New Delhi, Sept. 16 -- The board of Tata Sons Pvt. Ltd. will meet Thursday to discuss how to handle a listing mandated by the Reserve Bank of India, including if outgoing Chairman Natarajan Chandrasekaran should be asked to stay on.

A last-minute addition to the meeting agenda is a discussion of the Nomination and Remuneration Committee's recommendations, according to people with knowledge of the matter. The so-called NRC is expected to recommend asking Chandrasekaran to reconsider his decision to step down, the people said, asking not to be identified discussing internal matters.

The Reserve Bank of India's refusal to relax listing rules for Tata Sons has turned what was meant to be a routine board meeting into a high-stakes discussion...