The Shapoorji Pallonji Group on Tuesday informed the Supreme Court that it would exit the Tata Group, ending a relationship that spanned ov...
The Shapoorji Pallonji Group on Tuesday informed the Supreme Court that it would exit the Tata Group, ending a relationship that spanned over 70 years, PTI reported. Tata Sons is the holding company of Tata Group.
In a statement, the Shapoorji Pallonji Group, which owns a nearly 18.5% stake in holding firm Tata Sons through two investment companies, said that a separation was necessary due to the impact that “continuing litigation could have on livelihoods and the economy”.
The announcement was made hours after Tata Group informed the top court that it was open to buying out the 18% stake owned by the Mistry family’s cash-strapped Shapoorji Pallonji Group, if the latter needed to raise money to pay-off debts, according to Business Standard. The Tata Group, however, did not mention an evaluation timeline for the same.
The SP Group said it was crucial that an early resolution be reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets. “The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship,” the statement said. “Today, it is with a heavy heart that the Mistry family believes that a separation of interests would best serve all...
