In his 18 page letter to shareholders of Tata Steel, Nusli Wadia accused Ratan Tata for destroying the tradition of Tata Group mentored under Jehangir Ratanji Dadabhoy (JRD) Tata. The letter details the illegalities and bad decisions taken by Ratan Tata, which ultimately led to huge losses to the company.
Wadia accuses that his removal was initiated just because he supported Cyrus Mistry, citing the timeline of events and fast developments in moving for notice of EGM for removal.
Wadia explains Ratan Tata’s autocratic decisions in the development of acquisition of Corus, development of Borivili land in Mumbai, Gopalpur land in Orissa, execution of Kalinganagar Project
Reminiscing his association with JRD Tata, Wadia said: “Whatever little I have learnt, and the values that I have tried to imbibe, are those that he (JRD) gave me. The most important value that he taught me was that when one enters a Board Room, you leave your shares at the door, irrespective of whom you represent. He (JRD) encouraged the freedom of thought and expression. If any member of the Board disagreed with JRD he not only respected it but appreciated it. He never expected anyone to toe his or “the Tata line”. He never admonished anyone for being independent. This is what Mr. JRD Tata practised. It is both sad and unfortunate that Tata Sons and its interim Chairman Ratan Tata are not only practising this great tradition but effectively destroying it”.
Wadia was responding to the Extraordinary General Meeting (EGM) convened on December 21 to remove him from the post of Independent Director of Tata Steel. Wadia accuses that his removal was initiated just because he supported Cyrus Mistry, citing the timeline of events and fast developments in moving for notice of EGM for removal.
The letter published at the end of this report exposes the arrogance and autocratic behaviour of Ratan Tata in running the affairs of the company, which ultimately led to a humongous loss to Tata Steel.
This 18 page letter of Wadia is a textbook case exposing corruption, violation of laws, arrogance and autocratic attitude by the megalomaniac nature of India’s Corporate sector.
Here is a copy of the letter Wadia wrote to Ratan Tata:
NusliWadia'sLettertoTataSteel by PGurus on Scribd
Note:
1. Text in Blue points to additional data on the topic.
Sounds like Cyrus Mistry and not Ratan Tata to me.