Nusli Wadia refutes Tata charges

The fight between two towering and most revered personalities of India Inc – Ratan Tata and Nusli Wadia – got fiercer.

"It is Mr Ratan Tata who has failed to live up to the high standards of ethics, morality and corporate governance set by Mr JRD Tata," Nusli Wadia accused in his letter addressed to Bharat Vasani of Tata Sons, referring to the special notice issued by the Tata group holding company to the directors of Tata Steel.

In that special notice, Tata Sons had demanded the removal of independent director Wadia and chairman Cyrus Mistry, which was termed by the former as defamatory.

In his response to the special notice, Wadia termed it as baseless, false, defamatory and libellous, questioning 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 on the allegations as set out in the special notice.

But till Wednesday he had avoided naming his one-time close friend Ratan Naval Tata.

With that friendship evaporated in the heat generated over Tata empire's war with Cyrus Mistry, Wadia is now being removed from several group companies like Tata Motors, Tata Chemicals and Tata Steel.

To add to the insult, Tata Sons's legal counsel had replied to Wadia's allegation of defamation with a curt comment which said there was no reason to provide any reason for his removal.
Wadia's missive on Wednesday was in response that reply.

Wadia is not happy with that reply and has reminded that he would, as communicated earlier, take steps if that notice to shareholders and the call for EGM are not withdrawn.