ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Tata disputes ex-chairman Mistry's $24bn share swap deal

Indian conglomerate says Shapoorji Pallonji Group stake in Tata Sons only $11bn

Ratan Tata, left, handed over Tata Group's chairmanship to Cyrus Mistry in 2012. But Mistry was removed from the board in October 2016, triggering a long-standing dispute. (Nikkei montage/Reuters)

MUMBAI -- India's Tata Group has argued in the Supreme Court that the separation money sought by ex-ally Shapporji Pallonji Group in exchange for its 18.4% stake in Tata's holding company Tata Sons is worth far less than the $24 billion claimed by Shapporji Pallonji.

Harish Salve, a lawyer representing Tata Group, told the court on Tuesday that Shapporji's stake should not be more than 800 billion rupees ($10.9 billion), a markdown to less than half.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more