Accusing interim chairman of Tata Sons, Ratan Tata of violating Sebi's insider trading norms, Nusli Wadia, an independent director on the board of Tata Group companies has claimed that the former asked for price-sensitive information from Tata Group companies.
Wadia also claimed that he was being targeted by Ratan Tata because he refused to be to be Tata’s “yes man”.
“This, I believe, was before the introduction on January 15, 2015 of the insider trading regulations. I believe that Tata, Soonawala and the board of Tata Sons, even post-notification of the regulations on January 15, 2015, sought access to information and documents of Tata Steel, Tata Motors and other Tata companies,” Wadia alleged in his letter to the the Tata Steel shareholders.
Tata Steel shareholders will meet on December 21, post a special notice by Tata Sons seeking to remove Wadia and Cyrus Mistry as a director from the company’s board.