Noel said while 'some people' are proposing a listing for group's holding company, he fears that enlarging the number of shareholders after a listing will shift its focus to profits from philanthropy. Tata Trusts Chairman Noel Tata on Saturday said that listing Tata Sons will "fundamentally change" the over 150-year-old group's way of working and stressed that its largest owner will play a "constructive role" in engaging with the regulators to retain.