The Reserve Bank of India (RBI) has finally asked Tata Sons, the holding company of the salt-to-software conglomerate, to proceed with an immediate stock market listing.In a letter dated September 11, the RBI stated that Tata Sons’ request to be excluded from the category of unregistered core investment companies (CICs) had been denied, requiring the company to pursue a public listing.According to a source, the RBI concluded that the request “cannot be acceded to” after reviewing each element of Tata Sons’ application for voluntary surrender of its CIC status.This comes just one month after N Chandrasekaran, popularly known as Chandra, the chairman of Tata Sons, told the board of directors that he would not seek a third term when his current term ends on February 20, 2027.In the letter, he stated that the issue had been put on hold for six months and that one board member had opposed his reappointment as chairman. As previously reported, when Chandra’s reappointment was being discussed at a Tata Sons board meeting in February, Noel Tata, the chairman of Tata Trusts, questioned the performance of some of the group’s businesses.Sources said the listing of Tata Sons had become a contentious issue in the leadership struggle, among other matters. Noel Tata has opposed the public listing of Tata Sons.With a 66% stake in Tata Sons, Tata Trusts is the company’s largest shareholder. Last year, the trusts even voted on a resolution concerning the matter and expressed a desire for Tata Sons to engage with the central bank to avoid a listing.However, Shapoorji Pallonji, Tata Sons’ second-largest shareholder, is in favour of a stock market listing, which would allow it to partially dilute its stake and raise funds to finance its heavily indebted company.Although Tata Sons’ latest position on the listing is not publicly known, Chandra could benefit from it given the current unrest within the group.