Shapoorji Pallonji Group Agrees To Exit Tata Sons, Calls For Separation, Says Move In The Best Interest Of All Stakeholders
  • 3 years ago
Shapoorji Pallonji (SP) Group said on September 22 it is time to separate from Tata Group. SP group added it was crucial that an early resolution is reached to arrive at a fair and equitable solution, reflecting the value of the underlying tangible and intangible assets. It also blamed Tata Sons and said it has amplified its institutional efforts to suppress and inflict irreparable harm on the SP group, in the midst of a global crisis triggered by the coronavirus pandemic, when the Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis. Tata Group said it is open to buying out the stake held by its largest minority shareholder -- the billionaire Mistry family -- as part of a proposal to help end a year-long legal dispute between the two parties.
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