Tatas reject Shapoorji Pallonji's offer in SC calling it 'nonsense'

The Tatas in the Supreme Court on Thursday opposed as "nonsense" the Shapoorji Pallonji Group's proposal that its 18.37 percent stake in the Tata Sons, which it claims to be worth Rs 1.75 lakh crore, be swapped with the shares in the Tata group's listed companies.

The share-swap separation proposal of the SP group was rejected by the Tata group before a bench headed by Chief Justice S A Bobde which is hearing the final arguments on the cross-appeals filed by Tata Sons and Cyrus Investments against appellate tribunal NCLAT's order.

The NCLAT had restored Cyrus Mistry as the executive chairman of the over USD 100 billion salt-to-software Tata conglomerate. "The SP group is seeking pro-rata shares in Tata group's listed companies in lieu of its 18.37 stake in Tata Sons Private Ltd (TSPL), the holding company of group firms. It is nonsense. This kind of relief cannot be granted," senior advocate Harish Salve told the bench, which also comprised Justices A S Bopanna and V Ramasubramanian.