Shapoorji Pallonji Group Said It’s Time To Separate From Tata
Shapoorji Pallonji group said, it’s time to separate from Tata, the relationship is 70 years old. This step was taken for the livelihood of 60,000 employees and more than 100,000 migrant workers.
The Shapoorji Pallonji (SP) group said on Tuesday that the time had come to break away from Tata and end the 70-year-old relationship. SP Group holds 18.37 per cent stake in Tata Sons and is the largest minority shareholder in it. Tata Sons is the holding company of the entire Tata group.
The Shapoorji Pallonji Group said, “It has stated before the Supreme Court that it has become necessary to secede from the Tata group in view of the continuing legal dispute that is likely to affect livelihood and economy.”
According to the statement, it is necessary to arrive at a quick resolution on the basis of fair and equitable case in which the value of the entire property is reflected. The legal battle between the SP Group and Tata has continued since Cyrus Mistry was sacked from Tata Sons in October 2016.
According to the statement, in the midst of the global crisis caused by the Covid epidemic, Tata Sons has made all efforts to harm the SP group. The Mistry family was engaged in raising funds against their personal property. This step was taken for the livelihood of 60,000 employees and more than 100,000 migrant workers.
According to the statement, disrupting Tata Sons’ fund raising step reveals its revengeful mood. The SP group said that given the current situation and the retaliatory action taken by Tata Sons, it is no longer viable for the two groups to stay together. When contacted, a Tata Sons spokesperson declined to comment.
Meanwhile
On Wednesday, the stock market started with an increase. At 9.17 am, the Bombay Stock Exchange’s main index Sensex was trading at 38031.17, up 297.09 points. At the same time, the National Stock Exchange’s Nifty was at 11235.60 with a gain of 81.95 points.
Among major stocks, shares of HCL Tech, Grasim, TCS, Sun Pharma and Tech Mahindra opened on the green mark today. At the same time, shares of Adani Ports, Infratel, Zee Limited, GAIL and IndusInd Bank opened on the red mark.
