Tata Sons listing: Who holds the shares, who holds the cards

Tata Sons’ board has backed N Chandrasekaran for another five years and begun considering steps to meet RBI requirements that could lead to a listing. But Tata Trusts, which owns about 66% of the holding company, is challenging his reappointment and opposes an IPO—setting up a battle between the board, controlling shareholder and regulator over Tata Sons’ future.