The reason: Publicly listed companies such as Tata Chemicals, Tata Steel, and Tata Power hold equity in Tata Sons, which would make the holding company an indirect recipient of public funds. As of 31 March 2025, Tata Steel held 12,375 shares of Tata Sons, while Tata Chemicals and Tata Power owned 10,237 and 6,673 shares, respectively.
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