25th October 2020

Confidant Classes

A Premier Judicial Service Coaching

Exit of Shapoorji Pallonji from Tata

The Shapoorji Pallonji group told the Supreme Court on Tuesday (September 22) that it would resign from Tata Sons, provided the Group obtains a “speedy resolution” and a “fair and equitable solution” in the long legal battle between the two parties. It could mark the end of the 70-year relationship between two of India’s oldest and largest business groups.


Will Cyrus Mistry’s group SP be out of Tata Sons?

Shapoorji Pallonji Mistry (SP) has offered to leave the Tata Sons after a long fight with the Tatas. The market value of the SP Group’s stake in the Tata Group’s listed entities is estimated to be approximately Rs 1.48 billion based on the market capitalization of all the Tata Group’s listed companies.


What is the Supreme Court case about?

Tata Sons filed a petition with the Supreme Court earlier this month to prevent SP group companies from raising capital against the security of their stake in Tata Sons. The Tatas argued that the Articles of Association (AoA) state that stocks cannot change hands, not even to lenders or other parties, and that the right of first refusal belongs to Tata Sons. The SP Group planned to raise funds for the Group’s real estate expansion by pledging shares in Tata Sons.

What happened on Tuesday in the Supreme Court?

The SP group told the Supreme Court that “a separation from the Tata group is necessary due to the potential impact this ongoing litigation could have on livelihoods and the economy.” The Tata Group is open to the purchase of shares in Tata Sons held by the SP Group to contribute to the latter’s fundraising efforts. The Supreme Court prevented SP Group from transferring or pledging shares of Tata Sons.

How much SP Group has in Tata Sons and what is its value?

The SP group has an 18.37% stake in Tata Sons, which is the holding company of the Tata group. While the total market capitalization of 17 listed entities in the Tata group is 12.96 lakh crore, the valuation of the SP group’s interests in the listed entities of the companies in the Tata group is approximately 1.48 rupees. lakh crore. Since Tata Sons is also the holding company of the unlisted entities of the Tata group, SP Group would also have an interest in their valuation, which will have to be prepared separately.

Who can buy Shapoorji Pallonji Group’s stake?

While SP Group said its separation from the Tata Group was necessary, the Tata Group said it was ready to buy SP Group’s stake in Tata Sons. It is known with certainty that the Tata Sons bylaws state that if a Tata Sons shareholder wants to sell their shares, they must first offer them to Tata Sons. Then, Tata Sons will decide on a fair market value and offer it to the shareholder.

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