The Supreme Court has listed November 4 as the next date for hearing the Tata-Mistry case, when Shapoorji Pallonji Group’s (SP Group) proposal to settle the dispute is also slated to be heard.
Earlier on October 29, the SP Group had officially sought to separate from the Tata group by exchanging its stake in Tata Sons for shares in the latter’s listed companies such as Tata Consultancy Services. This proposal was to end the four-year-long legal tangle between the groups.
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The SP Group owns an 18.37 per cent stake in Tata Sons’ salt-to-software empire. Pallonji group heir, Cyrus Mistry, was ousted as chairman of Tata Sons in 2016.
Signalling the end of a 70-year partnership with the Tatas, the SP Group, which holds 18.37 per cent stake in Tata Sons, had said that “mutual co-existence of both groups at Tata Sons would be infeasible... and a separation from the Tata group is necessary”. This will mean the SP group selling its equity stake in Tata Sons.
The move came after the Supreme Court restricted the SP Group, till October 28, from pledging its shares in Tata Sons to raise debt.