Nusli wadia removed as Tata Steel director, 9 out 10 vote in favour of removal
The company had alleged that Nusli Wadia was acting against the interest of the company and galvanizing the Independent Directors.
Tata Steel’s independent director Nusli Wadia has been removed as the company’s director on 22 December after 9 out 10 shareholders voted in the favour of his removal from the post.
In the Extraordinary General meeting that was held on 21 December, 90.80% members voted in favour to remove Nusli Wadia . The members have passed the resolution saying that Nusli Wadia be removed from office of Director of company with immediate effect. Wadia reportedly did not attend the EGM as he believed that the decision was scripted beforehand.
Wadia had recently lashed out at the company in a letter written to the shareholders of the company. Tata sons had accused Wadia of “concert” with Cyrus Mistry. However, Wadia rejected all the allegations and termed them as “baseless” and “defamatory”. The company had also alleged that Wadia was acting against the interests of the company. To which he said, “I do not serve the Tata Group in any capacity and am not required to act in their interest. The statement is irrelevant to my position as an Independent Director of Tata Steel. It is also baseless and unsubstantiated. I am an Independent Director of certain Tata companies, and have acted and continue to act accordingly. I have a fiduciary responsibility to act as an Independent Director in the best interest of the companies on whose boards I serve, no more no less.”
Nusli wadia was removed from the post of the Director after serving the company for 37 years.