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<ul><li>Wadia who manages various businesses from biscuits-to-textiles-to-airlines, sued his childhood friend, <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> after Tata group removed him as the independent director of <keyword id="42747" type="DOMAIN" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> for supporting Mistry. </li><li>Wadia, who was once called as the epitome of South Bombay’s old money and genteel respectability, has been a part of many corporate brawls during 1970s and 1980s. </li><li>One of the many first corporate fights was with his father, <keyword id="71087" type="PERSON" weightage="20" keywordseo="Neville-Wadia">Neville Wadia</keyword>, who was the chairman of <keyword id="55359" type="COMPANY" weightage="20" keywordseo="Wadia-Group">Wadia Group</keyword>. </li><li>Then the next battle was against the Ambanis. </li></ul>The infamous exit of Cyrus Mistry as the chairman of the $103 billion Tata group had unfolded a lot of drama in Tata boardrooms. One of its many offshoots was that it angered billionaire <keyword id="6500654" type="PERSON" weightage="20" keywordseo="nusli-wadia">Nusli Wadia</keyword> who was caught in the crossfire which culminated into a court case. Wadia who manages various businesses from biscuits-to-textiles-to-airlines, <a href="https://www.business-standard.com/article/companies/ratan-tata-steps-down-as-bombay-dyeing-s-director-113020800565_1.html">sued his childhood friend, Ratan Tata</a>. While the Mistry-Tata war was at its zenith, <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/independent-directors-of-tata-chemicals-support-cyrus-mistry-management/articleshow/55355584.cms">Wadia threw his weight behind Mistry</a>. As a result, the Tata group removed him as the independent director of Tata Motors. Wadia filed a defamation case against Ratan Tata and his Tata group. He claims that <a href="https://qz.com/india/835001/corporate-gladiator-and-jinnahs-grandson-nusli-wadia-has-entered-the-tata-battle-and-hes-going-after-his-childhood-friend/">he “never entered any dispute unless he felt wrong”.</a> And, for three years the case went on during which time his net worth doubled from $3.5 billion to $7billion in 2019, according to Forbes. Here’s how things unfolded for Nusli Wadia , who stood against Ratan Tata: 
	<div type="Slideshow" msid="73264318" hostid="261" title="Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the take" firstImageMsid="73264426" slideCount="3"></div>

Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale

Two days after he was removed from <keyword id="6357147" type="CITY" weightage="20" keywordseo="Tata-Steel">Tata Steel</keyword> with 71.20 per cent votes going against him, shareholders of <keyword id="42747" type="CITY" weightage="100" keywordseo="Tata-Motors">Tata Motors</keyword> have now overwhelmingly voted to remove independent director <keyword id="6500654" type="PERSON" weightage="100" keywordseo="Nusli-Wadia">Nusli Wadia</keyword> from the company's board. 
 As many as 146.28 crore shares out of 205.45 crore votes polled voted in favour of a resolution brought by the company's main promoter <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> for removing Wadia. 
 Notably, he has been accused of siding with the estranged chairman <keyword id="844080" type="UNKNOWN" weightage="20" keywordseo="Cyrus-P-Mistry">Cyrus P Mistry</keyword> and rallying independent directors against Tata Sons. 
 
Out of 293.8 crore shareholders, 205.45 crore or 69.93 per cent participated in the voting on the resolution, according to a regulatory filing by the company. Those voting against the resolution made up for 28.80 per cent shares. 
 
On Wednesday, Wadia was removed as independent director from Tata Steel board, which he served for 37 years, with 90.8 per cent of the shareholders present and voting at the company's extraordinary general meeting voting in favour of the resolution moved by Tata Sons seeking his removal. 
 
