Tata Sons rejects Mistrys share-swap separation offer
Cyrus Mistry
Tata Sons on Thursday rejected estranged minority shareholder Shapoorji Pallonji Groupâs proposal to swap its 18.4 percent stake with shares of the companyâs listed downstream entities. The holding company of Indiaâs largest conglomerate termed the proposal as nonsense because the ârelief sought as a matter of rightâ was akin to restructuring of the company.
âThey are seeking to have the assets of Tata Sons divided so that they can get an 18% share in all Tata companies,â senior advocate Harish N Salve argued for the company before a three-judge bench led by Chief Justice of India SA Bobde.
Tata Sons spurn Cyrus Mistry truce offer in Supreme Court R.N. Tata as chairman emeritus has to be kept in loop for the smooth functioning of the company which was not done by Mistry when he was at the helm
Tata Sons on Thursday told the Supreme Court that Cyrus Mistry’s Shapoorji Pallonji group wanted to acquire pro rata 18 per cent share in all the companies run by Tata Sons as a severance package for the group’s 18 per cent in Tata Sons which was “nonsense”, not acceptable to the company.
Winding up his arguments for Tata Sons, senior advocate Harish Salve told a bench headed by Chief Justice S.A. Bobde that R.N. Tata as chairman emeritus has to be kept in loop for the smooth functioning of the company which was not done by Mistry when he was at the helm.