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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.

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