Tata Motors’ PV business turnaround impresses Shapoorji Pallonji Group

Shapoorji Pallonji Group, which is involved in a legal battle with the Tata group, chose a more conciliatory approach at the Tata Sons virtual annual general meeting (AGM) on Tuesday as shareholders approved ₹40,000-crore fundraise via bonds and non-convertible debentures.SP Group, which holds an 18.4% stake in Tata Sons through Cyrus Investments and Sterling Investment Corporation, appreciated the performance in some Tata companies, particularly the turnaround of passenger vehicle business in Tata Motors under Shailesh Chandra, at the AGM, people aware of the development said.Tata Sons and SP Group did not comment on the matter. 86218788SP Group has filed a review petition before the Supreme Court against its March 26 verdict in the dispute between Tata Sons and Cyrus Mistry who was ousted as the chairman of Tata Group in 2016. The apex court had set aside a National Company Law Appellate Tribunal (NCLAT) order of December 18, 2019, restoring Mistry as executive chairman of Tata Group.Meanwhile, Tata Sons shareholders approved issue of non-convertible debentures on private placement basis amounting to ₹40,000 crore to invest in new businesses and future growth plans. The group is committing big funds into Tata Digital, Tata Electronics, and its infrastructure and financial services verticals.Reappointment of some board members including Saurabh Agrawal, Ralf Speth and Harish Manwani were also approved.Tata Trusts owns 67% stake in Tata Sons. Tata Sons’ revenue from operations for 2020-21 slumped to ₹9,460.24 crore from ₹24,770.46 crore in the previous year. Its dividend income was higher in FY20 due to a special dividend received from a subsidiary. But its other income stood at ₹10,138.1 crore for FY21 against ₹125.93 crore for 2019-20. A substantial part of the other income last year was profit from buyback of shares by a subsidiary.

Tata Motors’ PV business turnaround impresses Shapoorji Pallonji Group
Shapoorji Pallonji Group, which is involved in a legal battle with the Tata group, chose a more conciliatory approach at the Tata Sons virtual annual general meeting (AGM) on Tuesday as shareholders approved ₹40,000-crore fundraise via bonds and non-convertible debentures.SP Group, which holds an 18.4% stake in Tata Sons through Cyrus Investments and Sterling Investment Corporation, appreciated the performance in some Tata companies, particularly the turnaround of passenger vehicle business in Tata Motors under Shailesh Chandra, at the AGM, people aware of the development said.Tata Sons and SP Group did not comment on the matter. 86218788SP Group has filed a review petition before the Supreme Court against its March 26 verdict in the dispute between Tata Sons and Cyrus Mistry who was ousted as the chairman of Tata Group in 2016. The apex court had set aside a National Company Law Appellate Tribunal (NCLAT) order of December 18, 2019, restoring Mistry as executive chairman of Tata Group.Meanwhile, Tata Sons shareholders approved issue of non-convertible debentures on private placement basis amounting to ₹40,000 crore to invest in new businesses and future growth plans. The group is committing big funds into Tata Digital, Tata Electronics, and its infrastructure and financial services verticals.Reappointment of some board members including Saurabh Agrawal, Ralf Speth and Harish Manwani were also approved.Tata Trusts owns 67% stake in Tata Sons. Tata Sons’ revenue from operations for 2020-21 slumped to ₹9,460.24 crore from ₹24,770.46 crore in the previous year. Its dividend income was higher in FY20 due to a special dividend received from a subsidiary. But its other income stood at ₹10,138.1 crore for FY21 against ₹125.93 crore for 2019-20. A substantial part of the other income last year was profit from buyback of shares by a subsidiary.