Amid an ongoing battle between ousted Tata Sons chairman Cyrus Mistry and Ratan Tata, Nusli Wadia, an independent director on the board of Tata Motors, on Thursday wrote a letter to the shareholders of the company defending his role on the board and questioning the allegations levelled against him by Tata Sons.
“… It is my duty to point out to you, the baseless and false allegations that have been made in the explanatory statement by Tata Sons supporting the resolution to seek my removal. I addressed each of the allegations that they claimed to be their reasons for my removal none of which were linked to my performance as Independent Director,” he wrote.
Wadia again referred to Tata Nano as an ill-conceived investment that had been a drag on the company’s finances. “I have outlined events relating to some key decisions of the Board. Most important of all is Taqata Motrors’ ill-conceived investment in NANO, the car that neither sells nor is viable as every sale of the vehicle is at a substantial loss to the company.”
Here is the full text of Nusli Wadia’s letter to Tata Motors shareholders:
My Dear Shareholders,
I had sent you a few days ago, a detailed letter setting out my response to the resolution proposed by Tata Sons for my removal as a Director of your Company.
As I mentioned, I have served your Company as an ‘Independent Director’ for more than 18 years having been invited by JRD Tata, my mentor and Godfather.