Tata Trusts Chairman Noel Tata on Saturday expressed concern that a proposed public listing of Tata Sons could fundamentally alter the group’s traditional business philosophy, warning that a wider shareholder base may eventually place profits ahead of philanthropy.“My worry is that listing, which is what some people are proposing, will change the Tata way. And one day, if we have 30,000-40,000 shareholders, profit may take precedence over philanthropy. And I think that will fundamentally change the Tata way of working,” Noel Tata said at the HT Leadership Summit 2026.He said Tata Trusts would work with regulators and other stakeholders to find a solution that preserves the group’s founding ethos.“Tata Trusts will play a constructive role with regulators and others to try and find a solution which keeps the Tata way the way it is,” he said.The remarks come against the backdrop of an intensifying tussle between Tata Trusts and the Tata Sons board over the holding company’s ownership structure and leadership.Tata Trusts, which controls about 66 per cent of Tata Sons — the holding company of the $165 billion Tata Group — has opposed a public listing, while the Shapoorji Pallonji Group, its second-largest shareholder with an 18.37 per cent stake, has backed a stock market float to unlock value from its investment.The dispute gained momentum after the Reserve Bank of India (RBI) rejected Tata Sons’ September 2026 application to surrender its registration as a core investment company, effectively closing a route the group had pursued to avoid mandatory listing as an upper-layer non-banking financial company.