Tata Seeking To Remove Nulsi Wadia
By F9 Team : 14-Dec-2016
While a caveat has been filed against Cyrus Mistry by Mallika Srinivasan, a Tata Global Beverages board member, in the Bombay High Court on Tuesday, Tata also has filed a caveat in the Bombay High Court against Nusli Wadia.
Earlier day, Nusli Wadia has hit out at the Ratan Tata and the Tata Sons for trying to remove him as the independent director of some of the group’s major companies.
These caveats have been filed by the Tata companies expecting Nusli Wadia or Cyrus Mistry to approach the Bombay High Court against and also seeking the court to not to issue any ex-parte orders on either Nuslia Wadia or Cyrus Mistry.
In the meantime, the shareholders belonging to the three Tata group companies, Tata Steel, Tata Motors, and Tata Chemicals have approached the Bombay High Court to appeal against the removal of their independent director, Nusli Wadia from their board. The petitioners appealed to the court directing to issue orders to Securities Exchange Board of India (SEBI) to refrain from voting on any resolution that seeks removal of the independent director at the Extraordinary General Meetings (EGMs) of all the three companies.
Petitioner Janak Mathuradas and three others have also included Ministry of Law & Justice (Department of Legal Affairs) and Ministry of Corporate Affairs as the defendants against the Tatas, along with the SEBI and Union of India. Advocate Yogesh Adhia has received three petitions that say that Tatas in their corporate affairs are undermining the role of an independent director and are forgetting the importance of an independent director in the working of a company.
While the EGMs have been called upon by the three Tata group companies to discuss the topic of removal of both Cyrus Mistry and Nusli Wadia as directors from their boards, several petitions have been filed in the courts by both the parties supporting their own decisions, which will come up for hearing in due time.