Arguing for Tata Sons in the Supreme Court, Advocate Harish Salve said that the SP Group seeking restructuring is “akin to winding up of Tata Sons.”
Supreme Court of India (SC).
Tata Sons has rejected Shapoorji Pallonji Group’s offer of separation via pro rata distribution of shares and assets of Tata Group, CNBC-TV18 reported.
Arguing for Tata Sons in the Supreme Court, Advocate Harish Salve said: “Pallonji Group has proposed dividing up the assets of Tata sons so that 18 percent share in all assets and companies goes to them.”
He further termed the Pallonjis’ offer as “nonsense”, adding that they cannot seek such relief.
“Mistry is seeking 18 percent stake in brand value as well, how can Mistry be rewarded for damaging the Tata Brand? Court can only ask Tata to buy out the minority stake at fair market value,” Salve argued.
He added that the SP Group seeking restructuring is “akin to winding up of Tata Sons.”
“The only way to resolve deadlock is that one of two sides bows out, and only minority can be asked to bow out. Only Pallonji can be asked to cash out its holding,” he stated.
