Tata group and the Mistry family are once again face to face. The Shapoorji Pallonji group of the Mistry family said on Friday that the Tata group was trying to stop a plan to raise funds by pledging its shares. It is a violation of the rights of minority shareholders and a retaliatory action. The Tata group has filed an appeal in the Supreme Court to stop the attempt to pledge the shares to Mistry Group. Shaporji Pallonji Group holds 18.37 percent stake in Tata Sons.
Tata Sons filed an appeal in the Supreme Court on 5 September to block Mistry Group's attempt to raise capital from its Tata Sons shares. Tata's effort through this petition is to prevent the SP group from pledging shares directly or indirectly. Shaporji Pallonji Group is planning to raise Rs 11,000 crore from various funds. It has tied up with a prominent Canadian investor for a portion of its 18.37 per cent stake in Tata Sons for Rs 3,750 crore in the first phase.