The Times of India

Upper layer NBFCs have to list: RBI guv on Tatas; dispels doubts on Sept order

RBI governor Sanjay Malhotras comments also suggest Tata Sons is in breach of RBI rules. The consequences of continued noncompliance remain unclear. The governor declined to be drawn into the question of Noel Tatas proposal to merge two Tata Sons subsidiaries with the holding company, a move that could help it sidestep a stock market listing.