Tata Sons interim Chairman Ratan Tata, today told the shareholders that over the last two months there had been a definite move to damage his personal reputation.
Following defamation case filed by former independent director on the boards of Tata Motors ltd and Tata Steel Ltd, Nusli Wadia, Tata Sons interim Chairman Ratan Tata, today told the shareholders that over the last two months there had been a definite move to damage his personal reputation. Over the charges brought by ousted director Nusli Wadia, Ratan Tata said that truth will come forth, whatever the process maybe and however painful it might get.
The Tata Sons interim Chairman claimed that most of the attacks targeted to him and the company are unsubstantiated and very painful.
Earlier in the day, Nusli Wadia, who was recently removed as the independent director on the boards, had filed a defamation case against holding company Tata Sons and 11 of its board members and executives.
Wadia said Tata Sons and the individuals cited, including patriarch Ratan Tata, had defamed him “by printing, publishing and circulating per se false, frivolous, baseless, incorrect, libelous and defamatory material concerning the Complainant.” The former director added the actions had tarnished his reputation and “caused distress, hurt and humiliation, as well as pecuniary loss, social disadvantages, injury to feelings, mental pain and suffering to the Complainant.”
Wadia said he would pursue criminal charges of defamation, as well as abatement and “criminal action with common intention” violations that could be punishable by imprisonment for up to two years, or a fine, or both.
Tata Sons declined to comment saying it was yet to see the petition, a copy of which was seen by Reuters. The individuals named were not immediately reachable.
Wadia had been expected to take legal action after he was ousted from the boards of Tata Motors and Tata Steel this week. He is expected to be ousted from Tata Chemicals Ltd later on Friday.
The outspoken director has roiled boards of the $100 billion salt-to-software conglomerate by publicly backing Tata Sons’ former chairman Cyrus Mistry, who was ousted in November, sparking an acrimonious battle. Mistry has accused Tata Sons of mismanagement and corporate governance failures, allegations which Tata Sons has refuted. Mistry resigned from the boards of Tata Group companies earlier this week and filed a petition with the National Company Law Tribunal to either replace Tata Sons’ current board, or appoint a retired Supreme Court judge as non-executive chairman.
(With inputs from agencies)