Jehangir Wadia, the youthful son of Wadia Group patriarch Nusli Wadia, has give up the boards of Britannia Industries Ltd and Bombay Burmah Buying and selling Corp., severing formal ties with all listed companies of the $15 billion Wadia Group.
In March, he stepped down as managing director at household managed airline Go First (then Go Airways) and Bombay Dyeing and Manufacturing Co. Ltd.
The departure of the 48-year-old enterprise govt as soon as presumed to be Nusli Wadia’s successor from all of the marquee publicly traded firms of the group is unexplained. Jeh Wadia, in addition to a spokesperson for Wadia Group and Nusli Wadia, didn’t reply to questions from Mint.
In its newest annual report launched final week, Britannia stated Jeh didn’t supply himself for reappointment to the board
“Mr. Jehangir N. Wadia, non-executive director, who retires by rotation on the ensuing AGM (annual basic assembly) when it comes to Part 152 of the Corporations Act, 2013, has not provided himself for reappointment. The board of administrators at their assembly held on July 30, 2021, resolved to not fill the ensuing emptiness, and the identical is positioned earlier than the members on the ensuing AGM for his or her approval,” the annual report stated.
The newest annual report of Bombay Burmah carries an similar discover, and the decision can be introduced earlier than its shareholders at its annual assembly.
Bombay Burmah was the corporate Jeh joined when he entered the household enterprise in July 2001. He was inducted into the board of Britannia in September 2005. Nationwide Peroxide is the fourth listed agency of the Wadia Group, however Jeh was additionally not on the board of the specialty chemical agency.
Whereas neither Wadia nor the group has commented on the event, two individuals conscious of developments stated the departure is linked to variations with father, Nusli Wadia.
Indicators of pressure in familial ties got here in Might, when Go First, in its draft share sale paperwork forward of an preliminary public providing, stated it was exploring authorized motion in opposition to Jeh Wadia, who was the corporate’s managing director until March, over possession of the Go Air model title and different such belongings. Jeh Wadia owns the Go Air model title by way of a privately held agency, and the corporate’s IPO prospectus stated he has made possession claims over the model and associated emblems.
When Jeh Wadia give up Go Air and Bombay Dyeing in March, the group stated it was a part of a transfer at hand over management to skilled executives.
Bombay Dyeing made an similar assertion in a regulatory submitting.