Wadia did not attend both the meetings, calling them stage-managed. He further went on to file a <a href="http://www.businessinsider.in/now-nusli-wadia-files-defamation-case-against-tata-sons-ratantata/articleshow/56140677.cms">Rs 3,000-crore defamation suit against Ratan Tata and Tata Sons.</a>

Now, Tata Motors shareholders vote to oust Nusli Wadia from company's board

<keyword id="6500654" type="PERSON" weightage="100" keywordseo="Nusli-Wadia">Nusli Wadia</keyword>, longtime associate of Rata Tata and independent director on the boards Tata group companies like Tata Chemicals, Tata Motors and Tata Steel, has filed a Rs 3,000-crore defamation suit against <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> and <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>. 
 
Officials close to the development said the chairman of Wadia Group has sought compensation from Tata Sons for the various accusations it levelled against him in public statements to shareholders. He says no valid reason was given for the allegations and the extraordinary general meetings (EGM) called by the group for his ouster. 
 Wadia had in November threatened civil and criminal defamation suit against Tata Sons, when the company alleged that Wadia was acting in concert with <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> and against the interests of the principal shareholders by galvanising independent directors.

Now, Nusli Wadia files defamation case against Tata Sons, seeks Rs 3000 crore in damages

Last month, we told you how the Indian Civil aviation industry was all set to bid <a href="http://www.businessinsider.in/Civil-aviation-industry-to-say-goodbye-to-the-5/20-formula/articleshow/50282911.cms">goodbye to the 5/20 formula</a>. However, looks like there might be some opposition regarding this change. 
 Apparently, <keyword id="1542889" type="COMPANY" weightage="100" keywordseo="The-Wadia-Group">the Wadia group</keyword> is opposing the decision of the <keyword id="58151" type="ORGANIZATION" weightage="100" keywordseo="civil-aviation-ministry">civil aviation ministry</keyword> to dismantle the 'five years and 20 aircraft' (5/20) norm for domestic carriers to be able to fly international. 
 The promoters of <keyword id="6356167" type="COMPANY" weightage="100" keywordseo="GoAir">GoAir</keyword>, <keyword id="6500654" type="PERSON" weightage="100" keywordseo="Nusli-Wadia">Nusli Wadia</keyword> and <keyword id="145370" type="PERSON" weightage="100" keywordseo="Jeh-Wadia">Jeh Wadia</keyword>, were part of a delegation that met <keyword id="210147" type="PERSON" weightage="100" keywordseo="Mahesh-Sharma">Mahesh Sharma</keyword>, the Minister of State for Civil Aviation on Tuesday. The delegation was as part of a Federation of Indian Airlines (FIA) team and SpiceJet Chairman Ajay Singh was also present for the meeting. 
 
As per ET sources, the Wadias argued before the minister that a lot of foreign nations respect their domestic airlines and give them priority over foreign carriers, and this being a new government should know the expectations that people have. 
 As per the existing guidelines, only those airlines that have been flying within India for five years or have more than 20 aircraft are allowed to fly on international routes, but the civil aviation ministry is considering scrapping the rule, which would benefit two Tata Group-promoted airline companies - <keyword id="2467342" type="UNKNOWN" weightage="100" keywordseo="Vistara">Vistara</keyword> and AirAsia India. However, Nusli Wadia-owned GoAir, IndiGo and SpiceJet are more likely to benefit if the rule stays as is. Therefore, even though the Tatas and the Wadias have been close allies for a long time, this issue is seeing them standing on opposite sides. 
 
<a href="https://c2.staticflickr.com/4/3388/3638338830_637f68d63b_b.jpg">Image source</a>

The Wadias don’t want the 5/20 aviation rule to be scrapped, even if it means huge losses to close friends, the Tatas

<keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> veteran OP Bhatt has replaced <a href="http://www.businessinsider.in/Cyrus-Mistry-calls-ouster-from-Tata-Global-Beverages-illegal/articleshow/55440288.cms">Cyrus Mistry</a> as the interim chairman of <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword>, until the extraordinary general meeting is held on December 21. 
 
