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As widely expected, the shareholders of Tata Steel have voted in favour of the removal of Nusli Wadia as independent director.
According to data provided by the company, 56.79 crore votes out of a total of 62.55 crore were in favour of the resolution. This means 90.80 per cent of the votes cast were in support of the promoters while the balance 9.2 per cent were in favour of retaining Wadia.
Nearly 82.5 per cent of the institutional shareholders voted him out and 84.47 per cent of the retail shareholders also supported the resolution.
Overall, 64.4 per cent of shareholders voted.
The EGM held on Wednesday was chaired by former SBI Chairman OP Bhatt. About 220 employee shareholders of Tata Steel came all the way from Jamshedpur to attend the EGM and show their support for Ratan Tata.
About 94 shareholders spoke during the six-hour meeting.
The resolution to remove Wadia from the Tata Steel board was moved by the promoters Tata Sons for acting in concert with estranged former Chairman of Tata Sons, Cyrus Mistry, and galvanising independent directors’ support to act against the promoters.
On Monday, Mistry tendered his resigned from the boards of six listed Tata companies even as Tata Sons proposed a resolution to remove him from the board at the EGM.
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