The Supreme Court on Monday started the final hearing on the feud between Tata Sons and Shapoorji Pallonji (SP) Group, which includes the contentious issue of the separation of the two companies, which entails Tata Sons buying out the latter’s 18.4 per cent stake in the Tata group’s holding firm.
Senior counsel Harish Salve, appearing for Tata Sons and Tata Group chairman emeritus Ratan Tata, told a Bench led by Chief Justice SA Bobde that the total worth of SP Group’s 18.4 per cent shareholding in Tata Sons is worth anywhere between Rs 70,000 to Rs 80,000 crore only.
This is in contrast to SP Group’s claim of the stake’s worth around Rs 1.75 lakh crore. In its affidavit filed on October 29, the SP Group had told the SC it wanted to exit Tata Sons and had offered a pro-rata division of all assets of the holding firm as part of the deal.
During the hearing, Bobde asked, “If the NCLAT has suo-moto powers to grant reliefs which haven’t been sought. Can the NCLAT select and appoint an Executive Chairperson?” Salve replied “NCLAT can’t take it upon itself to overrule shareholders, make appointments by itself. Being private co, Trustees of Tata Trusts with a 68 per cent shareholding in Tata Sons would be within their rights to pack the board with their nominees.” —FE
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines