India: Tata group rejects Mistry family’s share swap offer

The Tata group on Thursday rejected Mistry family’s offer to swap its 18.4% stake in Tata Sons Limited for equitable stakes in various group companies. In his submission before the apex court, senior counsel Harish Salve appearing for the Tata’s termed the Mistry settlement plan untenable since it pertained to grievances pertaining to charges of minority oppression alleged by the Mistrys. “It’s nonsense. This kind of relief cannot be granted,” Tata’s lawyer Harish Salve said during a hearing before India’s Supreme Court on Thursday. “I’m opposing it,” he said. Salve further told the court that the Tata group was principally against the Mistry separation plan since it was based on minority oppression and a buyout of the stake by Tata group may become tenable only if the family wins the ongoing case.