While Pune was known ever since the advent of the British rule as a prominent center of education, the eastern parts of the city were virtually devoid of any educational facilities. Among the important citizens of this part of Pune and the Cantonment who supported the idea of a new college were Sir Manekji Mehta, Prof. D. D. Kapadia, Shri A. B. Sethna, Rao Bahadur, Dr. R. K. Naidu, Dr. A. D’Gama and Sardar Mudaliar. The Nowrosjee Wadia College was established on 21 July 1932 within six months of the establishment of the Modern Education Society on 15 February 1932. Over the years, it has become a popular choice to acquire an all-round quality education for many young men and women all over the country and abroad.

Prin. V. K. Joag, who already knew the late Sir Cusrow Wadia, while he was life member of the Deccan Education Society, approached him about the middle of January 1932 and told him how he and some of his colleagues were free to work outside the Deccan Education Society and were desirous of starting an Arts and Science college in the eastern parts of the city of Poona as early as possible. Sir Cusrow was pleased with the idea and said that he and his brother Sir Ness Wadia would gladly help in any efforts to establish such a College. Sir Cusrow and Sir Ness also consented to name the planned new College after their illustrious father Shri Nowrosjee N. Wadia. A regular registered educational Society was subsequently founded on 15 February at a meeting of the citizens of Poona and other friends held in the Cowasjee Dinshaw Library Hall.

It was at this meeting that the first Senate of the Society was formed and the newly formed Senate decided on the recommendation of its Finance Council and the Academic Council, to establish, as from June, 1932, a college affiliated to a university in the Poona Suburban Area. The Senate also unanimously resolved that the College should be named after the late Shri. Nowrosjee Wadia and be called “The Nowrosjee Wadia College” as a mark of the Society’s gratitude to the Wadia brothers for the encouragement and support they had given to the Society. Sir Cusrow and Sir Ness were unanimously elected as President and Vice-president respectively of the proposed Modern Society. Thus the inception of the Nowrosjee Wadia College is to be traced back to this first meeting of the Senate of the Society held on 15 February 1932.