Nusli Wadia removed from Tata Steel board

RSTV Bureau
File photo of Nusli Wadia. (PTI)

File photo of Nusli Wadia. (PTI)

Tata Steel has removed independent director Nusli Wadia from its board. The company said that 90.8 per cent of shareholders present at Wednesday’s EGM voted in favour of his ouster.

In a regulatory filing, the company said out of its total shares of 97.12 crore, 62.54 crore votes were polled, which translate into 64.4 per cent.

“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 statement 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,” the statement added.

The company claimed that even if the promoter votes were excluded, the voting result showed an overwhelming majority (3/4th) in favour of the resolution.

Wadia had stayed away from yesterday’s EGM, saying it was stage-managed.

Last week, Wadia had filed a ₹ 3,000 crore defamation suit against Ratan Tata, Tata Sons and some of its directors. He flied the case in the Bombay High Court following the move by Tata Sons to remove him from the board of the three companies.

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”.

File photo of Ratan Tata with ousted Chairman of Tata Sons, Cyrus Mistry. Photo - PTI

File photo of Ratan Tata with ousted Chairman of Tata Sons, Cyrus Mistry.
Photo – PTI

Three days ago in a dramatic turn ousted Tata Sons chairman Cyrus P Mistry quit from boards of six companies of the group. Post that Mistry vowed to take the fight to courts, ruling out the chances of a truce with Ratan Tata. He had claimed that he will slug it out without giving up his family’s 18.5 per cent holding in the USD 103-billion conglomerate.

“I will fight for that. I have fought for that… We have been there for 50 years, its not one day or two days,” Mistry had warned.

(With inputs from PTI)