Team News Riveting
The Shapoorji Pallonji Group’s 18.4 per cent stake in Tata Sons is worth Rs 70,000 crore to Rs 80,000 crore contrary to the former’s claim of Rs 1.75 lakh crore.
The Mistry group had earlier claimed that the value of its stake in Tata Sons was worth Rs 1.75 lakh crore. The fresh wrangle over the valuation could prove dear to the cash-strapped SP Group, which has been locked in a legal tangle with the Tatas since Cyrus Mistry’s unceremonious removal as Tata Group chairman in 2016.
The SP Group had on October 29, submitted a plan in the apex court for separation, seeking to end its seven-decade-long association with the Tata Group. In the submission to SC, SP Group had demanded non-cash settlement in form of shares in all listed Tata entities where Tata Sons owns a stake.
Reports suggested Tata Sons had offered to buy out SP Group’s stake in its holding company to help the group raise money to pay its debt.
Senior advocate Harish Salve representing the Tatas told the Supreme Court in a hearing on December 8. Said that the Mistry family shares were worth Rs 70,000-80,000 crore and a member of Tata Sons could not make allegations about other group firms.
