Advisory firm InGovern writes to independent directors of Tata Motors

MUMBAI: On Monday, proxy advisory firm InGovern sent an email to all independent directors of Tata Motors , asking them to ‘take a lead role in guiding the Company till the issue is resolved’. These directors include Nusli Wadia, Naseer Munjee, Falguni Nayar, Raghunath A Mashelkar, Subodh Bhargava, Vinesh K Jairath.

The email (a copy of which is with ET ) states- ‘From the information that is in the public domain, we gather that a number of issues (long-term strategy, Nano project, etc) merit the attention of the independent directors (IDs). It is important that the IDs take a lead role in guiding the Company till the issue is resolved. Reflecting the views of the Chairman of SEBI, we expect IDs to fulfill their fiduciary duties in the interest of all stakeholders’.

‘It is unfortunate that the recent developments have also been subject matter of various market rumours that has affected the reputation of the Company. It is therefore imperative that the IDs take all necessary actions transparently and adhere to the highest norms of corporate governance. We expect IDs to act swiftly and keep shareholders informed of developments to allay our concerns’, says the email.

In the tussle between Tata Sons and Cyrus Mistry, the independent directors of group firms have taken a strong stance. Many are backing former chairman Cyrus Mistry and this has led to the business house asking the group firms to call for EGMs to remove Mistry and independent directors like Nusli Wadia.