As Tata Motors has invited its shareholders today to remove Nusli Wadia from the company's board, Wadia has written to the shareholders explaining why Tata Sons' reasons to remove him are all baseless.
Wadia pointed out that his performance can be vetted by other independent directors of the company and urged the shareholders to raise the point during the EGM.
"You may wish to seek guidance from the independent directors at the meeting as to my performance and contribution to the company and seek their views on my independence," Wadia said.
Wadia reiterated the point raised by Cyrus Mistry in the past about how Tata Nano has been a big burden to the company. He said the project was an "ill-conceived investment" and has caused significant losses.
"The plan on which the investment was made was for 250,000 cars, while the production in the year 2015-16 was in the region of 20,000 cars and presently far less," Wadia said.
He said the delay in closure of Nano is not only causing financial damage but also creating a negative image for Tata Motors in the passenger vehicle segment.
Wadia pointed towards cross holdings within the Tata group companies and said, "It is for you shareholders of Tata Motors who own 70 per cent of the shares of the company to decide whether you want to be the holder of Tata Sons shares with minimum return, zero liquidity and no exit."
Wadia also questioned the corporate governance at Tata Motors, giving instances of Ratan Tata's meeting with Tata Motors union in Pune to seek their support and of the alleged influence that Tatas tried to exert on the independent board members.