<h1>Minority shareholders urge public listing of major holding company under Upper Layer NBFC rules ahead of Sept 30, 2025 deadline</h1> A minority shareholder group reiterated calls for the public listing of a large private holding company to enhance transparency, citing a central bank's September 30, 2025 compliance timeline under the 'Upper Layer' classification and invoking regulatory principles applicable to NBFCs. The group, which holds roughly 18.37% of the holding company, argues listing would strengthen accountability, unlock value for indirect shareholders of listed affiliates, and bolster dividend flows to the controlling charitable trusts that together hold about 66% of the company. The appeal comes amid a split among trustees whose infighting has prompted high-level government engagement and raised concerns about governance and operational stability across the conglomerate.