Published: Sat, December 24, 2016
Technology | By Tonya May

Tata Motors shareholders vote to oust Wadia from board

Tata Motors shareholders vote to oust Wadia from board

"It has been based on governance, fair play", he said. On Dec 20, 21, two independent directors of Tata Global Beverages, Darius Pandole and Analjit Singh, stepped down from the board which Wadia said was attributed to the "lack of transparency and governance in removing Mr Cyrus Mistry by Tata Sons". These days are very lonely because newspapers are full of attacks, majority unsubstantiated. "I think the truth will prevail whatever the process may be, however painful it may be".

However, some shareholders opposed the resolution to sack Wadia and also Mistry's ouster, saying neither the board nor Ratan Tata have given any evidence against them. EGMs of TCS and Indian Hotels were held to oust Cyrus Mistry as director.

Ratan Tata's concluding remarks wishing shareholders a Happy New Year was met with a standing ovation and applause from the board of directors and the top management of Tata Chemicals present on the dais.

"What is at stake now is not whether I am removed or not but the fate of the very institution of the Independent Director that has been created in law and by SEBI (Securities and Exchange Board of India) to safeguard the interests of all stakeholders", he said.

Incidentally, shareholders of Tata Steel and Tata Motors, had at the EGMs posed queries on the issue to the boards of the companies.

EU, Cuba sign cooperation pact, vow Trump will not hurt ties
The agreement "demonstrates that with good will and respect it is possible to make progress and resolve differences", he noted.

While 9.2% of shareholders voted against removing Wadia from Tata Steel, the results of the EGM vote of Tata Motors which concluded on Thursday showed that 28.80% of the votes were not in favour of Tata Sons, implying these shareholders also wanted Wadia to continue.

Wadia group's statement claims that a promoter entity, Af-Taab Investment, a Tata Power Co.

Recently appointed Tata Sons interim Chairman Ratan Tata feels that he is a lonely man nowadays and feels pain over attacks and allegations made on him in the newspaper.

In his complaint, Wadia named Group Executive Chairman of Larsen and Toubro AM Naik, chairperson of Tata Communications Subodh Bhargava, independent director of Tata Motors Vinesh Jairath and many other well-known people as his witnesses, reported Livemint. He is expected to be ousted from Tata Chemicals Ltd later on Friday.

Like this: