Nusli Wadia, an independent director on the Tata Motor Board, had earlier supported Cyrus Mystry, the ousted chairman of Tata Sons.
At a tense Tata Motors Board meet, the six members retained Cyrus Mistry as its Chairman, sources said on Monday. However, the meet was marked by intense arguments between the two groups. A statement issued by the company said that management has full support of Independent directors, which includes the chairman. Nusli Wadia’s attempt to propose Indian Hotels type resolution stopped as it was opposed by a few Independent Directors. It also said that Independent directors confirm that all decisions by Board were taken unanimously. The statement issued by the company said: “Co-management has full support of Independent directors.” All decisions taken by board executed by Chairman & management accordingly, added the carefully crafted statement. While leaving the Bombay House today, Mistry refused to make a comment over what transpired in the meeting. The final statement that was released was backed by all independent directors supporting Tata Motors management. This was a compromise statement arrived at after the deliberations had virtually split the board down the middle. Nasir Munji took the lead role in opposing Nusli Wadia. backing Cyrus Mistry.
The carefully crafted statement said that the board supports that independents directors support the management. The letter apparently seems to support the ousted Chairman Cyrus Mistry without naming him. The meeting was held at Mumbai’s Bombay House, the iconic headquarters of the Tata group. Nusli Wadia, an independent director on the Tata Motor Board, had earlier supported Cyrus Mystry, the ousted chairman of Tata Sons. It was expected that Wadia may face a backlash from the group. Besides Wadia other five independent directors on the Tata Motors board are: R A Mashelkar, Subodh Bhargava, Nasser Munjee, V K Jairath and Falguni Nayar will also be at the meet.