The principal shareholders have lost confidence in the suitability of Wadia. As per a November 10 resolution from the Board of Directors, have proposed the removal of Wadia and Mistry from the boards of group companies.
After Mistry's ouster, the Tata Group is now seeking dismissal of Nusli Wadia from the boards of the group companies. Sources privy to the development have told CNBC-TV18 that post October 24, Nusli Wadia has been acting in a manner that is designed to hard the Tata Group and so Wadia's continuance on the board has been rendered untenable.
Tata Sons is concerned that Wadia's actions may put the company and its future in jeopardy, impacting morale of workers and management as he has been acting prejudicially.
The principal shareholders have lost confidence in suitability of Wadia. As per a November 10 resolution the board of directors, have proposed removal of Wadia and Mistry from boards of group companies.
Cyrus Mistry, who had recommended a set of governance guidelines for the group, has failed to abide by them. He was required to resign from board of Tata Steel according to the guidelines, say sources.
Tata Sons has said Cyrus Mistry, in his scathing letter, to the board had made unsubstantiated allegations against the Tatas that have caused the group enormous harm.
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