New Delhi: Industrialist Nusli Wadia, who isunder fire for supporting ousted Chairman Cyrus Mistry, has questioned "the ability" of Tata Sons' to call for general meeting and vote to remove him. Wadia, who is independent Director on the Boards of Tata Steel and Tata Chemicals, also demanded an "independent investigation" into the allegations made by Tata Sons.
In separate regulatory filings to the Boards of Tata Steel and Tata Chemicals, Wadia has "questioned the ability of the Requisitionist (Tata Sons) to requisition a general meeting and vote to remove him as a Director (he being an Independent Director) from the Board of the Company(s)". While, the letter to Tata Steel Board was given on November 21, a similar letter to the Board of Directors of Tata Chemicals was given a day later.
In both the letters, Wadia said: "The reasons provided by the Requisitionist in the Special Notice for his removal as baseless, false, defamatory and libellous and have been made with the intention of harming his reputation."
He has also requested the Board of both the firms to "institute an independent investigation upon the allegations as set out in the Special Notice issued by Tata Sons dated November 10, 2016 or state otherwise on the allegations". Besides, both Mistry and his supporter Wadia will contest the proposal to removal them from the Boards of Tata Steel and Tata Chemicals by making written and oral representation to shareholder.
Both the firms have called extraordinary general meetings next month to consider resolution moved by their holding company, Tata Sons seeking removal of Mistry and Wadia. In both cases, Mistry and Wadia intend "to make both, written and oral representation to the shareholders in respect of his removal", said the notices for the EGMs.
Both the firms said they will circulate the written representation to the shareholders "if the time permits." While Tata Chemicals EGM has been called on December 23, that of Tata Steel has been slated for December 21....