Wadia complains to Sebi, MCA against LIC, UTI-MF

Complaint to the regulators was made after they voted along with Tatas for Wadia's removal

Nusli Wadia, chairman of Wadia group of companies, has written to the market regulator, the Securities and Exchange Board of India, and the Ministry of Corporate Affairs (MCA) complaining against government-owned Life Insurance Corporation of India (LIC) and UTI Mutual Fund (UTI-MF) who voted for his removal from the boards of Tata Steel, Tata Motors and Tata Chemicals.

The complaint to the regulators was made after the two Indian institutions voted along with the Tatas for Wadia’s removal even as foreign funds voted against the proposal at the extraordinary general meetings (EGM). “There were no charges of fraud, malfeasance or