INSUBCONTINENT EXCLUSIVE:
Mumbai: "Cyrus's removal was a malicious and vindictive act of one person," Wadia Group chairman, Nusli Wadia, said on Wednesday
Mistry's ouster was 'not in keeping with the ethos, ethics and principles laid down by JRD Tata," Wadia told ET soon after the National
Company Law Appellate Tribunal on Wednesday reinstated Mistry as Tata Sons Chairman.
Once described as the corporate samurai of India Inc,
the chairman of the $2.2 billion (revenues) Wadia Group is known to never mince his words
"I am proud that I was the only independent director who believed in Cyrus and was opposed to his unjust removal," Wadia said
companies, which led to tens of thousands of crores of unviable debt in each of these companies prior to his becoming chairman
conglomerate, dramatically ousted Mistry as chairman and installed former chairman Ratan Tata as interim boss for four months
the Parsi community and are relatives
According to group insiders, Wadia was for decades a close ally of Tata and had board seats at Tata Steel, Tata Motors and Tata Chemicals
godfather.
Ratan Tata, in fact, relied heavily on Wadia when he took charge as chairman to take over control from old stalwarts at top Tata
It was Wadia who lobbied the government at the time to get the Tata Trusts voting rights in Tata Sons, sources said
But Wadia backed Mistry in both Tata Chemicals and Tata Steel board meetings that took place after his ouster
Thereafter, Tata Sons started the process of evicting both Mistry and Wadia from the boards of Tata Motors, Tata Chemicals and Tata Steel
The group holding company issued notices for extraordinary general meetings, seeking the removal of both Mistry and Wadia.