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Tata Sons seeks Nusli Wadia's removal for backing Cyrus Mistry

The Ongoing Boardroom Battle Between Ratan Tata-Cyrus Mistry Took Yet Another Turn On Friday After Tata Sons Pushed For An EGM To Seek Nusli Wadia Ouster.

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 11 Nov 2016, 11:27:29 AM
Nusli Wadia - File Photo

New Delhi:

The ongoing boardroom battle between Ratan Tata-Cyrus Mistry took yet another turn on Friday after Tata Sons pushed for an EGM to seek Nusli Wadia ouster. 

According to an Economic Times Now report, Tata Sons has alleged that Wadia, the godson of JRD Tata and was for years considered a close friend of Ratan Tata, was working in tandem with Mistry.

Wadia apparently shifted his loyalties to the Mistry camp on Thursday when he led the independent directors of Tata Chemicals in unanimously supporting Mistry's chairmanship of the prominent Tata Group com.

The board of Tata Sons, which is the largest promoter-shareholder in Tata Chemicals, sacked Mistry as chairman of the holding company on October 24, triggering a raging corporate war between Mistry and Ratan Tata, who has returned to Tata Sons as interim chairman.

Times of India had front-paged a report on November 7 saying all eyes were on which way Wadia would go in the Tata-Mistry war and hinted that Wadia's loyalties might have shifted.

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First Published : 11 Nov 2016, 11:17:00 AM