Suit by Tata Group minority shareholders on Nusli Wadia's removal adjourned

 

Nusli Wadia, Chairman, Wadia Group

  The Bombay High Court on Monday adjourned to March 7 hearing on a suit filed by four minority shareholders of three Tata Group companies seeking to restrain the promoters from voting at extraordinary general meetings on a resolution to remove industrialist Nusli Wadia as an independent director.

 

The matter was listed on board but did not reach for hearing. Justice S J Kathawala adjourned it till March 7.

The high court had on December 16 last year directed Tata Steel, Tata Chemicals and Tata Motors to keep one post of independent director vacant until further orders.

Janak Mathuradas, Yogesh Mathuradas, Chanda Mathuradas and Pramila Mathuradas, the minority shareholders, had prayed to the court to restrain the promoters from voting at the EGMs that sought to remove Wadia following the ouster of group chairman Cyrus Mistry.

However, the high court did not grant stay, and Wadia was subsequently voted out at EGMs.

The plaintiffs also challenged a rule in the Companies Act which allows promoters to vote on a resolution seeking removal of independent directors.