SP group sought separation from pro-rata division from all Tata sons assets based on its 18.37per cent stake in holding the company in the Supreme Court on Thursday (29th October, 2020).
SP group said that it has stake of over 1.75 lakh crore in Tata sons & around 1.35 lakh crore i.e. 13.22 per cent in Tata consultancy Services.
Tata Group said that it did not receive any formal request or any kind proposal from the SP Group to separate itself from the Tata Group. Where SP Group on September 22 had told the Supreme Court that it is ready to sell its stake in Tata after being together for over 70 years. SP Group said pro-rata separation of assets and liabilities would be a fair and equitable solution to all stakeholders and a largely non-cash settlement would ease all type of pressure on Tata.
The Supreme Court is hearing the dispute between corporate bodies after the Tata’s sacked Cyrus Mistry as the Chairman of the Group in October 2016.