Shapoorji Pallonji (SP) Group on Thursday said that Cyrus Mistry as chairman of Tata Sons in November 2013 had issued a directive that no new engineering and construction contracts be awarded to the SP group during his tenure.
In a statement, SP Group said, “The orders from Tata Group fell from Rs 1,125 crore in 2012-13 to zero in 2015-16, when Mistry was the chairman of Tata Sons. Any residual orders pending is extremely insignificant in value for the SP Group.”
The response came in as a rebuttal to a media report published on Thursday, which stated that the Tata Group has decided not to have any business dealings with SP Group.
According to the media report, the board of Tata Sons under N Chandrasekaran has ordered its group companies to scrap all business dealings with Cyrus and Shapoor Mistry’s SP Group. Almost 50 companies of the SP Group will be affected by the Tata Sons board decision taken on August 9, it said.
The report said when Mistry took over as chairman of Tata Sons, it was agreed that the Tatas will curtail and cease all business dealings with each other due to possible conflicts of interest. FE