Ratan Tata Speaks On Mistry Feud, Wadia Files Criminal Suit: 10 Updates
- Tata Chemicals shareholders voted 75.67 per cent in favour of Mr Wadia's removal. Earlier this week, shareholders of two other Tata group companies - Tata Steel and Tata Motors - had voted in favour of Mr Wadia's ouster from the companies' boards.
- Mr Wadia had been a director of the three Tata group companies for a long time - Tata Chemicals from 1981, Tata Steel from 1979 and Tata Motors from 1998. Ratan Tata, the interim chief of Tata Sons, had earlier been associated with Bombay Dyeing, the flagship company of the Wadia group, for 33 years before stepping down from the board in 2013.Â
- Breaking his silence over the feud with ousted Tata Sons chairman Cyrus Mistry, Ratan Tata on Friday said there has been a "definite move" to damage his personal reputation in the last two months but truth will eventually prevail howsoever painful the process may be.
- "Over the last two months, there has been a definite move to damage my personal reputation and the reputation of this great group - the Tata Group. And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful," Mr Tata said at the Tata Chemicals shareholders' meeting.
- Since the ouster of Mr Mistry as Tata Sons chairman on October 24, a bitter public spat has followed between the two sides.
- Mr Wadia had earlier denied allegations by Tata Sons that he was acting in concert with the ousted chairman Cyrus Mistry.
- Mr Wadia said he has been singled out and was being sought to be removed as independent director because of his "independence of mind and action in the discharge of my fiduciary duties".
- Mr Wadia has filed the defamation suit in the court of additional chief metropolitan magistrate in New Delhi. Tata Sons' special resolution to shareholders seeking Mr Wadia's removal as independent director on board of Tata Chemicals, Tata Motors and Tata Steel has "caused severe prejudice to the reputation and goodwill", Mr Wadia said in the suit. Mr Wadia had earlier filed a defamation case in Bombay High Court seeking Rs 3,000 crore damages, Press Trust of India reported.
- Mr Mistry, the ousted chairman of Tata, in a surprise move on Monday resigned from the boards of all listed Tata companies. And on Tuesday, he has launched legal proceedings against the $100-billion software-to-salt conglomerate by filing suit in National Company Law Tribunal against Tata Sons.
- The tribunal will hear the matter next month.
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