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Tata Sons Says it Hasn’t Received Exit Proposal from SP Group

File picture of a TATA Group workplace.

The assertion comes round three weeks after the SP Group introduced it might finish its 70-year-old relationship with Tata Sons.

  • IANS
  • Last Updated: October 15, 2020, 8:37 PM IST
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At a time when speculations are rife over how Tatas would fund the buyout of the Shapoorji Pallonji Group’s 18.37 per cent shares in Tata Sons, the latter on Thursday stated that it has not but obtained any proposal from Mistry family-led SP Group on the matter.

The assertion comes round three weeks after the SP Group introduced it might finish its 70-year-old relationship with Tata Sons.

Tata Sons on Thursday stated that SP Group’s assertion whereby it famous its want to separate from the Tata Group, has resulted in “considerable confusion and speculation in the media”.

“Tata Group states that they have till date not received any formal request or proposal from the SP group on this matter,” it stated.

If additional stated that for the reason that matter is subjudice earlier than the Supreme Court, Tata Sons will await the courtroom proceedings to renew, that are scheduled for October 28.

Last month the SP Group acknowledged earlier than the Supreme Court {that a} separation from the Tata Group is important because of the potential affect this persevering with litigation may have on livelihoods and the financial system.

They had acknowledged that it was essential that an early decision is reached to reach at a good and equitable answer reflecting the worth of the underlying tangible and intangible property.

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