No formal proposal yet from SP group on separation, says Tata Sons

The SP group, which owns 18.5 per cent stake in Tata Sons, has not sent any formal request or proposal to separate from the Tata group, the Tata group said in a statement today.

“After the Supreme Court order on September 22, disallowing the SP Group to pledge any Tata Sons shares, the SP group issued a press statement later on the same date, which states their desire to separate from the Tata Group. This statement has resulted in considerable confusion and speculation in the media," a Tata Sons statement said.

“Tata Group states that they have till date not received any formal request or proposal from the SP group on this matter. In any event, since the matter is sub-judice before the Supreme Court, Tata Sons will wait for the court proceedings to resume, which are scheduled for October 28,” the statement added.