Nusli Wadia files Rs 3,000 crore suit against Tatas

December 16, 2016

Mumbai, Dec 16: In what may be one of the biggest defamation claims filed in India, Nusli Wadia, an independent director in three Tata companies, has sought Rs 3,000 crore in damages from Ratan Tata, Tata Sons and its directors, excluding Cyrus Mistryand Farida Khambata.

Nusli

The defamation suit filed in the Bombay high court comes after Tata Sons sought Wadia's removal from Tata Chemicals, Tata Motors and Tata Steel. The parent company of Tata Group had initiated the move as it believed Wadia had tried to "galvanise" independent directors to support Mistry's chairmanship in group entities despite the latter's removal as Tata Sons chairman. Wadia is chairman of Wadia Group, which owns Britannia Industries and Bombay Dyeing. Going by valuations of promoter stake in listed Wadia group companies, Nusli is worth at least Rs 21,000 crore.

On November 10, Wadia, along with other independent directors of Tata Chemicals, had issued a statement ex pressing confidence in Mistry's chairmanship after a board meeting. Less than 24 hours later, Tata Sons moved a resolution to remove Wadia from boards of Tata Chemicals, Tata Steel and Tata Motors. Wadia believes Tata Sons' action was hasty and vindictive. He said he was singled out despite the fact that other independent directors too had supported Mistry.

Wadia, in his defamation petition, said he had been associated with the three Tata companies since Ratan Tata's predecessor JRD Tata's tenure. He said he was invited to join the boards of Tata Chemicals, Tata Motors and Tata Steel by JRD Tata, who was his godfather and mentor. He also added that he is the longest serving director in these companies, independent or otherwise.

Tata Sons has moved the proposal to remove Wadia from Tata companies on the grounds that he was acting against their interests. The industrialist had said their reaction was an attempt to prevent an independent director from performing his duties in his fiduciary capacity. It was also a signal to other independent directors to toe the Tata Sons' line, he said.

In his letter to Tata Chemicals, Tata Motors and Tata Steel shareholders, Wadia said he does not serve the principal shareholder Tata Sons in any capacity and need not act in their interest. "I have a fiduciary responsibility to act as an independent director in the best interest of the companies on whose boards I serve, no more no less."

According to Wadia's defamation suit, Rs 3,000 crore was sought in damages because Tata Sons' allegations had prejudiced shareholders and the public at large and caused injury to his reputation.

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News Network
May 11,2025

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Amid the ongoing border tension with Pakistan, the Punjab Police in India arrested two individuals on espionage charges. They allegedly leaked sensitive information and photographs of Army cantonment areas and Air Bases in Amritsar, said the police on Sunday.

The two persons were identified as Palak Sher Masih and Suraj Masih. They were arrested in a significant counter-espionage operation by the Amritsar Rural Police.

Director General of Police Gaurav Yadav wrote on X, "Malerkotla Police apprehends two individuals for their alleged involvement in espionage activities linked to a Pakistani official posted at the High Commission, New Delhi.

"Acting on credible intelligence, one suspect was arrested for leaking sensitive information regarding Indian Army movements to a Pakistan-based handler. Based on disclosures made during interrogation, a second conduit was also identified and taken into custody.

"Preliminary investigation reveals that the accused had been receiving payments through online transactions in exchange for classified information. They were in frequent contact with the handler and were involved in channeling funds to other local operatives as per his instructions. Two mobile phones have been recovered, and an FIR has been registered."

The police said further investigation will be undertaken as per established protocol, with a focus on tracing the financial trail and identifying additional operatives and linkages within the network.

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News Network
May 10,2025

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In a significant escalation of hostilities, the Indian Army has reported that Pakistan targeted critical civilian infrastructure, including hospitals and school premises, in Srinagar, Awantipur, and Udhampur. This incident marks a severe breach of international norms, with Pakistan's actions drawing widespread condemnation.

Details of the Attacks

Wing Commander Vyomika Singh, during a press briefing, said that Pakistan's military launched attacks on Indian Army hospitals and educational institutions in these regions. The targeted facilities are located within or near military airbases, raising concerns about the deliberate targeting of civilian infrastructure. The attacks have resulted in significant damage to these establishments, though specific casualty figures are yet to be confirmed.

Indian Army's Response

The Indian Army has termed these actions as "unacceptable" and a direct violation of international humanitarian law. In retaliation, India has initiated "Operation Sindoor," a series of strikes targeting Pakistani military bases and terrorist infrastructure. The operation aims to dismantle terror networks operating from across the border and to send a strong message against such provocations.

The international community has expressed grave concern over the escalation. The United Nations has called for maximum restraint from both nations to prevent further deterioration of the situation. Countries like the United States, Russia, and China have urged India and Pakistan to engage in dialogue and de-escalate tensions.

As of now, the situation remains tense. Both nations have mobilized additional troops along the Line of Control (LoC), and airspace in the affected regions has been restricted. Civilians in the targeted areas have been advised to stay indoors, and emergency services are on high alert to respond to any further incidents.

This development marks a significant turning point in the ongoing India-Pakistan tensions, with the targeting of civilian infrastructure raising the stakes of the conflict. The coming days will be crucial in determining the trajectory of relations between the two nuclear-armed neighbors.

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News Network
May 8,2025

New Delhi: The government is briefing an all-party meeting on Thursday on the success of "Operation Sindoor" and its aftermath, as top government functionaries and opposition leaders met for a second time in a fortnight amid rising tensions between India and Pakistan following the Pahalgam terror attack on April 22.

Union ministers Rajnath Singh, Amit Shah, S Jaishankar, J P Nadda and Nirmala Sitharaman represented the government, while Rahul Gandhi and Mallikarjun Kharge from the Congress, Sandip Bandyopadhyay of the Trinamool Congress and DMK's T R Baalu were among the leading opposition figures in the meeting.

Other opposition leaders included Ram Gopal Yadav of the Samajwadi Party, Sanjay Singh of the AAP, Shiv Sena (UBT)'s Sanjay Raut, NCP (SP)'s Supriya Sule, BJD's Sasmit Patra and CPI(M)'s John Brittas.

JD(U) leader Sanjay Jha, Union minister and LJP (Ram Vilas) leader Chirag Paswan and AIMIM MP Asaduddin Owaisi were also part of the meeting.

Parliamentary Affairs Minister Kiren Rijiju said the government wanted to brief all parties on "Operation Sindoor".

In retaliation for the Pahalgam terror attack, Indian armed forces carried out missile strikes early Wednesday on nine terror targets in Pakistan and Pakistan-occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.

The military strikes were carried out under 'Operation Sindoor' two weeks after the massacre of 26 civilians in Jammu and Kashmir's Pahalgam.

The government had earlier called an all-party meeting on April 24 to brief leaders on the attack.

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