Companies

No formal proposal received from SP Group to part ways with us: Tata Sons

Our Bureau Mumbai | Updated on October 15, 2020 Published on October 15, 2020

Tata Sons said on Thursday it has not got a formal request or proposal from the Shapoorji Pallonji Group (SP Group) on the latter's decision to part ways with it.

Tata Group states it has 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 on October 28, Tata Sons said in a statement.

After the Supreme Court order on September 22 disallowed the SP Group from pledging any Tata Sons shares, SP group issued a press statement later on the same date, which stated their desire to separate from the Tata Group. This statement has resulted in considerable confusion and speculation in the media, it added.

On September 22, SP Group, which holds a 18.37 per cent stake in Tata Sons, said that “mutual co-existence of both groups at Tata Sons would be infeasible... and a separation from the Tata group is necessary”.

Also read: Shapoorji Pallonji Group to part ways with Tata Sons

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Published on October 15, 2020
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