On September 5, Tata Sons had moved the Supreme Court seeking to restrain the Mistry group from raising capital against their Tata Sons shares. Through the petition, the Tatas had sought to prevent the SP Group from creating any pledge of shares. The SP Group was planning to raise ₹11,000 crore and had signed a deal with a marquee Canadian investor for ₹3,750 crore in the first tranche. Tata Sons’ plea came a day after the SP Group signed an agreement with the investor. The move by Tata Sons “will jeopardise the future of 60,000 employees and over 1 lakh migrant workers of various SP Group entities,” an SP Group spokesperson said.

Source: The Hindu September 11, 2020 21:50 UTC