Wadia Group’s supremo files defamation case against Tatas

In what could be considered as one of the biggest corporate wars, the Wadia Group’s chairman, Nusli Wadia, who holds shares in at least three Tata companies, has filed a defamation petition against Tatas. Interestingly, in the defamation petition filed against Ratan Tata, Tata Sons and its directors, the petitioner has not named Cyrus Mistry and Farida Khambata. Recently, Tata Sons demanded the removal of Wadia, alleging that he had worked against the interest of Tatas by prompting the independent directors to support the Mistry’s chairmanship. On November 10, the embattled director along with several other independent directors had released a statement supporting the Mistry’s chairmanship. Soon after that, Tatas initiated a move targeting the removal of Wadia from the director post of three of its companies. Notably, the petition against the Tatas came after Tata Sons demanded the removal of Wadia. Anyway, while speaking to the media persons, Wadia alleges that he was purposefully targeted despite the fact that he was not the only one director who supported the Mistry’s chairmanship. In the defamation petition seeking nearly three thousand crore rupee as compensation, he points out that the allegations raised by the Tata Sons had badly damaged his image and prejudiced his shareholders and public. His’s company, Wadia Group, owns Britannia Industries and Bombay Dyeing. He is one of the oldest directors of the Tata companies. He has shares in Tata Chemicals, Tata Motors and Tata Steel. He is said to be one of the strongest supporters of the Mistry’s chairmanship.

Vignesh

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