Tata Sons Says it Hasn't Received Exit Proposal from SP Group
File photo of a TATA Group office.
At a time when speculations are rife over how Tatas would fund the buyout of the Shapoorji Pallonji Group's 18.37 per cent shares in Tata Sons, the latter on Thursday said that it has not yet received any proposal from Mistry family-led SP Group on the matter.
The statement comes around three weeks after the SP Group announced it would end its 70-year-old relationship with Tata Sons.
Tata Sons on Thursday said that SP Group's statement wherein it noted its desire to separate from the Tata Group, has resulted in "considerable confusion and speculation in the media".
"Tata Group states that they have till date not received any formal request or proposal from the SP group on this matter," it said.
If further said that since the matter is subjudice before the Supreme Court, Tata Sons will wait for the court proceedings to resume, which are scheduled for October 28.
Last month the SP Group stated before the Supreme Court that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy.
They had stated that it was crucial that an early resolution is reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets.