Shapoorji Palonji Group to exit Tata Sons, 70-year-old relationship ends


Shapoorji Palonji Group (Shapoorji Pallonji Group) Said on Tuesday, Tata Sons (Tata Sons) It’s time to dump her and move on. The group has been with Tata Sons for the last 70 years. But because of the bitterness in their relationship over the past few years, it is time for the couple to break up. Cyrus is Mistry’s family group. The Shapurji Palanji Group said in a statement, “Our relationship with Tata Sons is 70 years old. They were built on mutual trust and friendship. On Tuesday, the Shapurji Palonji Group told the Supreme Court that it was necessary to separate from the Tata Sons as the ongoing legal proceedings could affect livelihoods and the economy. With a heavy heart, the Mistry family believes that it would be better for all stockholder groups to separate the Shapurji Palonji Group and Tata Sons.

The two investment companies of the Shapurji Palonji Group have an 18.37 per cent stake in Tata Sons. The Shapurji Palonji Group plans to raise Rs 11,000 crore from various sources and invest Rs 18.37 per cent in Tata Sons with a Canadian investor. 3,750 crore deals. The Supreme Court on Tuesday barred Shapurji Palonji from selling Tata Sons shares till October 28. On September 5, the Tata Group approached the Supreme Court to stay the mortgage of Shapurji Palonji Group.

Relationships have deteriorated since 2016

The bitterness between Tata Group (Sons) and Shapurji Palanji Group came in October, 2016, when Cyrus Mistry was removed from the post of Chairman of Tata Sons. Subsequently, a legal battle has been going on between Tata Sons and Cyrus Mistry since December 2016.

Tata Sons is still making value destructive decisions

The Shapurji Palonji Group said in a statement that it was “extremely unfortunate” that the current leadership of Tata Sons was still making erroneous value-based decisions to prove its point in these opportunities. Unfortunately, these measures are affecting minority shareholders, be it us or millions of other shareholders in Tata Group’s Tata Sons listed companies.

It further said that the Mistry Group is raising funds to protect its personal property so that the crisis that has arisen during this period of the epidemic can be resolved. The livelihood of 60000 workers and 1 lakh migrant workers can be saved. But the action of Tata Sons to block this fund raising is an example of their hostile mentality.

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