The Shapoorji Pallonji (SP) group is expected to file settlement terms for its exit from Tata Sons in the Supreme Court on October 27. The next pace may be a valuation of Shapoorji Pallonji group's 18.4 pc stake in Tata Sons, expected at a hearing in November. The settlement moving forward is good news for both parties, according to media report, citing a source aware of SP Group's plans. While the Mistry family, controlling owners of the Shapoorji Pallonji group, maintains that the value of their stake is Rs 1.78 trillion, the Tata Group pegs the valuation far lower.
The source told the media that there is a possibility that the independent valuers for Tata Sons will be selected with the Supreme court’s consent. The cash-out is enormously important for the Shapoorji Pallonji group, which had been facing liquidity crunches during the extended lull in the real estate sector. It opt to settle and end its 70-year relationship with the Tata group saying that extended litigation would hurt its employees, according to report
The Shapoorji Pallonji group was the largest minority shareholder in Tata Sons. It has time till the recommencement of court proceedings on October 28 to file its settlement claim with the apex court.
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