Tata Trusts Chairman Noel Tata has warned that listing Tata Sons could weaken the group. Tata Trusts Chairman Noel Tata has warned that a public listing of Tata Sons could fundamentally change the group's longstanding philosophy by placing shareholder profits ahead of philanthropy.Speaking at the HT Leadership Summit 2026 on Saturday, Noel expressed concern that expanding the shareholder base could eventually weaken the values underpinning the Tata Group.