Nusli Wadia ousted from Tata Steel as shareholders go for voting at EGM
Wadia was ousted on Wednesday with more than 90 per cent of the shareholders voting in favour of his removal at an Extraordinary General Meeting (EGM).
Wadia skipped the meeting saying that it was “stage-managed.”
The proposal to remove him came from Tata Sons, the principal shareholder of the company, that hs 31.35 per cent stake.
Wadia was accused of siding with Mistry and doing harm to the company
Early on Thursday, the company issued a statement to the stock exchanges making public the voting results.
As per the company statement, 56.79 crore votes out of a total of 62.55 crore votes that were voted in favour of the removal of Mr. Wadia. In other words, 90.80 per cent shareholders supported the resolution.
The development comes in the backdrop of the ongoing legal battle between Ratan Tata and Cyrus Mistry — who was sacked as the Chairman of Tata Sons in October.
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