Nusli Wadia ousted from Tata Chemicals after 76% voted against him

Nusli Wadia was removed from his post as an independent director of Tata Chemical on Friday after 76% voted against him, reported The Times of India. The decision was taken at a shareholders meet called to pass Tata Sons’ resolution to oust Wadia.

Wadia was not present at the EGM, however, he wrote a letter to the shareholders. He said that Tata Chemicals had asked senior management officials to sign a letter in support of Tata Sons’ decision to remove Cyrus Mistry from the company’s board before the board meeting on November 10. He also alleged that independent directors were asked not to issue statements on Mistry’s removal, which according to him, was against the company’s interest.

Wadia was the longest-serving independent director of the company. He was also removed from the boards of Tata Steel and Tata Motors on Wednesday.

On Friday, Wadia filed a defamation suit against Tata Sons and Ratan Tata. Reacting to it, Ratan Tata said there had been a deliberate attempt to damage his reputation. He added that the “truth will prevail, whatever the process may be and however painful it may be”.

This is the second defamation petition filed by Wadia. On December 16, he had filed a similar suit, seeking Rs 3,000 crore in damages.

The decision to remove Wadia and ousted Tata Sons chairman Cyrus Mistry from the boards of the three companies was made on November 10, following a Tata Chemicals’ board meeting at which Wadia and a few other independent directors supported Mistry as the chairman of the board. However, Wadia said Tata Sons had removed him from companies under the group for his independence of “mind and action”. “Allegations levelled against me by Tata Sons that I have been acting in concert with Cyrus Mistry are totally false and baseless,” he had said.

Mistry was ousted as chairman of Tata Sons on October 24.