Shareholders vote wadia out of tata Steel board

Shareholders of Tata Steel voted out independent director Nusli Wadia in a vote held at the EGM on Wednesday.

Published: 23rd December 2016 12:48 AM  |   Last Updated: 23rd December 2016 06:31 AM   |  A+A-

By Express News Service

MUMBAI: Shareholders of Tata Steel voted out independent director Nusli Wadia in a vote held at the EGM on Wednesday. According to the filing the firm made with the BSE, as many as 90.8 per cent of the shareholders present and voting at the EGM voted in favour of the resolution moved by Tata Sons seeking his removal. 

Wadia did not attend the meeting saying it was stage-managed. According to the firm, of the 97.12 crore shares, 62.54 crore or 64.4 per cent of them voted on the resolution. Out of the votes polled, 56.79 crore or 90.80 per cent, voted in favour of the resolution.The number of votes against the motion were 5.75 crore or 9.20 per cent.

The promoter and promoter firms held 30.45 crore shares in the company, of which 29.59 crore voted, all of them in favour of the resolution.

Meanwhile, Cyrus Mistry’s petition through two of his family owned investment firms against Tata Sons at the NCLT failed to be granted any interim relief. The NCLT said it would not consider granting interim relief now or entertain interim proceedings.The next hearing has been fixed at January 31 and February 1 and parties have been asked to argue first on the maintainability of the petition.


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