Companies

Tatas denies allegations, surprised to receive SP Group notice

Rajesh Kurup Mumbai | Updated on September 18, 2020 Published on September 18, 2020

Tata group has denied all allegations raised by The Shapoorji Pallonji group as “lacking any merit” and said it was surprised to receive a notice as the case is still pending before the Supreme Court.

This comes ahead of the Supreme Court’s hearing on the original petition in the minority shareholders’ issue, starting next week.

“We are surprised at your legal notice, making allegations in relation to the motivations relating to an application that is currently pending before the Supreme Court,” it added.

Tata Sons also said that any attempt to undertake actions that would frustrate the interim-reliefs or prayers and “would tantamount to over-reaching of the judicial process”.

On September 15, SP Group had sent a notice to Tata Sons’ directors, questioning their decision to block Mistry family from raising funds against the shares they hold in the firm. SP Group gave three days’ time to respond to the notice, failing which it will seek “appropriate remedies” that include a claim for damages.

Earlier, on September 5, Tata Sons had moved the apex court, seeking to restrain Mistry family from raising capital against the shares it held in the firm. The SP Group, which owns 18.37 per cent stake in Tata Sons, had termed this move as “vindictive” and “intended to inflict irreparable damage on the SP Group”.

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Published on September 18, 2020
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