Nusli Wadia, chairman of Wadia group, who is also an independent director on board of Tata companies on Tuesday filed a defamation notice against board members of Tata Chemicals, television channels ET Now and CNBC TV18 reported. In the notice, Wadia has reportedly asked the board to withdraw remarks made against him in Tata Chemical’s EGM. CNBC TV18 reported that in the notice, Wadia said, “I seek proof on why Tata Sons lost faith in me. My relationship with Ratan Tata goes back decades. I am shocked that Ratan Tata sought my removal.” Nusli Wadia demanded evidence from Tata Sons’ directors on collusion with Cyrus Mistry and said Independent Directors were being threatened by Tata Sons.
Meanwhile, Tata Chemicals has called for an EGM on December 23 to consider removal of Cyrus Mistry and Nusli Wadia as directors of the company. News agency PTI late on Monday reported that Nusli Wadia had served a defamation notice on Tata Sons board asking it to withdraw “false, defamatory and libelous” allegations against him. Citing the Tatas’ move to remove him from the boards of Indian Hotels, Tata Chemicals, Tata Motors and Tata Steel, as an attempt to “tarnish his personal integrity and corporate image”, he asked Tata Sons to desist from the move or else face legal action. “These allegations are baseless, false, defamatory and libelous, and have been made with the intention of harming my reputation,” Wadia said in the notice, dated November 21.
On October 24, Mistry was dismissed as chairman of Tata Sons and Ratan Tata took over as interim chairman for a period of four months till a successor was found, triggering a confrontation between the single-largest shareholder and the Tatas. Returning to Tata Sons after the abrupt removal of Mistry, Ratan Tata has moved quickly to consolidate his grip over the $103 billion salt-to-software group by seeking to remove the ousted chairman from boards of group firms. Since then Tata Sons has charged Mistry with not working in keeping with the culture and ethos of the Tata group and under-performing. Mistry has responded saying he was not given a free hand to function and that alternative power centres had been created.
(With inputs from Agencies, FE Print Bureau)