The doctrine of “indirect receipt of public funds” is designed to capture this exact scenario of systemic interconnectedness. Proxy advisory firm InGovern Research Services has recommended that the Reserve Bank of India (RBI) should issue an explicit, formal rejection of the application of Tata Sons for deregistration as a core investment company (CIC), thereby upholding the sanctity of the Scale-based Regulatory (SBR) framework and protecting the interests of over 1.2 crore public shareholders invested in the Tata ecosystem. InGovern said, in a report released Friday, that the attempt to circumvent mandatory listing obligations under the SBR framework is incompatible with the current standards of financial oversight. Transitioning to a listed entity triggers the Securities and Exchange Board of India’s (SEBI) Listing Obligations and Disclosure Requirements (LODR).…