At the EGM, shareholders will<a href="http://www.businessinsider.in/Tata-Sons-Board-may-consider-stripping-Cyrus-Mistry-of-proxy-powers/articleshow/55471729.cms"> vote to remove Mistry</a> and <keyword id="6500654" type="PERSON" weightage="20" keywordseo="Nusli-Wadia">Nusli Wadia</keyword> as directors of the company as it takes note of the<a href="http://www.businessinsider.in/Why-did-Tata-Sons-remove-Cyrus-Mistry-as-the-Chairman/articleshow/55032613.cms"> leadership changes at Tata Sons</a>, the steelmaker said in a regulatory filing on Friday. 
 
"The Board appointed the independent director as the Chairman keeping in mind principles of good corporate governance and to provide impartial leadership to the Company in its preparation and conduct of the EGM," the statement said. 
 
The company said this decision was taken to also ensure stability in the larger interest of Tata Steel’s stakeholders including employees, trading partners, financial stakeholders and local community around its operations. 
 It also said that the decision to hold the EGM was taken at a board meeting on Friday, which was in pursuant to the notice dated November 10 it received from <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> that owns 29.75 percent in Tata Steel.

SBI veteran OP Bhatt replaces Cyrus Mistry as the Chairman of Tata Steel

As the independent directors in the Tata fraternity have started making their choices, it is yet to see who will opt for whom- <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> or <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>. 
 The apparent loyalty test began after the independent directors of the Taj hotels backed Mistry, saying they wanted him to continue as the chairman of Indian Hotels Company Ltd (IHCL). Mistry, who was removed as Chairman of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>, continues to remain head of many group of companies. 
 
The board meetings of these companies are scheduled for November 10, 11 and 14. 
 
In this trust vote, Nusli Wadia is going to play an important role. 
 Chairman of Bombay Dyeing and Britannia Industries, Wadia could play a crucial role as he is oldest friends of Ratan Tata and also an independent director with <keyword id="6354310" type="CITY" weightage="20" keywordseo="Tata-Chemicals">Tata Chemicals</keyword>, Tata Steel and <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword>. 
 
During the board meetings, Mistry would require the backing of independent directors to approve the quarterly results. 
 
As per media reports, Wadia had helped Ratan Tata to ease out Russi Mody from Tata Steel in the 1990s. 
 
Apart from Wadia, there are other independent directors who are on the board of more than one Tata company such as Vibha Paul Rishi, Mallika Srinivasan, Venu Srinivasan, Nasser Munjee, and O P Bhatt. 
 
J N Gupta, who was an executive director with Sebi and now runs Stakeholders Empowerment Services, a corporate governance advisory firm, said: "If independent directors do not back Mistry at the forthcoming board meetings, they will have to face the uncomfortable question of what changed so drastically between June and October that after just three months they are taking a diametrically opposite view on Mistry.”

This man may change the game as Ratan Tata vs Cyrus Mistry loyalty test begins

The bitter boardroom battle at Tata Sons is unlikely to impact operations of the $100-billion conglomerate's crown jewel TCS. However if its chief N Chandrasekaran is elevated to the top at the group level, it could be a blip on the firm's business, say analysts. 
 
"Customers care about delivery and long-term stability, not so much about boorish boardroom behaviours... If Chandrasekaran does assume leadership at the group level, it could well prove to be a short-term loss for TCS," Sanchit Vir Gogia, Chief Analyst &amp; CEO, Greyhound Research said. 
 
According to a news agency, under Chandrasekaran's leadership, Tata Consultancy Services has stood its ground amidst formidable competition from the likes of Infosys, Tech Mahindra, IBM, Accenture, Wipro, HCL among others, he added. 
 
Last week, Tata Sons - the majority shareholder in TCS with 73.26 per cent stake - removed Cyrus Mistry as the Chairman of the IT services company and replaced him with Ishaat Hussain in the interim. 
 
TCS also called for an extraordinary general meeting to consider a resolution for removal of Mistry as Director of the company. 
 
The boardroom battle that began on October 24 with the unceremonious removal of Mistry as chairman of Tata Sons, triggered speculation that Chandrasekaran is being considered for the top job at the group level. 
 
