Tata Steel Shareholders Vote To Remove Nusli Wadia
Tata Steel shareholders voted by over 90 per cent to remove industrialist Nusli Wadia as independent director in a meeting on Wednesday.
Most of the shareholders who voted favoured the removal of Mr Wadia, Tata Steel informed the Bombay Stock Exchange in a regulatory filing today.
Mr Wadia, who has been an independent director on the company's board for 37 years, stayed away from Tata Steel extraordinary general meeting (EGM) called to vote on his removal.
Tata Steel had accused Mr Wadia of acting in concert with Cyrus Mistry, the ousted chairman of Tata Sons, "galvanising independent directors and mobilising opinion, forcing disruptions and issuing statements".
Mr Wadia has rejected those claims as "false, unsubstantiated and baseless".
Shareholders of two more companies, Tata Motors and Tata Chemicals, will vote later this week to seek removal of Mr Wadia from their boards.
Mr Wadia has filed a Rs 3,000 crore defamation suit against Ratan Tata, Tata Sons and some of its directors after the notice seeking his removal as independent director of the three Tata companies. He says he has been targeted because of his "independence of mind and action" in discharge of his duties.
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