When it comes to companies, control is almost always a question of percentages. For instance, a 51% shareholding means majority control; and a more-than-25% shareholding translates (at least on paper) into the ability to block a special board resolution. In a privately and closely held company, a 66% holding should mean absolute control — unless, as recent events have shown, one is talking about Tata Sons.

There are two threads to l’affaire Tata Sons. The first is the Reserve Bank of India requirement regarding the listing of Tata Sons. The company says it has no public debt or........

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