N. Chandrasekaran secured another five-year term as Tata Sons chairperson, despite Tata Trusts, the majority owner, declaring the vote “illegal.” This deep internal split emerges as Tata Sons may undergo a public listing mandated by the RBI for large financiers. A public listing would dilute the Tata Trusts’ stake and potentially resolve the minority partner Shapoorji Pallonji group’s need for liquidity. The SP group, holding 18.4%, faces illiquid shares and a stand-off with Tata. A pre-listing deal remains a possibility to address their exit strategy.