Wadia urges Tata Chem shareholders to vote with their conscience

Sources tell CNBC-TV18 that Nusli Wadia has written to Tata Chemical shareholders urging them to vote with their conscience at today's EGM.

Shareholders of the company in which Tata Sons holds slightly over 30 percent will be voting on a resolution to remove Wadia as independent director. In his letter Wadia has pointed to the lack of corporate governance at Tata Sons. Both Analjit Singh who quit the board of Tata Global Beverages and Darius Pandole who followed suit did so due to lack of transparency and governance, Wadia claims.

He also says that reasons for his removal are not linked to performance.

He has raised concerns over providing financial resources to overseas business assets and that led to an Impairment of Rs 1,600 crore.Watch video for more...