NEW DELHI, Sept 22 (Reuters) - India's Shapoorji Pallonji
(SP) group, the largest minority shareholder in Tata Group,
believes it is necessary to separate interests from the autos to
steel conglomerate, it said on Tuesday.
One of the country's largest construction firms, the SP
group has an 18% stake in Tata Sons, the holding company of the
Tata Group, on the back of a decades-long relationship.
But the two groups have been embroiled in a legal battle
since 2016 when Cyrus Mistry, scion of the family that controls
the SP Group, was sacked as chairman of Tata Sons.
Mistry was sacked from the top job at the helm of the
holding company after he fell out with group patriarch Ratan
Tata over corporate governance issues at Tata group companies.
On Tuesday, India's Supreme Court restrained the SP group
and Mistry from pledging or transferring shares of Tata Sons
owned by them.
The Mistry family was looking to pledge the shares to raise
funds to "meet the crisis arising from the global pandemic", the
SP Group said in its statement, but had been challenged by the
"Today, it is with a heavy heart that the Mistry family
believes that a separation of interests would best serve all
stakeholder groups," the statement said.
Tata Sons did not immediately respond to questions from
(Reporting by Devjyot Ghoshal
Editing by Rupam Jain, David Goodman and David Evans)