As the boardroom battle at the India’s largest conglomerate rages on, Tata Sons has asked Nusli Wadia to withdraw his legal notice saying there was nothing vindictive in its resolution seeking his removal as independent director on board of group firms.
Tata Sons, the holding company of the USD 103 billion salt-to-software group, is seeking to remove Wadia from boards of Tata Steel, Tata Chemicals and Tata Motors for allegedly galvanising independent directors against the Tatas and acting in concert with estranged chairman Cyrus Mistry.
Wadia on his part has served legal notices threatening to initiate civil and criminal proceeds against Tata Sons and its directors on the special notice sent to Tata Steel.
Rejecting the defamation notice as “misconceived and unfounded,” Tata Sons in a letter to Wadia said its notice seeking his removal was issued exercising its legal rights and obligations “not intended to lower” his reputation or defame him but “instead to take appropriate action in accordance with law.”
“It is denied that the contents of our Special Notice are defamatory as alleged or otherwise,” it said denying insinuations and motives attached by Wadia to the resolution.
It said Wadia’s relationship with JRD Tata and Ratan Tata, who was made interim head of the holding company after Mistry was ousted abruptly on October 24, is personal matter.
“You would appreciate that Tata Sons and its directors will act in the interests of Tata Sons, its stakeholders and other Tata Group companies. If you have any respect for your association with Mr JRD Tata and Mr Ratan Tata, as mentioned by you, you would seriously consider withdrawing this notice,” it said.
Tata Sons said there is no legal or other requirement for it as a shareholder to provide any reason for seeking his removal.