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The plan comes at a decisive moment. On September 11, according to reports, the RBI rejected Tata Sons’ request, filed in March 2024, to give up its registration as a Core Investment Company. It told Tata Sons to follow the rules for the largest finance companies, chiefly listing. Six days later, the Tata Sons board reportedly decided to move towards listing, which the Trusts said they had not agreed to. In the September 28 proposal, sent to the board for approval, is the Trusts’ alternative.