I have not received any formal proposals in this regard, says Tata Sons

“In any case, given that the matter is sub judice before the Supreme Court, Tata Sons will wait for the judicial proceedings, which are scheduled for October 28, to resume,” the company said in a statement.

The Tata Son clarification came after the SP Group issued a press release on September 22 indicating its desire to separate from the Tata Group after the Supreme Court had prevented the SP Group until October 28. and Cyrus Mistry pledged or transferred their shares in Tata Sons Pvt Ltd (TSPL).

Since Tata Sons did not receive any proposals on this matter, the SP Group’s statement has caused considerable confusion and speculation in the media, the company added in the statement.

Shapoorji Pallonji Group stated last month that it is time to exit Tata Sons after a 70-year relationship turned sour in recent years.

“The Shapoorji Pallonji-Tata relationship, spanning over 70 years, was forged on the basis of mutual trust, good faith and friendship,” the company said in a statement.

“Today, Shapoorji Pallonji Group testified in the Supreme Court that the separation of the Tata Group is necessary due to the potential impact that this ongoing litigation could have on livelihoods and the economy,” the company said.

“It is with regret that the Mistry family believes that a separation of interests would better benefit all stakeholder groups,” Shapoorji Pallonji Group said in a press release.

This essentially means that the SP Group, which has an 18.4% stake in Tata Sons through its two investment firms, is willing to sell its stake and exit the company.

This statement comes after a lengthy legal battle that began in December 2016 after Cyrus Mistry was ousted as chairman of Tata Sons in October 2016.

SP Group said Tata Sons has been making “value-destroying business decisions” since Mistry’s firing.