Split Wide Open: Shapoorji Pallonji Group wants to exit Tata Group in ‘interest of all stakeholders’

Shapoorji Pallonji (SP) Group, the largest minority shareholder in Tata Group, now “believes that a separation of interests would best serve all stakeholder groups”. The company issued a statement to this effect late on Tuesday.

The Mistry group, which owns 18.5 per cent stake in Tata Sons, said in a statement that a separation from Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy.

“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,” the SP Group statement said.

“The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship. Today, it is with a heavy heart that the Mistry family believes that a separation of interests would best serve all stakeholder groups,” the statement further said.

The SP Group statement came within hours of Tata Group informing the Apex Court that it is ready to buy out SP group stake. SC had barred SP group from pledging or selling its stake in Tata Sons and asked the Mistrys to maintain status quo until iOctober 28, the next date of hearing in the case.

The SP Group statement further stated, “The action by Tata Sons to block this crucial fund raise, without any heed for the collateral consequences, is the latest demonstration of their vindictive mind-set.”

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