Mistry gives up, to sell out to Tatas

The Shapoorji Pallonji (SP) Group has finally thrown in the towel after a bruising, four-year battle with Ratan Tata and the executors of the trusts of the $113-billion salt-to-software conglomerate.

“Today, it is with a heavy heart that the Mistry family believes that a separation of interests would best serve all stakeholder groups,” the Cyrus Mistry camp said in a media release just hours after the Supreme Court ordered status quo on the shares in Tata Sons that the SP Group had intended to pledge with a Canadian investor to raise badly needed funds for the cash-strapped construction and real estate group.

The battle between the two partners had erupted in October 2016 when the Tata Group summarily removed Mistry as its chairman, angered over the manner in which he was running its affairs at Bombay House, the headquarters of the Tata Group.