Truth will prevail, says emotional Ratan Tata at Tata Chemicals EGM

The outcome of voting on a proposal to oust Nusli Wadia as independent director of three listed companies — Tata Steel, Tata Motors and Tata Chemicals — could have gone either way if not for the support of minority shareholders.

Addressing the shareholders of Tata Chemicals on Friday, Ratan Tata, Interim Chairman, Tata Sons, said it (voting results) could have gone either way but for shareholders’ overwhelming and remarkable support.

An emotional Ratan Tata said the group has been in existence for 150 years and survived on governance and fair play.

“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 EGM.

Over the past two months, Tata said, “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.

Tata further said he was moved emotionally and touched by the support, warmth and affection shown by the shareholders over this week. “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,” he summed up.

Earlier, addressing the shareholders, R Mukundan, MD of Tata Chemicals, denied all the allegations made by independent director Nusli Wadia against him.

According to Wadia, Mukundan had conveyed to the board that if independent directors chose to issue any statement with reference to former chairman Cyrus Mistry, the MD would not permit the company secretary to issue the proposed communication.

Denying that there was an offer of protection for people who support the promoters, Tata Sons, as alleged by Wadia, Mukundan said: “I’m not mean enough to air my difference and grievances in public and strong enough to maintain a dignified silence. However, for the benefit of shareholders I have, with great difficulty, decided to place my version on the board meeting (held on November 10).”

“I, as a defender of faith, do not need any protection or promise of protection. The only faith I know is your company (Tata Chemicals).

“At no point I seek protection or promise of protection and also did not offer this to anyone in the team. Those in my team ride along with me to protect this company on their own will, clarity of thought and matter of values,” he said.