Tata Trusts wants Tata Sons to consider buying out Shapoorji Pallonji\'s stake

作者:Camille 發表日期:2019-02-18 15:06:34

Tata Trusts want Tata Sons to buy out Shapoorji Pallonji Group's shareholding in the Tata Group holding company, according to a report by The Economic Times.

Tata Trusts senior counsel Sudipta Sarkar on Monday said at the National Company Law Tribunal (NCLT) hearing: "It would be in the best interest of Tata Sons to consider buying out the SP Group shareholding, since the SP Group have been exercising their rights in a disruptive manner which is not in the best interest of the Company".

Sarkar added that Tata Sons should consider an exit option to the "disgruntled shareholder", especially when no case of oppression has been made out, the report added.

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The hearing was related to the case filed by SP Group's family firms against Tata Sons and Tata Trusts for alleged mismanagement and oppression of minority shareholders, according to the report.

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The petition was filed following ouster of Cyrus Mistry as the Tata Sons chairman in October 2016.

Mistry along with his brother Shapoor Mistry is Tata Sons' largest individual shareholder, together owning 18.4% of the holding company's equity.

Tata Trusts, which is a group of charitable organisations, is the largest shareholders of the holding company with 66 percent shareholding. The remaining is owned by nine Tata group companies.