Have the right to know reason for removal: Wadia to Tatas

Nusli Wadia has told Tata Sons that independent directors have the right to know the reasons for their removal.

Wadia, an independent director on several Tata group companies, also said in a communication to Tata Sons that the onus of informing shareholders about his ouster is on Tata Sons. An EGM does not give the company the licence to defame him, he added.

According to sources close to Wadia, the one-time close friend of Tata promoters has also accused the current dispensation of not living up to the Tata values.

Tata Sons had earlier told Wadia that it will seek his removal from the boards of various group companies without providing any reason. Wadia had sent three notices to Tatas, asking it to prove that his actions were in concert with Cyrus Mistry.

Wadia also alleged that the Tata group had personal vendetta in defaming him by attributing motives to his actions as an independent director.

In response, Tata Sons said: “It is denied that our Special Notice constitutes a personal vendetta against you or that it is vindictive action, as alleged or otherwise. It is denied that anything stated in our Special Notice was intended to or has caused damage to your reputation as a professional or has caused irreparable injury, as alleged or otherwise.”

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