Markwatchers feel the dispute is currently limited to boardroom and not at an operational level, and hence does not have any bearing on customers and employees. 
 
In intensification of boardroom feud in the Tata Group, patriarch Ratan Tata-led holding firm yesterday sought removal of ousted Chairman Mistry and his new-found supporter Nusli N Wadia from three prime listed entities, including Tata Motors and Tata Steel. 
 
"TCS is under the Tata umbrella but has always been operationally independent...the financials of TCS speak for themselves. The company is sitting on a cash pile and has clear business visibility. Chandra enjoys all the executionary powers and we have not seen decisions of TCS being influenced by the Board," Arup Roy, research director, Gartner said. 
 
Hence, any turmoil at the board level does not impact TCS, he said. 
 
In case Chandrasekaran - who is widely-believed to be the frontrunner for the position of Tata Sons Chairman - does clinch the top job, there could be a "bit of an impact" given the suddenness of the move, Roy added. 
 
Dipen Shah, senior vice-president, Kotak Securities said that he did not expect client discussion on projects to see any impact, on account of the developments of the last few days. 
 
"Mistry does not interact with clients, so there is no day-to-day impact on TCS operations," Shah added.

TCS won't suffer because of Tata's boardroom battle

<ul><li>Entrepreneur <keyword id="82750" type="PERSON" weightage="20" keywordseo="Tony-Fernandes">Tony Fernandes</keyword>, the man who built <keyword id="6358246" type="UNKNOWN" weightage="20" keywordseo="AirAsia">AirAsia</keyword> is facing trouble amid bribery allegations. </li><li>He bought a state-owned AirAsia which was sinking fast into a whirlpool of debt for 26 cents in 2001 — and and turned into a billion dollar company. </li><li>He turned it around from $11 million debt to break even in two years. </li><li>In September 2019, the 55 year old Fernandes announced his retirement to let the next generation leaders in AirAsia to come to the forefront. </li></ul>Tony Fernandes’ rise to the top mirrors that of a Bollywood movie where a hero left with a single coin soon turns into a millionaire. After all, he bought a state-owned AirAsia which was sinking fast into a whirlpool of debt for 26 cents in 2001 — and and turned into a billion dollar company. But his fall also came as dramatically after aerospace company <keyword id="6356166" type="COMPANY" weightage="20" keywordseo="airbus">Airbus</keyword> said that it paid $50 million to the Malaysian airline. He had to step down as the CEO temporarily for 2 months, and denied the allegations. Fernandes who promised to cooperate with the authorities is no stranger to controversy. His company which has in a joint venture with Tatas in India was also <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/more-individuals-under-cbi-lens-for-airasia-lobbying/articleshow/64626271.cms?from=mdr">investigated for playing </a>a part in relaxing a rule that needs an airline to be operational for five years with 20 planes before they are allowed to fly overseas. <keyword id="6356895" type="PERSON" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>, the former chairman of <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-warning-to-ratan-tata-on-jlr-tata-motors-airasia-and-telecom/articleshow/72873129.cms">Tata Sons</a> too had expressed discomfort with his association with the airline. “Board members and trustees are also aware that in the case of <keyword id="86568" type="LOCATION" weightage="20" keywordseo="Air-Asia">Air Asia</keyword>, ethical concerns have been raised with respect to certain transactions as well as the overall prevailing culture within the organization,” he said in a letter to the board. In Malaysia too, Fernandes is known to be close to many politicians and even painted one of the parties’ slogans on the plane — <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/double-trouble-airasia-ceo-tony-fernandes-faces-tough-time-both-in-india-and-malaysia/articleshow/64431461.cms?from=mdr">landing him in trouble</a>. While many of his maverick branding bets gave wonderful results, they also landed him in trouble enough times. The boy who wanted to be a pilot After completing his education from Britain’s Epsom College, Fernandes worked for Richard Branson and entertainment companies like Warner Music. But his childhood