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Published: Thu, December 01, 2016
Economy | By Melissa Porter

Nusli Wadia to go ahead with defamation case against Tata Group

Nusli Wadia to go ahead with defamation case against Tata Group

All of them, except Bhattacharya, are on the board of Tata Sons. This "selection" will depend on the criteria as defined in the founding documents of these Trusts.

Noel Naval Tata, the half-brother of Ratan Tata, has emerged as a front-runner in the race to become the next Tata Sons chairman.

A Tata Sons spokesperson declined to comment on speculation.

Mumbai: The spat between Tata Group and Mistry camp appeared to be escalating with industrialist Nusli Wadia on Wednesday saying that he has been left with no option other than defamation proceedings against the conglomerate.

Among the Tata group companies, TCS has called an EGM on December 13, while Indian Hotels has convened it on December 20, Tata Motors will hold it December 22, Tata Steel on December 21 and Tata Chemicals on December 23. Expecting the group companies to be all professionally managed, the US -based firm said that it hoped that all these firms would continue to deliver on their business and financial plans as they are "currently unaffected by the developments".

In Moody's view, it is business as usual at the rated Tata companies, which are listed entities, in spite of the leadership change. "Moody's says that it does not expect any change in the operating and long-term strategy of the Tata companies", the statement said.

Meanwhile, the search committee has narrowed in on a few names for the top job.

Meanwhile, Tata Consultancy Services which has A3 stable outlook, reflects Tata Group's intrinsic credit strength.

External names like Former Unilever COO Harish Manwani too have been speculated upon.

"The list is a small one and Noel is certainly in it. He is someone who is fully aware of the Tata ethos and value systems that has come under strain in recent times", an official keeping a close tab on the ongoing developments told ET. "He is also family". Tata Power claims the fall in income is mainly due to lower fuel cost and lower power purchase. The managing trustee is R. Venkataramanan, Ratan Tata's former executive assistant and close confidant. "If you have any respect for your association with JRD Tata and Ratan Tata, as mentioned by you, you would seriously consider withdrawing this notice", the Tatas said. The company has 12 directors, out of which six are independent.

Tata is also the non-executive chairman of Tata Investment Corporation (TIC).

Noel Tata (59) is the chairman of Trent, which is the retail arm of the group.

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