EBM News
EBM News

Haven’t received any formal request from Shapoorji Pallonji Group for separation: Tata

NEW DELHI:  The Tata Group on Thursday said that it has not received any formal request or proposal from the Shapoorji Pallonji Group to separate itself from the Tata Group. SP Group, which owns 18.5 per cent stake in Tata Sons, on September 22 had told the Supreme Court that it is ready to sell its stake provided it gets an early and a fair and equitable solution.

“After the Supreme Court’s order… disallowing the SP Group to pledge any Tata Sons shares, the SP group issued a press statement later on the same date, which states their desire to separate from the Tata Group. This statement has resulted in considerable confusion and speculation in the media,” Tata Sons said in statement.

“Tata Group states that they have till date not received any formal request or proposal from the SP group on this matter. In any event, since the matter is sub-judice before the Supreme Court, Tata Sons will wait for the court proceedings to resume, which are scheduled for October 28,” the statement added.

SP Group had earlier issued a press statement stating their desire to separate from the Tata Group after being together for over 70 years. The decision came after the apex court had restrained the SP Group and Cyrus Mistry from pledging or transferring their shares in Tata Sons.

“The Shapoorji Pallonji-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship…It is with a heavy heart that the Mistry family believes that a separation of interests would best serve all stakeholder groups,” SP Group had then said.