 "Shapoorji Pallonji Group yet to send formal request for separation: Tatas")
The SP group, which owns 18.5 per cent stake in Tata Sons, has not sent any formal request or proposal to separate from the Tata group, the Tata group said in a statement today.
“After the Supreme Court order on September 22, disallowing the SP Group to pledge any Tata Sons shares, the SP group issued a press statement later on the same date, which states their desire to separate from the Tata Group. This statement has resulted in considerable confusion and speculation in the media," a Tata Sons statement said.
“Tata Group states that they have till date not received any formal request or proposal from the SP group on this matter. In any event, since the matter is sub-judice before the Supreme Court, Tata Sons will wait for the court proceedings to resume, which are scheduled for October 28,” the statement added.
This is not the first time the Tata group has reiterated its stand that they will respond only in the court – leading to a deadlock in any settlement between the two parties till now.
On September 22, the SP Group had told the Supreme Court that it is ready to sell its stake in Tata Sons provided it gets an early and a fair and equitable solution.
In a statement soon after the SC hearing, the SP group had said the separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihood and the economy. “It was crucial that an early resolution is reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets,” the statement by the SP group said.
While the SP group has pegged valuation of its Tata Sons stake at Rs 1.78 trillion – the Tata group has not given any official statement on the valuation details. The 27 per cent rise in TCS shares and probable valuation of a SuperApp developed by Tata Sons has just added more value to the 18.5 per cent stake held by Tata Sons.
A corporate lawyer said both parties do not have any other option but to negotiate.
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