Nusli Wadia writes letter to Tata Motors shareholders

Tata Motors has confirmed CNBC-TV18's newbreak of Nusli Wadia writing to shareholders of the company. Earlier in the day Nusli Wadia was reported to have written a 12-page letter to shareholders of Tata Motors following an earlier scathing letter to Tata Steel. This latest missive which had been seen by the channel is an equally vitriolic and a strongly-worded one directed to the shareholders of the group's auto arm.

Wadia has said allegations about him acting in concert with Cyrus Mistry are false are baseless and that his action as an independent director has not been linked to any individual. 

While broadly the template of the letter is similar to Tata steel shareholders, this one is about the functioning of Tata Motors with particular reference to the manner in which its Rs 1 lakh car Nano functioned. Nano, which was the poster boy of affordable driving, has been a strain on the financial resources of Tata Motors, Wadia seems to have mentioned. Even at a price of over Rs 2 lakh, Wadia writes, it is neither viable or saleable. Wadia further claims that Tata Sons had sought to influence independent directors in Tata Motors Board meet on November 14.Watch video for more...