These days are very lonely, says an emotional Ratan Tata

He said the 150-year old Tata group stands for strong governance and fair play.

By: ENS Economic Bureau | Mumbai | Published:December 24, 2016 12:20 pm
ratan tata, ratan tata emotional, tata sons, tata company, cyrus mystry, nusli wadia, tata controversy, tata sons chairman, ratan tata news, tata news Tata chairman Ratan Tata. (Express photo by Pradeep Kocharekar)

Tata Sons Interim Chairman Ratan Tata turned emotional at a shareholders’ meeting stating that there had been a definite move to damage his personal reputation and “these days are very lonely” because of “unsubstantiated” attacks against him.

Countering the charges listed by Nusli Wadia, Tata said that truth will prevail. “Whatever the process may be and however painful it is, I think the truth will prevail and the systems in our country will govern,” he said at the extraordinary general meeting of Tata Chemicals.

“There has been a definite move to damage my personal reputation and the reputation of this great group — the Tata group. And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful,” he said.

He said the 150-year old Tata group stands for strong governance and fair play. “I could not leave from here (EGM) today without at least expressing my deepest gratitude to the shareholders. It has been a pleasure to be with you,” Tata said thanking the shareholders for their support, warmth and affection.

“And coming here this week with all the shareholders, I have been so moved emotionally and deeply touched by the warmth and the support and the affection that they have shown,” Tata said. “It (EGM) could have gone either way but your support has been overwhelming and remarkable. It has done more for my sense of goodwill today.”

Nusli Wadia, who was removed as the independent director from the boards of Tata Steel, Tata Motors and Tata Chemicals, had filed a defamation case against holding company Tata Sons and 11 of its board members and executives.

Wadia said Tata Sons and the individuals cited, including patriarch Ratan Tata, had defamed him “by printing, publishing and circulating per se false, frivolous, baseless, incorrect, libelous and defamatory material concerning the Complainant.”

He said the actions had tarnished his reputation and “caused distress, hurt and humiliation, as well as pecuniary loss, social disadvantages, injury to feelings, mental pain and suffering to the complainant.”

Wadia said he would pursue criminal charges of defamation, as well as abatement and “criminal action with common intention” violations that could be punishable by imprisonment for up to two years, or a fine, or both.

Wadia had been expected to take legal action after he was ousted from the boards of Tata Motors and Tata Steel this week.

Wadia came out against Tata Sons publicly backed Tata Sons’ former chairman Cyrus Mistry, who was ousted in October, sparking an acrimonious battle. Mistry has accused Tata Sons of mismanagement and corporate governance failures, allegations which Tata Sons has refuted. Mistry resigned from the boards of Tata group companies earlier this week and filed a petition with the National Company Law Tribunal to either replace Tata Sons’ current board, or appoint a retired Supreme Court judge as non-executive chairman.

Tata Motors shareholder’s voted in favour of Wadia’s removal as director. This came two days after the Tata Steel members voted by 90.80 percent in favour of a resolution to remove Nusli Wadia from the office of the director of the company, with immediate effect.

On Thursday, the National Company Law Tribunal, where yrus Mistry had moved a day before, alleging bad practices, oppression and mismanagement on the part of Tata conglomerate, refused to provide any interim relief to him.

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  1. S
    seema handoo
    Dec 24, 2016 at 2:09 pm
    Mr Rattan Tata don't feel lonely the w nation is with you.Tatas have done much much more than expected for the country. Listen the voice of your inner side and do whatever you want to do.everything will be okay after some time. The Nuslis and Mistries can't even think of ruining the image of Tatas.God is with you.
    Reply
  2. H
    himalaya
    Dec 24, 2016 at 7:39 am
    Ratan Tata is the highest respected Indian business personality for decades. The Mistris and Nuslis of the world are sinply jealous of Ratan Tata, likes dogs barking behind majestic elephant ping by.
    Reply
  3. P
    Pakku Mudli.
    Dec 24, 2016 at 9:06 am
    Yes. He is exactly that. A white elephant!
    Reply
  4. S
    srikanth
    Dec 24, 2016 at 1:39 pm
    What ever the issue is professionals at the top level have to resolve them with in board rooms. It is heartening to see such a bout in public arena especially for company of such repute.
    Reply
  5. S
    Sukumar Sukumar
    Dec 24, 2016 at 12:40 pm
    Mr Tata is yet to find the "connection" that stays connected to every thing in this universe within himslef......try to look within yourself Mr Tata.....and find the "true self' within you.....!!!! Best wishes to you....!!!!
    Reply
  6. V
    vijay shah
    Dec 24, 2016 at 9:25 am
    Sir Ratan Tata, India stands by you. As Jinnah wanted parion of Bharat, so does Nusli (Gson of Jinnah) want parion of the Tata Empire. But history will not repeat itself. Tata has the blessings and well wishes of all the Indian people. Down with Nusli and Cyrus. Long live Ratan Tata. God bless
    Reply
  7. V
    vijay shah
    Dec 24, 2016 at 9:29 am
    Tata has given back to the society and has always come up to the expectations of one and all. No one on this earth can ever touch the Tata Empire. It is surrounded and protected by the strong knit faith of us all Indians and it cannot be broken. We pray to the almighty (prophet Zoroaster) to give sense to Nusli and Cyrus.
    Reply
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