Wadia Group Chairman Nusli Wadia has withdrawn a defamation suit against Ratan Tata. The decision by the Indian-born British Parsi businessman comes after Tata told the Supreme Court that he did not intend to defame Wadia.
The defamation case, filed in December 2016, sought Rs 3,000 crore. Wadia backed Cyrus Mistry after he had been ousted from Tata Sons in October 2016.
In the defamation suit, Wadia also mentioned board members Ajay Piramal, Ranendra Sen, Vijay Singh, Venu Srinivasan, Ralf Speth and FN Subedar along with Tata Sons chairman N Chandrasekaran who succeeded Mistry. As per Wadia, those named in the suit did a conspiracy to defame him.
Earlier, SC Chief Justice Sharad Arvind Bobde asked Tata and Wadia to resolve the defamation case, seeking. Calling the two as “mature people” being leaders in their own right, Bobde wondered why it was not possible to solve it.
SC, on January 10, stayed the order by National Company Law Appellate Tribunal (NCLAT) in December to reinstate Mistry as the executive chairman of Tata Sons.