1. Nusli Wadia’s ouster called for by Tata Sons for supporting Cyrus Mistry

Nusli Wadia’s ouster called for by Tata Sons for supporting Cyrus Mistry

The Tata-Mistry clash found itself among a new controversy on Friday as Tata Sons sought for a Nusli Wadia ouster.

By: | Published: November 11, 2016 4:43 PM
tata sons, tata mistry news, tata mistry nusli wadia, nusliw aida ouster, mistry wadia, cyrus mistry nusli wadia news, financial express Tata Sons had called for a general meeting to sack two of its directors; Cyrus Mistry and Nusli Wadia. (Reuters)

The Tata-Mistry clash found itself among a new controversy on Friday as Tata Sons sought for a Nusli Wadia ouster. Tata Motors on Friday said that the Tata Sons had called for a general meeting to sack two of its directors; Cyrus Mistry and Nusli Wadia. Wadia is the godson of JRD Tata and a close ally but was found to be working with Mistry alongside. Wadia had led the Tata Chemicals Directors meeting on Thursday that supported Mistry being the Chairman of the Tata Group. The Tata Sons board had earlier sacked Cyrus Mistry from his post of Chairman on October which had started an ugly public clash between both the parties.

Wadia is the Chairman of Bombay Dyeing and Britannia industries and an independent director of Tata Chemicals for a long time and was considered a religious supporter of Ratan Tata. Wadis, who is no stranger to corporate warfare, met with Naseer Munje and 2 other independent directors for 4 hours to discuss the leadership capabilities of Cyrus Mistry.  They had come to a conclusion that Mistry, in the last 4 years has performed his job and taken all decisions as per the instructions of the Tata board.

One of the independent directors involved in the Tata chemicals board meeting told ToI that they had reviewed Mistry’s performance and couldn’t find any difference from the last time they had evaluated him. The current rules of the Tata Group demand that the independent directors of a company should meet at least once a year to evaluate the performance of all non-independent directors, including the Chairman.

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