In the latest development pertaining to the Tata Sons fiasco, sources in Indian Hotels tell CNBC-TV18 that three Tata Steel independent directors forced Nusli Wadia to drop the resolution of backing ousted chairman Cyrus Mistry.
Sources have revealed OP Bhatt, M Srinivasan and Andrew Robb refused to back Wadia's pro-Mistry resolution.
The independent directors told Wadia that the company is for all stakeholders and not just one individual and passing such a resolution will put the company's future at stake.
They also advised Wadia that taking on the promoter is not in the interest of the company over the long-term and such a confrontation will destroy shareholder value.Watch video for more.
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