Companies

Nusli Wadia sends second notice to Tata Sons

Our Bureau Mumbai. Nov 22 | Updated on January 15, 2018 Published on November 22, 2016

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Threatens to initiate legal action if the notice is not withdrawn within two days

Nusli Wadia, an independent director on several Tata group companies, fired a fresh salvo on Tuesday asking Tata Sons to withdraw its notice to oust him from the board of Tata Chemicals.

Wadia has threatened to initiate legal proceedings if the notice is not withdrawn within two days.

Wadia said that the special notice issued to oust him as an independent director on the boards of Tata group companies had damaged his reputation.

“It is evident that you have embarked on a personal vendetta against me for discharging my duties as an independent director. You have also as a consequence, sent a message to all other independent directors that those who do not follow the Tata Sons diktat will be under threat of removal,” Wadia said in a note to Tata Sons.

Last week Tata Sons initiated proceedings to remove Wadia and Cyrus Mistry as Directors from the boards of a number of group companies, including Tata Motors, Tata Steel and Tata Chemicals. Tatas had alleged that Wadia was acting in concert with Mistry against the interest of the companies and had galvanised independent directors and mobilising opinion against Tata Sons. Wadia has now sought proof from Tata Sons to establish the allegations. He added that if indeed he had succeeded in galvanising the independent directors on the boards of these companies then it is evident that all independent directors have failed in their fiduciary duty.

Published on November 22, 2016
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