TATA Steel shareholders vote to remove Nusli Wadia as independent director

More than 90 per cent of members voted in favour to remove industrialist Wadia during the Extraordinary General meeting held on Wednesday.

By: Express Web Desk | New Delhi | Updated: December 22, 2016 10:59 am

 

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Shareholders of Tata Steel Limited members have voted in favour of resolution that Nusli Wadia be removed from the company’s board as independent director with immediate effect. More than 90 per cent of members voted in favour to remove industrialist Wadia during the Extraordinary General meeting held on Wednesday.

“Total vote in favour of the resolution was 56.79 crore, i.e. 90.80 per cent, and total vote against the motion was 5.75 crore, i.e. 9.20 per cent,” the company said. “The motion (was) carried in favour of the resolution with overwhelming majority way beyond a special resolution hurdle of 75 per cent, even though this motion was an ordinary resolution requiring simple majority.”

Wadia had stayed away from yesterday’s EGM, saying it was stage-managed. Last week, he had filed a Rs 3,000-crore defamation suit against Ratan Tata, Tata Sons and some of its directors. He filed the case in the Bombay High Court following the move by Tata Sons to remove him from the board of the three companies.

Responding to his ouster, Wadia claimed that the explanatory statement given by TATA Sons is “false” and “baseless”. “I have outlined events relating to some key decisions of board, most important of all is Tata Motors’ ill conceived investment in NANO,” he was quoted as saying by ANI.

The chairman of Wadia group said that the delay in closure of NANO is a serious drain on the finances of company, adding that it has created a very negative image of PVB of company.

Wadia had denied allegations by Tata Sons that he was acting in concert with ousted chairman Cyrus Mistry. Besides, he has refuted claims that he was “galvanising” independent directors and mobilising opinion, forcing disruptions and issuing statements” which were contrary to the interest of the companies as “totally baseless and completely unsubstantiated”.

With PTI and ANI inputs

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