Business

Over 90% of Tata Steel shareholders oust Wadia as Director

Agency | December 22, 2016 11:38 AM

Mumbai : Over 90 per cent shareholders of Tata Steel voted to remove industrialist Nusli Wadia as independent Director of the company, it announced on Thursday.

According to a Tata Steel statement, 90.80 per cent of company shareholders voted Wadia out of its board of directors in an extra-ordinary general meeting (EGM) here on Wednesday.

"Both institutional and retail (shareholders) voted in the similar pattern with significant majority well beyond the 3/4th majority mark in all categories," the statement said.

Wadia did not attend the EGM on Wednesday, which had the agenda of taking shareholders' approval for the removal of Tata Sons ousted Chairman Cyrus Mistry and Independent Director Wadia from its Board of Directors.

On Monday, Mistry had stepped down from his position as a member on the Board of Directors of Tata Steel.

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