Independent Director Nusli Wadia Faces Axe, Battle Reaches Court
The Tata-Mistry war for control of Tata Group has reached the Bombay High Court, but with a twist.
File photo of Nusli Wadia. (PTI)
New Delhi: The Tata-Mistry war for control of Tata Group has reached the Bombay High Court, but with a twist.
Four shareholders of Tata Group of companies have filed a petition in the high court submitting that chairman of Bombay Dyeing company Nusli wadia should not be removed as an independent director from the board of Tata Chemicals, Tata Steel and Tata Motors.
The petition filed in Bombay High Court on Tuesday submits that in view of the special status of an Independent Director he cannot be equated with a non-independent director and thus cannot be removed under Section 169 of the Companies Act, 2013.
The petitioners have sought the court's intervention and direction to the market regulator SEBI to pass orders restraining the Promoter/Promoter group from voting on resolutions concerning Independent Directors and also appropriate directions that only public shareholders should be permitted to vote on such resolutions.
The petition also raises the question if the term of an independent director can be curbed and s/he summarily dismissed.
Recently, after the removal of Cyrus Mistry as the Chairman of Tata Sons on 24th October, Nusli Wadia had come out in his support.
Subsequently Tata Steel and other companies sought to remove Wadia through an extraordinary general meeting which is going to be held on December 22.
Wadia has been on the Tata Steel board as an independent director for 37 years.
Wadia has also threatened a defamation case against Tata Sons.
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