The Mistry family has said it is time to separate from Tata.
“The current situation has forced the Mistry family to sit back and reflect on the past, present and possible future for all stakeholders. The past oppressive actions, and the latest vindictive move by Tata Sons that impact the livelihoods of the wider SP Group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata Sons would be infeasible,” said a statement by the Mistry family-controlled SP Group.
“The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship. 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 comes on a day the Supreme Court barred the Mistry group from pledging or selling any Tata shares until Oct. 28, when it starts…