Nusli Wadia's fresh letter to Tata Motors' shareholders alleges lapses in governance

Mumbai: In a fresh letter to shareholders of Tata Motors, Nusli Wadia, an independent director on board of various Tata companies, has alleged lapses in governance at the auto maker.

Already, Tata Sons is working to remove Nusli Wadia as director of various boards of Tata Steel and Tata Motors through EGMs.

Wadia's letter reads, “Over the years I have as an independent director expressed my views and differed with several proposals during the time of Mr Ratan Tata’s chairmanship. The Nano, initially a car conceived to sell at Rs 1 lakh was launched in 2008, has proved to be a serious drain on the financial resources of Tata Motors. Even at a price of Rs 2.25 lakhs, the car neither sells nor is viable. After its commercial failure which became evident not too long after its launch, I differed strongly in its continued operations and funding. Huge losses have been incurred over the years… The investment and losses on NANO have been in thousands of crores rupees. Concerns have been raised not only by me but by several others regarding the continuing operation.”