NA Soonawala is a towering figure in the Tata universe, and his affection for the group’s values is beyond question. But affection, however genuine, is not a governance framework. His article in the Times of India on May 21, while eloquent, ultimately defends opacity in the name of tradition — and that case deserves a hard look. The article ultimately asks India’s public markets to extend infinite faith to a private holding company on the basis of its past good conduct. That is not governance. That is a character reference.