A lawyer for Tata Sons informed the SC of the offer to buy the 18% stake owned by the cash-strapped Shapoorji Pallonji Group to raise money to pay off the maturing debt. The SP Group has promised the actions to borrow funds, a move that was objected to by the Tata group.
Tata Sons had asked the Supreme Court to invalidate the pledge of shares of Tata Sons by the Shapoorji Pallonji Group in favor of Axis Trustee Services and IDBI Trusteeship Services. On September 5, Tata Sons moved to the Supreme Court challenging these promises, which were created in December 2019 and April of this year, as well as a new move by the SP Group, owned by the Mistry family, to pledge shares in favor of Canadian PE firm Brookfield Asset. Administration.
The beleaguered SP Group has raised Rs 5,000 crore through obligations against commitments in favor of Axis and IDBI, a fact not previously reported. Cyrus Investments has pledged almost 82% of its stake in Tata Sons in favor of the Trustees of the Hub to secure the financing of obligations of Rs 825 crore, which was then modified to a total amount of Rs 3,957.84 crore in April 2020, it said the declaration of Tata Sons in SOUTH CAROLINA.
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