The Supreme Court has confirmed 2nd December for the final hearing of Tata Sons versus Shapoorji Pallonji matter – the controversy between these families is for the stake sale.
The Tata Sons’ appeal was against the NCLAT judgment.
The SP Group had filed a petition of separation from the Tata’s group in the Supreme Court, to sell out 18. 37% stakes of the firm and proposed for a non-cash settlement.
The SP Group holds around 18.37% stake in Tata Sons, who decided to separate.
The SP Group’s proposal came after the Tata group had offered to buy the group’s stake.
The SP Group is a minority shareholder in Tata Sons.
The relations turned bitter since 2016 when Cyrus Mistry was irregularly sacked as Tata Sons chairman.
The Tatas made some allegations against Mistry that he did not manage the affairs well of the group. Whereas, Mistry contended the claims and said that the losses occurred due to several acquisitions.
However, the SP Group said that this was an act of oppression as the group is a minority shareholder in Tata Sons.
The Court observed that there is no necessary to promote the demand for an exit of SP Groups.