Bombay Dyeing chairman Nusli Wadia has withdrawn all defamation cases including the Rs 3,000 crore suit for damages against Ratan Tata and others at the Supreme Court.
A week before hearing the case on Monday, the apex court had asked the industrialists to sort out their differences. A bench headed by CJI SA Bobde and Justices BR Gavai and Surya Kant asked both the parties to talk and settle the matter, adding that it was a suggestion and not a decision.
"You both are leaders in the industry... why don't you talk and resolve the issue? In this day and age do parties such as yourselves need to pursue litigation like this," the court had said.
Wadia had backed ousted Chairman Cyrus Mistry after he was removed from his role in 2016.
Nusli Wadia had filed a criminal defamation case against Ratan Tata and 11 board members and executives in 2016 after he was removed from the boards of Tata Motors, Tata Steel and Tata Chemicals.
Wadia stated that Tata defamed him printing and circulating frivolous, baseless and libellous material about him, while Tata had alleged that Wadia was acting with former Chairman of Tata group Cyrus Mistry against the interest of the company.
Abhishek Manu Singhvi, who appeared for Tata group said that the suit was a result of a fall-out in a corporate dispute.
In 2018, a Mumbai magistrate court issued notices to Ratan Tata and the others. Tata approached the Mumbai High Court that quashed the order. Following the decision, Wadia moved the Supreme Court.