Nusli Wadia hits out at Tatas, writes 15 page letter to Tata Steel
New Delhi [India], Dec. 13 (ANI): On the day of the first Extraordinary General Meeting of Tata Consultancy Services (TCS), business tycoon Nusli Wadia, an independent director on the board of three Tata Group companies, on Tuesday wrote a 15-page long letter to Tata Steel against the special notice moved by Tata Sons Ltd seeking his removal as an independent director.
Wadia has denied all allegations levelled against him and written a letter to the shareholders under the Representation Act and Section 49 of the Companies Act, 2013.
He had also challenged his removal from Tata Steel and the Tata Chemical boards.
The move for Wadia's ouster came after he had backed Cyrus Mistry to continue as the chairman of Tata Group. The group has called for the removal of both Mistry and Wadia from its various company boards by getting shareholders to vote for their removal.
Wadia, the chief of the Wadia group, has been a director of Tata Motors since 1998. His association with Ratan Tata goes back many years. Mr. Tata had served on the board of Bombay Dyeing, the flagship company of the Wadia group, for 33 years before stepping down in 2013.
On November 10, Tata Sons, the holding company of the Tata Group, sacked Cyrus Mistry as the chairman of Tata Consultancy Services (TCS), bringing in Ishaat Hussain as the new chairman of the software services firm. (ANI)