Shapoorji Pallonji Group, with 18.4% Tata Sons stake, backs its public listing

MUMBAI: A day after Tata Trusts chairman Noel Tata warned that a listing "will destroy" Tata Sons' character and "strike at the heart" of an operating model that "has stood the test of time for more than a century", Shapoorji Pallonji Group (SPG) chairman Shapoor Mistry took the contrary view, describing a public listing as a "social and moral imperative" and deepening a rare public rift between two of the company's largest shareholders.Mistry, whose conglomerate holds an 18.4% stake in Tata Sons, said the "path forward is clear" after Reserve Bank Of India rejected the company's application to surrender its registration and directed it to comply with regulations.Before the RBI decision, brothers-in-law Noel and Mistry had explored a settlement under which SP would monetise part of its Tata Sons holding for Rs 25,000 crore.