Friday 31 March 2023

Tata Group denies reports that Tata Coffee may lose control of its tea estates in Karnataka

Must read

MILAN – Indian giant conglomerate Tata Group released a clarification on Tuesday regarding reports that Tata Coffee could lose control over a 942-acre tea estate in Karnataka’s Kodagu district. According to media news, the Karnataka government was preparing to hand over the estate to the forest department following a court verdict.

The estates are spread across West Nemmale, T Shettigeri, Poradu and Hysodluru villages in the Western Ghat forests in South Kodagu (South Coorg), wrote The Economic Times. Tata Coffee (then Tata Tea) inherited the lease from Consolidated Coffee Ltd which it bought out in 1990-91.

The company has denied statements made in said news article, except for specific clarifications and confirmations.

Tata Coffee owns approximately 942.56 acres of land that is part of the Glenlorna Tea Estate located in the Kodagu district of Karnataka.

“During 2011, the company requested a certified copy of the BTI registrations from the tax authorities, when it was noticed that the tax authorities unilaterally made changes to the tax records by changing the land tenure of ‘A bought Sagu ‘in’ Forest reserve ‘, ”he said.

Subsequently, in 2011, the company filed a petition in the Karnataka High Court requesting various reparations, including reparation in the form of an instruction to the Kodagu district to bring about the registrations in the BTI, as it previously existed. .

The Virajpet City Civil Court, which has heard the case since 2013, issued an order on December 3, 2021, in which the court dismissed the company’s action on the grounds that it lacked jurisdiction. to hear said action.

There is no order in the judgment of repossession of said land, as the press wrongly indicates, added the subsidiary of the Tata group.

“As the above facts show, the news was partially incorrect in that it stated that the city’s civil court had ordered the repossession of said land from the company. Thus, this matter currently has no impact on the operations / performance of the company and does not attract the provisions of Regulation 30 of the SEBI Listing Rules for stock market disclosures, ”Tata Coffee said in an exchange dossier.


Latest article