SPEED NEWS

Personal vendetta against me; prove allegations or face legal action: Nusli Wadia writes to Tata Sons

Speed News Desk | First published: 22 November 2016, 9:17 IST
Personal vendetta against me; prove allegations or face legal action: Nusli Wadia writes to Tata Sons
Personal vendetta against me; prove allegations or face legal action: Nusli Wadia writes to Tata Son

Nusli Wadia, an independent director of some companies of the Tata Group slapped a defamation notice on Tata Sons board asking to withdraw the allegations against him as they are "false, defamatory and libelous with the intention of harming (his) reputation".

Wadia has asked the board to present evidence against the allegations that he acted "in concert" with Cyrus Mistry, the former Tata group chairman.

"Please furnish details of all events and occurences that prove I have acted in concert," says the eight-page letter Wadia wrote to the 10 board members of Tata Group, including Cyrus Mistry.

He has also asked the board to define "Tata Group" stating that as an "independent director of Tata Steel am I under an obligation to act in the interest of an undefined Tata group."

"In any event, I must remind you that as an independent director, my only fiduciary duty is towards Tata Steel Limited and not an undefined Tata group or Tata companies," Wadia said in his letter, reports Economic Times.

Wadia has also warned Tata Sons to take back the move else he would take a legal action. On the other hand, Tata Sons has said that "the company will respond to the notice appropriately", reports PTI.

According to Times of India, Wadia said the Tatas remarks in the move to remove him from the Tata Steel board as an independent director, has "lowered" his image in front of the "esteemed colleagues on board of Tata Steel, and its public shareholders, who you claim will benefit from my removal".

 
MORE FROM CATCH
PREVIOUS STORY
NEXT STORY