Nusli Wadia Ousted From Tata Steel, Calls Allegations ‘Baseless’

90.8 percent of shareholders voted in favour of Nusli Wadia’s ouster. (Photo: PTI)

Tata Steel said its independent director Nusli Wadia has been removed from the company's board, with 90.8 percent of shareholders present at Wednesday’s EGM voting in favour of his ouster.

Commenting on it, Wadia said:

False, baseless allegations made in explanatory statement by Tata Sons supporting resolution to seek my removal. I have outlined events relating to some key decisions of board, most important of all is Tata Motors’ ill conceived investment in NANO.

In a regulatory filing, the company said that out of its total shares of 97.12 crore, 62.54 crore votes were polled, which translate to 64.4 percent.

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

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 Wednesday’s Extraordinary General Meeting, saying it was stage-managed.

Also Read: Don’t Need Legal Reason to Seek Nusli Wadia’s Removal: Tata Sons

Last week, he filed a Rs 3,000 crore defamation suit against Ratan Tata, Tata Sons and some of its directors. He filed 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. He has also 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".

(With inputs from PTI.)