Nusli Wadia, chairman of the Wadia group of companies, formally withdrew a defamation suit against Tata group patriarch Ratan Tata, after the latter informed the Supreme Court that he had no intention to defame Wadia.
After the court recorded Tata’s statement, Wadia withdrew the petition, as suggested by the SC last Tuesday, that the two settle the issue amicably. There was no face-to-face meeting between the two and the settlement took place in court, said a source.
This ends the three-year dispute between two of India’s oldest business houses. Wadia had moved the SC to challenge the decision of the Bombay high court to quash his defamation complaint against Tata. Wadia had sought damages worth Rs 3,000 crore from Tata. The SC said it appreciated Wadia’s gesture of honouring the SC’s suggestion.
Wadia had filed the case against Tata and others in 2016. This was after he was voted out of three Tata companies — Tata Chemicals, Tata Motors and Tata Steel.