Truth will prevail, whatever the process may be: Ratan Tata

MUMBAI: Ratan Tata on Friday made an emotional speech at the extraordinary general meeting (EGM) of Tata Chemicals, saying that the group which has been in existence for 150 years, has been based on governance and fair play and that truth, out of the ongoing leadership dispute, shall eventually prevail.

“I think the truth will prevail, whatever the process may be, however painful it may be,” said Ratan Tata, 78. “Over the last two months, there has been a definite move to damage my personal reputation and the reputation of this great group. And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated, but nevertheless very painful. And coming here this week with all the shareholders, I have been so moved emotionally and deeply touched by the warmth and the support and the affection that they have shown. I could not leave here today without at least expressing my deepest gratitude to the shareholders,” he added.

Tata Chemicals is holding the EGM to vote on removing Nusli Wadia as independent director from the board of the company.

Wadia did not attend the EGM, which was chaired by independent director Nasser Munjee.

Shareholders of group companies Tata Steel and Tata Motors have already voted out Wadia from the boards of their companies. Results of the voting at Tata Chemicals EGM are awaited.

Tata Sons has said that Wadia, in collusion with ousted group chairman Cyrus Mistry, had acted against the interests of the group. The EGMs had been convened based on these charges.

Meanwhile, Tata Steel on Friday announced its acquisition of Brahmani River Pellets for ₹900 crore, to improve supply of raw material at its new steel unit at Kalinganagar in Odisha.