Chief Justice Bobde appreciated Wadia Group chairman's response on the suggestion. "We appreciate it," said a bench headed by Chief Justice and comprising Justices B.R. Gavai and Surya Kant.
Tata's counsel also made a statement in the apex court that there was no intention to defame Wadia.
Last week, the apex court observed that the court is not aware of what is the reason behind these allegation and this case.
"Both of you should talk," said Bobde. The court insisted that the suggestion is a view, as it is not any law in this matter.
Wadia had initiated criminal defamation proceedings after his removal as independent director in a Tata company after the unfolding of the Cyrus Mistry episode.
Tata had consistently maintained that there was no intention to defame. Senior advocate C.A. Sundaram told the court that his client is willing to withdraw the case if the opposite party withdraws the allegations.
The Chief Justice attempted to broker peace between Wadia and Tata and suggested that the court may approve the findings of the Bombay High Court that Tata had no intention to defame Wadia.
The Chief Justice had queried Wadia's counsel. "The other party has some grievance in connection with you, and they can act according to the law. 'How does that amount to defamation'," court queried Wadia's counsel.
The counsel insisted that his case is not against the company, but against the people who issued a special resolution requisitioning a meeting and sent the details to the media.
As, the apex court was in the middle of passing an order on the matter, Wadia's lawyer said there is a pending suit.
The Chief Justice reiterated that the court's intention is to finish the matter. Wadia's counsel said he needs to take instructions from his client and the court adjourned the case to Monday.
The Bombay High Court had quashed proceedings initiated by a local court against Tata Sons' former chairman Ratan Tata along with its current chairman N. Chandrasekaran and eight directors of the firm in a criminal defamation case filed by Nusli Wadia.
( With inputs from IANS )