KEEP WADIA’S SEAT VACANT IN THREE FIRMS: HC TO TATA SONS
MUMBAI: The Bombay high court, in an interim order on Friday, directed Tata Sons to keep one seat of an independent director “vacant until further orders” in each of its three companies where industrialist Nusli Wadia currently serves as an independent director.
The directions came in the backdrop of the dispute between Wadia and Tata Sons, following a special notice issued by the latter seeking Wadia’s ouster as the independent director from three of its entities—Tata Chemicals, Tata Motors and Tata Steel. Each of these three companies is scheduled to conduct extraordinary general meetings (EGM) later this month, to vote on the requisition seeking Wadia’s removal.
Earlier this month, four minority shareholders of these three companies had moved the Bombay high court against the specialnoticeonWadia’sremoval.