Nusli Wadia was removed as independent director of Tata Steel on Wednesday with more than 90 per cent of the shareholders voting in favour of his ouster.
According to the companies statement, 56.79 crore votes out of a total of 62.55 crore votes were voted in favour of the removal of Mr. Wadia. In other words, 90.80 per cent shareholders supported the resolution. The balance 9.2 percent of the votes cast were in favour to retain him.
Although this motion was an ordinary resolution which required a simple majority, it crossed the hurdle of 75 per cent vote share required for special resolution.
Nearly 82.5 percent of the institutional shareholders voted him out while 84.47 percent of the retail shareholders also supported the resolution. Overall 64.4 percent of shareholders voted (Read More).
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