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Last Updated : Oct 27, 2020 08:11 AM IST | Source: Moneycontrol.com

Shapoorji Pallonji group likely to file settlement terms for Tata Sons exit in SC on October 27: Report

While the Mistry family, controlling owners of the SP group, maintains that the value of their stake is Rs 1.78 trillion, the Tata Group pegs the valuation far lower.

The Shapoorji Pallonji (SP) group is likely to file settlement terms for its exit from Tata Sons in the Supreme Court on October 27. The next step may be a valuation of SP group's 18.4 percent stake in Tata Sons, likely at a hearing in November.

The settlement moving forward is good news for both parties, reported Business Standard. While the Mistry family, controlling owners of the SP group, maintains that the value of their stake is Rs 1.78 trillion, the Tata Group pegs the valuation far lower.

"There is a possibility that the independent valuers for Tata Sons will be appointed with the SC’s consent," the source told the newspaper.

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The cash-out is extremely important for the SP group, which had been facing liquidity issues during the extended lull in the real estate sector. It chose to settle and end its 70-year relationship with the Tata group saying that extended litigation would harm its employees, the report said.

Read: Haven't received any request from SP Group to pledge shares: Tata Sons

The SP group was the largest minority shareholder in Tata Sons. It has time till the resumption of court proceedings on October 28 to file its settlement claim with the apex court.
First Published on Oct 26, 2020 11:14 pm
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