Wadia complains to Sebi about Tatas' plan to remove him from group companies

He wrote to the market regulator over lapses in corporate governance at Tata Group companies

Nusli Wadia, an independent director on the boards of Tata Chemicals, Tata Steel and Tata Motors has complained to the stock market regulator, the Securities and Exchange Board of India alleging insider trading norms violations in various Tata companies. Wadia also complained about the shareholder resolutions moved by the three companies for his ouster without giving any valid reasons. 

In its special notice, the Tatas had accused Wadia of galvanising other independent directors against the Tatas and acting in concert with Cyrus Mistry. Wadia has threatened to file defamation suit against Tata Sons directors for making allegations without any evidence.

The three companies would hold EGM to oust Wadia and Mistry in the third week of December.