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    Nusli Wadia to withdraw defamation cases against Ratan Tata

    Synopsis

    Nusli Wadia accepted a statement made by the Tata Group in the top court that there had been no “intent to defame” in the letters removing him as independent director. Through senior advocate CA Sundaram, Wadia said he was “willing” and “ready” to withdraw the cases.

    PTI
    Wadia had filed a criminal defamation case against Ratan Tata and other directors of Tata Sons in 2016 after he was voted out of the boards of some Tata Group companies.
    NEW DELHI: Wadia Group chairman Nusli Wadia agreed to withdraw two defamation cases he had filed against Tata Sons chairman emeritus Ratan Tata. This had followed Wadia’s removal as independent director in three Tata companies in the wake of Cyrus Mistry’s ouster from Tata Sons in 2016.

    The bench led by chief justice SA Bobde had urged the two veterans to settle their dispute at the last hearing on January 6. Wadia accepted a statement made by the Tata Group in the top court that there had been no “intent to defame” in the letters removing him as independent director. Through senior advocate CA Sundaram, Wadia said he was “willing” and “ready” to withdraw the cases.

    Senior advocate Abhishek Manu Singhvi, counsel for Tata, said this had been the Bombay High Court’s finding and the group was not making any concession on the matter. The bench then disposed of the cases.

    Wadia had filed two defamation cases — one criminal and the other civil — seeking Rs 3,000 crore in damages after he was removed as independent director from Tata Chemicals, Tata Steel and Tata Motors for ostensibly acting against the group’s interests. He had backed Mistry in the latter’s ouster from Tata Sons. Ratan Tata had then written to shareholders explaining why Wadia had to be removed as independent director from the Tata companies.

    The high court had quashed proceedings in the criminal case following a plea by Tata, who argued that the information was made public for shareholders, as mandated by law. Wadia then appealed to the top court.

    The Supreme Court had asked the two to resolve the issue out of court and even offered to pick an arbitrator to help in the effort. “Can you not settle it? You are both mature people,” Bobde had said. “Why can’t you end this? You are both leaders in your own right.” The other two judges on the bench were BR Gavai and Surya Kant.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    4 Comments on this Story

    Subbu S181 days ago
    Brought you over Mr Wadia?
    Dinesh Jain181 days ago
    Do not know why SC appears to be favoring Ratan Tata, even if it is through not taking serious actions against him?
    Zarir Master181 days ago
    Whatever the problems may have been, I feel that once you have retired, it's best to stop interfering. This is applicable to Infosys also. Enjoy retirement knowing that you were appreciated while in office.
    The Economic Times