MUMBAI: The battle to wrest the management control of Tata group firms took another turn on Friday with the Tata Sons convening an extra ordinary general meeting of Tata Motors and Tata Steel seeking the removal of Nusli N Wadia and Cyrus Mistry. Mr Wadia is one of the longest serving and senior independent directors on the board of both the companies. The move comes just a day after the independent directors of Tata Chemicals affirmed their faith in the leadership of Mr Mistry.
Mr Wadia who is currently the chairman of Bombay Dyeing and Britania Industries has been on the board of Tata Motors since December 22, 1998 and Tata Steel since August 12, 2005. He is also an independent director on the board of Tata Chemicals since June 26, 1981 and had thrown his weight behind Mr Mistry along with other independent directors in the ongoing feud with the Tatas.
However, a day after the independent directors of Tata Chemicals issued a statement expressing confidence on Mr Mistry’s leadership and the current management team, Bhaskar Bhat, a non executive director resigned from the board alleging that the independent directors diluted his views expressed in the board meeting. “The contents as well as the spirit of the statement completely dilutes the views I expressed at the board meeting especially regarding the threat the company faces on account of loss of confidence of the promoter Tata Sons in the chairman of Tata Chemicals Limited. Several important issues of discomfort I expressed seem to have been totally ignored. I therefore hereby tender my resignation as director of Tata Chemicals, with immediate effect,” Bhat said in his letter.
