The independent director intends to make written and oral representation at Tata Chemicals extraordinary general meeting
For the Tatas, removing independent director Nusli Wadia from several group companies like Tata Motors, Tata Chemicals and Tata Steel may be a major challenge as the corporate bigwig who is credited with turning around bakery major Britannia has decided to speak out at the upcoming extraordinary general meeting (EGM) of Tata Chemicals next month.
The EGM has been called to oust the industrialist along with Cyrus Mistry from the company.
Wadia, who had always stood beside Ratan Tata till the removal of Cyrus Mistry, is well entrenched into the Tata fold.
The head of Wadia Group, which also includes textiles company Bombay Dyeing, is expected to speak about how he, as an independent director, raised his voiced against decisions like Corus acquisition, Nano car and similar such projects, which in the hindsight appear to be flawed.
Wadia also chairs the important Nomination and Remuneration Committee in Tata Steel, Tata Motors and Tata Chemicals. And in companies such as Tata Chemicals; he also heads the Executive Committee of the Board.
The Nomination and Remuneration Committee coordinates and oversees the annual self-evaluation of the performance of the Board, Committees and individual directors.
Even when independent directors had to familiarise themselves with the company, it was Wadia who chaired the meeting at Tata Chemicals, sources said.
While Tatas have their work cut out in removing such a personality, whom they have earlier described as someone “foremost amongst famous Indian industrialists”, Wadia has demanded that his argument against his removal be circulated to the shareholders at the meetings in the EGM notice.
“Mr Nusli Wadia has informed the company that he intends to make both written and oral representation to the shareholders in respect of his removal. The company will in terms of Section 169(4), subject to the proviso of the said Section and if the time permits it to do so, circulate the written representation to the shareholders,” the notice to shareholders issued on Saturday said.
Terming Tata Sons’s special notice for his removal as baseless, false, defamatory and libelous, Wadia has now questioned the ability of Tata Sons to call a general meeting and vote to remove him and has also asked the Board of Directors to institute an investigation upon the allegations as set out in the special notice.
“Post the developments of October 24, Mr Wadia, acting in concert with Mr Cyrus Mistry, has been acting against the interests of Tata Chemicals and its principal shareholder by galvanising independent directors and mobilising opinion, forcing disruptions, and issuing a statement that in our view is contrary to the interests of the company,” that special notice issued by Tata Sons said.
“By such an act, it has put the company in jeopardy with respect to its further expansion plans, capital raising by virtue of equity or debt, queries from rating agencies and impact on the overall morale of the workers, employees and management who have joined Tata Chemicals,” the special notice said.
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 "Nusli Wadia")
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