Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Former director at India's Tata group sues Tata Sons, board members for defamation

Published 12/23/2016, 09:53 AM
Updated 12/23/2016, 10:00 AM
© Reuters. A Tata sign is seen outside their offices in London

MUMBAI (Reuters) - Nuslia Wadia, a former independent director on the boards of Tata Motors Ltd (NS:TAMO) and Tata Steel Ltd (NS:TISC), has filed a defamation case against holding company Tata Sons and 11 of its board members and executives.

Wadia said Tata Sons and the individuals cited, including patriarch Ratan Tata, had defamed him "by printing, publishing and circulating per se false, frivolous, baseless, incorrect, libellous and defamatory material concerning the Complainant."

The former director added the actions had tarnished his reputation and "caused distress, hurt and humiliation, as well as pecuniary loss, social disadvantages, injury to feelings, mental pain and suffering to the Complainant."

Wadia said he would pursue criminal charges of defamation, as well as abatement and "criminal action with common intention" violations that could be punishable by imprisonment for up to two years, or a fine, or both.

Tata Sons declined to comment saying it was yet to see the petition, a copy of which was seen by Reuters. The individuals named were not immediately reachable.

Wadia had been expected to take legal action after he was ousted from the boards of Tata Motors and Tata Steel this week. He is expected to be ousted from Tata Chemicals Ltd (NS:TTCH) later on Friday.

The outspoken director has roiled boards of the $100 billion salt-to-software conglomerate by publicly backing Tata Sons' former chairman Cyrus Mistry, who was ousted in November, sparking an acrimonious battle.

Mistry has accused Tata Sons of mismanagement and corporate governance failures, allegations which Tata Sons has refuted.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Mistry resigned from the boards of Tata Group companies earlier this week and filed a petition with the National Company Law Tribunal to either replace Tata Sons' current board, or appoint a retired Supreme Court judge as non-executive chairman.

At an extraordinary general meeting of Tata Chemicals' shareholders on Friday evening, Rata Tata thanked them for their "overwhelming" support.

"The group has been there for a 150 years. It has been based on governance and fair play," Tata said. "I think the truth will prevail whatever the process may be, however painful it may be."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.