Tata Sons will be letting go of all the business deals with Cyrus and Shapoor Mistry’s Shapoorji Pallonji Group, under the directions of Chairman N Chandrasekaran. The move puts a great amount of money at risk and indicates that the battle between the two groups, which was ignited when Cyrus Mistry was let go as the Tata Sons chairman in October last year, is showing no signs of coming to an end.
The decision taken on August 9, will be affecting over 50 companies of the SP group.
According to a source, this decision was taken by the Tata Group when Cyrus Mistry made some disparaging statements against the Tata Son, to cast a negative light over them.
The letter sent to all the employees of Tata, says, “As the promoter and principal shareholder of your company and as the custodian of the ‘Tata’ brand, Tata Sons does not support any businesses dealing in any form, whether directly or indirectly, through contracts or subcontracting arrangements.” –News Source
Thank You For Your Vote!
Sorry You have Already Voted!
