Tata Sons to convert from an upper‑layer NBFC has brought the company’s board back into the spotlight. According to CNBC‑TV18, the Thursday meeting will tackle the RBI order and the future of chairman N. Chandrasekaran, who has signalled he will not seek a second term. NEWPAR In March 2024, Tata Sons repaid over ₹21,000 crore in debt to qualify for the NBFC exit, a move that cost the group a significant chunk of its cash reserves. The RBI’s classification in September 2022 as an upper‑layer NBFC obliges the company to list within three years, but the firm had previously opted to stay private. NEWPAR Tata Trusts, holding 66% of the company, have long resisted a public listing. Noel Tata, chair of the Trusts, reportedly made the decision to keep the group unlisted a condition for backing Chandrasekaran’s renewal. At the same time, Shapoorji Pallonji Group, with an 18% stake, has been lobbying for a listing, adding a new layer of shareholder pressure. NEWPAR The board’s Nomination and Remuneration Committee may ask Chandrasekaran to stay on until the IPO, according to sources familiar with the matter. His second five‑year term ends in February 2027, and his August letter of intent not to seek reappointment has already created uncertainty among investors. NEWPAR Tata Group stocks, including TCS and Tata Motors, rallied 1.8% in early trading after the RBI’s rejection of the NBFC exit plan, reflecting investor optimism about a potential IPO. Analysts suggest a listing could generate up to ₹1.5 trillion in capital, but the timing remains unclear as the board weighs Chandrasekaran’s future and the Trusts’ stance.