Tata Sons rejects SP Group separation offer as ‘nonsense’

Tata Sons on Thursday rejected the non-cash settlement offer extended by the Shapoorji Pallonji (SP) Group in lieu of its 18.4 per cent stake in the holding firm. The SP Group had offered a pro-rata division of all the assets of Tata Sons as part of the settlement and had valued its stake at Rs 1.75 lakh crore.

“It’s nonsense. This kind of relief cannot be granted. I am opposing it,” Tata Sons counsel Harish Salve told a Bench led by the Chief Justice of India. Salve added that if this proposal is accepted it would leave Tata Sons with the problem of minority shareholding in all its group firms instead of the holding firm where this problem exists today.