On 11th November, 2020, the Supreme Court adjourned the hearing in the case of alleged mismanagement and oppression of minority investors at Tata Sons Ltd., for a week, following a request from investment firms – Cyrus Investment and Sterling Investment – as the advocate on record, was unwell.
The apex court was expected to take on record the plea dated 29th October, 2020, by the two investment firms for separation from Tata Sons, as part of additional relief in its minority oppression case. In its plea, Shapoorji Pallonji group claimed that basic obligation of protecting the rights of largest non-Tata shareholder had been broken and that Tata group go all out to prejudice the rights of SP group and its interest would not be protected.
As part of separation proposal for selling its ₹1.5 trillion stake in Tata Sons, SP group suggested a share swap. Tata group lawyers were expected to argue on the minority oppression case and raise objections or agreeability on this suggestion.
Instead of Tata group shelling out this large sum in one-go, the SP group sought that it should be given shares of Tata group’s listed companies. SP group is bucketing Tata Sons in three categories – listed companies, unlisted companies and brand value. For unlisted companies, SP group is seeking independent valuation, payable in cash and or in listed securities and for brand value, payable by cash or listed securities. SP group’s arguments in favour of this proposal includes not saddling Tata Sons with additional debt, easier and speedier implementation; minimal disagreement over valuation and liquidity provided to Tata group.
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