Nusli Wadia files defamation case against Tatas, seeks Rs 3,000 crore in damages

Industrialist Nusli Wadia, who serves on the boards of several Tata Group companies, has filed a Rs 3000 crore lawsuit against Ratan Tata and Tata Sons for defamation.
Nusli Wadia, Tata Sons, defamation, Ratan Tata Source: PTI
India TV Business Desk Mumbai December 15, 2016 23:24 IST

Industrialist Nusli Wadia, who serves on the boards of several Tata Group companies, has filed a Rs 3000 crore lawsuit against Ratan Tata and Tata Sons for defamation.

Wadia has claimed compensation against Tata Sons and its interim chairman Ratan Tata for various accusations hurled at him, the Economic Times reported. He has said that there was no valid reason given for the allegations and the extraordinary meetings called by the group for his ouster. 

Last month, Wadia had threatened Tatas with defamation case and had even issued to the group after the conglomerate sought his removal as independent director on board of key group firms alleging that he was acting in concert with Cyrus Mistry and against the interests of principal shareholders by galvanising independent directors. 

Wadia serves as an independent directoron the board of Tata Steel, Tata Motors and Tata Chemicals.

Yesterday, four minority shareholders of Tata Group firms moved the Bombay High Court challenging the proposed removal of Wadia as an independent director.

With this suit, for the first time the government has been dragged into the legal wrangling set off by the sacking of Cyrus Mistry as Tata Group chairman, as the Ministry of Corporate Affairs and Law Ministry have been made defendants. 

Janak Mathuradas, Yogesh Mathuradas, Chanda Mathuradas and Pramila Mathuradas, minority shareholders of Tata Chemicals, Tata Motors and Tata Steel, wanted the HC to restrain promoters of these firms from voting at Extraordinary General Meetings (EGMs), scheduled for December 21 to 23, on a resolution to remove Wadia. 

They also challenged a rule in the Companies Act which allows promoters to vote on a resolution seeking removal of independent directors. 

Last week, another group of minority shareholders of Tata companies had moved the High Court claiming damages from Tata Sons' interim chairman Ratan Tata and others for losses suffered by investors after shares of group companies fell following Mistry's sacking.

 
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