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In his letter to Tata Chemicals, Tata Motors and Tata Steel shareholders, Wadia said he does not serve the principal shareholder Tata Sons in any capacity and need not act in their interest. “I have a fiduciary responsibility to act as an independent director in the best interest of the companies on whose boards I serve, no more no less.”
According to Wadia’s defamation suit, Rs 3,000 crore was sought in damages because Tata Sons’ allegations had prejudiced shareholders and the public at large and caused injury to his reputation.
(Sourced from agencies, feature image courtesy:oneindia.com)
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