Tata Steel Shares Flat Ahead of EGM To Decide On Nusli Wadia
Tata Steel shareholders will today vote on a proposal to remove industrialist Nusli Wadia as an independent director of the company. Tata Steel had called an extraordinary general meeting or EGM to remove Cyrus Mistry and independent director Nusli Wadia from its board.
Mr Mistry, the ousted chairman of Tata Sons - the holding company of the Tata conglomerate - in a surprise on Monday resigned from the boards of all listed Tata companies. And on Tuesday, he has launched legal proceedings against the $100-billion software-to-salt conglomerate by filing suit in National Company Law Tribunal against Tata Sons. (Read more)
Tata Sons own a 29.75 per cent stake in Tata Steel. Mr Wadia who is also a director on the board of other two Tata group companies - Tata Motors and Tata Chemicals - which will also hold shareholders' meetings this week to remove him from their boards.
Earlier this month, Mr Wadia had filed a Rs 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 Tata group companies.
Mr Wadia had denied allegations by Tata Sons that he was acting in concert with the ousted chairman Cyrus Mistry.
Mr Wadia had also alleged that he has been singled out and was being sought to be removed as independent director because of his "independence of mind and action in the discharge of my fiduciary duties".
Tata Steel had last month removed Cyrus Mistry as the steel giant's chairman and appointed independent director O P Bhatt in his place.
Mr Mistry had earlier defended his leadership of Tata Steel, especially related to the handling of the steel giant's European operations, saying that the huge capital employed in it was earning negative returns and posed a risk to the entire group.
Tata Steel is in the midst of restructuring its UK operations which have been a drag on its financials.
Despite the boardroom tussle, Tata Steel shares have outperformed in the past one month, following a rally in the global commodity prices. The steel giant's shares are up 8 per cent in past one month as compared to 2 per cent gain in Sensex.
In early trade today, Tata Steel shares were trading flat at Rs 402 apiece.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
