India’s Tata Sons marks a reckoning for Asia’s private-control bargain

The Reserve Bank of India’s refusal to deregister Tata Sons has been cast as the prelude to a blockbuster initial public offering. That overstates what actually happened. No prospectus exists, no price has been set and no timetable announced. The RBI has simply closed the holding company’s clearest route around a listing rule. But the
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