Day After Backing Cyrus Mistry, Nusli Wadia Faces The Heat
The Tata-Mistry war continues.
Tata Sons has yet again stepped up its battle against ousted Tata Group Chairman Cyrus Mistry, except this time it has also targetted Nusli Wadia.
The group has called for an extraordinary general meeting of Tata Motors Ltd. shareholders to consider removing Nusli Wadia and Cyrus Mistry as directors. the company said in a filing on the stock exchanges.
Apart from Tata Motors, Wadia is also on the board of Tata Steel Ltd. and Tata Chemicals Ltd. On Thursday, the independent directors on the board of Tata Chemicals, including Wadia, expressed their “full confidence” in Cyrus Mistry as chairman of the company. Tata Chemicals thereby became the second Tata group company to back Mistry, after Indian Hotels.
On Friday, however, Tata Chemicals’ non-executive, non-independent director Bhaskar Bhat resigned from the board with effect from November 10, saying that board ignored several important issues of ‘discomfort’ raised by him. Bhat said this in his resignation letter addressed to Mistry.
Earlier, the board of Tata Consultancy Services Ltd (TCS) became the first to remove Mistry as chairman of the company.