dream of becoming a pilot brought him into the aviation sector. After he bought the airline, he turned it around from $11 million debt to break even in two years. It started with two planes but now has a fleet of over 260 planes and flies as many as 100 million passengers. A major part of his success comes from his consistent efforts in building a brand. “The first thing you need is a great product, the second thing, you got to invest in branding. There are so many great ideas, and nobody knows about them,” he had <a href="https://www.campaignindia.in/article/tony-fernandes-airasia-plans-from-airline-to-lifestyle-brand/453037">said at a conference</a> in Hong Kong. Early bird technology investments Fernandes lived by the idea of investing in events where he saw potential — which expanded his clientele. He spent generously on sponsorships — including a football club <keyword id="6034" type="COMPANY" weightage="20" keywordseo="Manchester-United">Manchester United</keyword>. And, this was when AirAsia had merely seven planes. It had also invested in esports. He also made a personal investment to create a football club <keyword id="91917" type="ORGANIZATION" weightage="20" keywordseo="Queens-Park-Rangers">Queens Park Rangers</keyword> (QPR) in London. According to Forbes, he has a net worth of $530 million. He did not hold back even when the time came to invest in technology. AirAsia was one of the early birds to deploy cloud technologies with an online ticketing system. This data of customers turned out to be goldmine — which was then used to implement technologies like facial recognition. “I didn’t see the digital revolution that was to come. Now we have a massive amount of data, not just in Malaysia but across ASEAN,” he said. Dating on the plane Since then, the airline has introduced several consumer friendly initiatives like partnering with the dating apps for the passengers to ‘connect’ on the plane. Come 2019, the airline also became the first to set up a restaurant selling in-flight fare on land. “Who would have thought: airline food to restaurant? ASEAN’s first fast food restaurant,” <a href="https://www.businessinsider.sg/tony-fernandes-has-quit-twitter-herere-his-3-most-memorable-posts-of-2019/">Fernandes had said</a>. In September 2019, the 55 year old Fernandes announced his retirement to let the next generation leaders in AirAsia to come to the forefront. “For clarity: I will remain CEO of AirAsia group and CEO of AirAsia.com. Rest of my positions in the boards and management will go to my young amazing leaders. So so many of them. Leadership is about succession planning, always giving youth a chance,” he said. But, it looks like everything is not going according to his plans. See also: <a href="https://www.businessinsider.in/thelife/personalities/news/britannia-owner-nusli-wadia-cases-against-ambani-and-ratan-tata/articleshow/73264154.cms">Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale</a> <a href="https://www.businessinsider.in/thelife/personalities/news/kobe-bryant-was-a-big-iphone-guy-with-investments-in-alibaba-and-video-games-on-nintendo/articleshow/73654930.cms">Kobe Bryant was a 'big iPhone guy' with investments in Alibaba and video games on Nintendo</a> <a href="https://www.businessinsider.in/thelife/personalities/news/youtuber-bhuvan-bam-heads-to-world-economic-forum-in-davos-to-tell-his-story/articleshow/73473149.cms">How far can you go with YouTube — A Delhi college boy reached Davos in 5 years</a>

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Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale

Preeti Soni

Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale

Now, Tata Motors shareholders vote to oust Nusli Wadia from company's board

BI India Bureau

Now, Nusli Wadia files defamation case against Tata Sons, seeks Rs 3000 crore in damages

BI India Bureau

The Wadias don’t want the 5/20 aviation rule to be scrapped, even if it means huge losses to close friends, the Tatas

BI India Bureau

SBI veteran OP Bhatt replaces Cyrus Mistry as the Chairman of Tata Steel

BI India Bureau

This man may change the game as Ratan Tata vs Cyrus Mistry loyalty test begins

BI India Bureau

TCS won't suffer because of Tata's boardroom battle

BI India Bureau

Tony Fernandes — who bought an airline for 26 cents and turned into a billion dollar company — lands in trouble

Prerna Sindwani

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