The rift is widening among the seven active trustees of the Tata Trusts just before the scheduled October 10 board meetings. These trusts control the Tata Group, the country's largest corporate house with over $170 billion in annual sales, owning 66.4% of the conglomerate.

Some trustees are now openly questioning the authority of Noel Tata, the chairman. This comes as the conglomerate's non-banking arm, Tata Capital, launches the largest segmental IPO of Rs 15,512 crore on Monday.

Noel Tata is at the center of the debate due to three key issues: a missed listing deadline for upper layer NBFCs (set for September 2025), a recent nomination tussle among trustees, and the Shapoorji Pallonji Group’s effort to monetize its 18.6% group holding.

Noel's ability to unite the trustees, establish h

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