India, Nov. 14 -- Tata Trusts chairman Noel Tata on Saturday voiced concern that listing Tata Sons could alter the way the Tata Group functions, warning that with tens of thousands of shareholders, profit could one day take precedence over philanthropy. He also said the group's strategic direction was not in question; what he questioned, he said, was whether it had the discipline to deliver on that strategy.

Tata was speaking at the 24th Hindustan Times Leadership Summit, in conversation with Suhel Seth, when he made the remarks.

He said that becoming chairman, after years as a trustee, had been humbling. "One thing that struck me and gave me a lot of humility is the depth of the problems that some of our society have to face, and the e...