Wadia not to back down in fight against Tatas

Nusli Wadia is digging in his heels in his fight against the Tatas even as Cyrus Mistry resigned as director from listed Tata group firms before EGMs of four companies slated to take place this week.
Shareholders of three companies -- Tata Steel, Tata Motors and Tata Chemicals -- are scheduled to vote on resolutions moved by Tata Sons to remove Wadia, who is an independent director, from their boards on December 21-23.
Sources close to Wadia ruled out him taking up similar steps as Mistry did today saying "he is in court".
Last week, Wadia filed a Rs 3,000 crore defamation suit against Ratan Tata, Tata Sons and some of its directors.

He flied the case in Bombay High Court following the move by Tata Sons to remove him from the board of the three companies.
Wadia had denied allegations by Tata Sons that he was acting in concert with ousted Chairman Cyrus Mistry.

Besides he has also refuted claims that he was "galvansing" independent directors and mobilising opinion, forcing disruptions and issuing statements" which were contrary to the interest of the companies as "totally baseless and completely unsubstantiated".
He had also alleged that he has been singled out and was being sought to be removed as independent director because of his "independence of mind and action in the discharge of my fiduciary duties".

In his representations to the shareholders of the three companies, Wadia had flagged many issues faced by the respective companies, such as continuation of Nano was serious drain on finances of Tata Motors.