NEW DELHI (TIP): Nusli Wadia was voted out of his position as an independent director of Tata Motors.
More than 70% of Tata Motors shareholders voted in favour of the resolution to remove Wadia, The Economic Times (ET) reported.
The voting took place on Thursday (December 22) at an Extraordinary General Meeting (EGM) in Mumbai that began at 3 pm. All the Nusli Wadia board directors except Wadia were present.
Ahead of the EGM, Tata Sons raised its up stake in Tata Motors buying 1.73% of the company at a premium to the market price in a Rs 2,500-crore block deal on December 13, ET said.
Although Wadia wasn’t present at the meeting, he left a four page note, which was read out by the company secretary at the EGM.
In the letter, he explained his absence from the EGM saying that that he has chosen to not attend the meeting as recent meetings by other Tata companies have been
“inappropriately and shamefully stage managed” by controlling the entry into the hall as also in the selection and choice of speakers. This, Wadia wrote, has never been seen before in Indian corporate history.