Tata Steel sued by minority shareholder over Nusli Wadia removal

Tata Steel on Thursday informed the Exchange that the company has been sued by Janak Mathuradas, a minority shareholder of Tata group firms.

"This is to inform you that the Company has today at 12:05 pm been served with a copy of the plaint in Suit No (L) 1119 of 2016 filed by Janak Mathuradas & Ors against Union of India & Ors (Tata Steel Limited being Defendant No 6) along with copy of the Notice of Motion for ad-interim relief sought therein and with a copy of the affidavit in support of the notice of motion".

The company said that the Notice of Motion will be on board for ad-interim reliefs before Justice S.J. Kathawalla on December 16, 2016.

On Wednesday, four minority shareholders of Tata group firms had moved Bombay High Court, challenging the proposed removal of industrialist Nusli Wadia as an independent director, while Tata Sons, the group’s holding company, requested the court to make it a party, as reported by PTI.

Janak Mathuradas, Yogesh Mathuradas, Chanda Mathuradas and Pramila Mathuradas, minority shareholders of Tata Chemicals, Tata Motors and Tata Steel, wanted the court to restrain promoters of these firms from voting at extraordinary general meetings (EGMs), scheduled for December 21 to 23, on a resolution to remove Wadia, the report said.

Janak Mathuradas, a minority shareholder in Tata group firms, has been associated with Tata Group since 1960s. Reportedly, Mathuradas, used to attend annual general meetings of Tata companies since he was just 10 year old.

According to a Times of India report, Mathuradas would sit at the back and listen to then Chairman of Tata Group, J R D Tata. His family started investing the stocks of companies listed on BSE which also included foreign companies (which were then allowed) since late 1800s.