Mumbai: Shapoorji Pallonji (SP) Group said on Tuesday it is time to separate from Tata Group, and added it was crucial that an early resolution is reached to arrive at a fair and equitable solution, reflecting the value of the underlying tangible and intangible assets.

“The SP-Tata relationship spanning over 70 years was forged on mutual trust, good faith, and friendship. Today, it is with a heavy heart that the Mistry family believes that a separation of interests would best serve all stakeholder groups,” the SP Group said in a release late on Tuesday.

It also blamed Tata Sons and said it has amplified its institutional efforts to suppress and inflict irreparable harm on the SP Group, in the midst of a global crisis triggered by the Covid pandemic, when the Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis.

“This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata Sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mindset,” it added.

Earlier in the day, Tata Group said it is open to buying out the stake held by its largest minority shareholder — the billionaire Mistry family — as part of a proposal to help end a year-long legal dispute between the two parties.

A lawyer representing Tata Sons Pvt. informed the Supreme Court Tuesday of the offer to purchase the 18 per cent stake owned by the cash-starved Shapoorji Pallonji Group if the latter needed to raise money for paying maturing debt.

The SP Group wanted to borrow funds using the shares as collateral, a move Tata Goup considers as potentially risky because the securities may end up falling in the hands of unfriendly investors.

The Supreme Court on Tuesday had barred the Mistry group from pledging or selling any Tata shares until October 28.

Cyrus Mistry has been embroiled in a bitter legal battle with Tata Group since he was overthrown as chairman of Tata Sons in a 2016 boardroom coup; a position he held since 2012.

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