December 14, 2016 4:07:58 am
Tata Motors Ltd on Tuesday has filed caveat against Nusli Wadia and ousted Tata Sons chairperson, Cyrus Mistry in the Bombay High Court. A caveat is filed to ensure that there are no ex-parte orders in a case. Tata Motors has called an extraordinary general meeting (EGM) on December 22 to seek shareholders’ approval for removing Mistry and Wadia as directors of the company. Wadia has claimed that he has been targeted for his “independence of mind and action” and he is not required to act in their interest as he does not serve the Tata group in any capacity.
Wadia has also sent letters to Tata Sons asking the board of directors to withdraw the Special Notice on convening the shareholders meeting and “allegations against” him. Wadia has said that he has not acted in concert with Mistry.
Stating that he is the only Independent director that Tata Sons has sought to remove from Tata Steel, Tata Chemicals and Tata Motors, Wadia said: “The reasons for which I am being sought to be removed as director is my independence of mind and action…”
Wadia has further said Tata Sons’ principal allegations against him “are unsubstantiated, baseless, false, motivated, defamatory and libellous and have been made with the intention of harming my reputation.” He also claimed that it was “the first time in the history of corporate India that a promoter is using his muscle power with false and vindictive allegations to remove an Independent director”.
Mistry was removed as the chairman of Tata Sons on October 24. Since then the Tata Group and Mistry have locked horns over the sudden removal of the latter.
Meanwhile, in a separate development, the minority shareholders of Tata Chemicals, Tata Steel and Tata Motors, on Tuesday moved the Bombay High Court against the Special Notice by these firms to remove Wadia from the these boards.
The minority shareholders have requested the court to direct Sebi to direct promoters to abstain from voting on resolution seeking removal of independent director at the EGMs of these three companies.
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