Tata Motors shareholders, late on Thursday evening, voted to remove industrialist Nusli Wadia as independent director of the Tata Motors board. About 71.20 percent of the Tata Motors shareholders voted in favour of Wadia's exit as director, ANI tweeted.
The ouster from Tata Motors board comes a day after 90 percent of shareholders of Tata Steel voted to remove Wadia as independent director.
Tata Sons had called for the Extraordinary General Meeting (EGM) to vote out independent director Nusli Wadia from the board of Tata Group companies on the grounds that he (Wadia) was acting in concert with ousted Tata Sons chairman Cyrus Mistry. By voting Wadia out, the shareholders of Tata Motors also have shown strong support to Tata Sons interim chairman Ratan Tata.
The latest development comes in the background of the legal tussle currently going on between Ratan Tata and Cyrus Mistry. Incidentally, Nusli Wadia had been accused of "acting in concert" with the ousted chairman. On December 16, Wadia filed a defamation lawsuit against Tata Sons and is seeking a compensation of Rs 3,000 crore in damages.
Following the news, the Tata Motors stock was trading at Rs 466.35, at around 9:23 a.m. on Friday, down 0.70 percent from its previous close on the Bombay Stock Exchange.
#FLASH 71.20% of the Tata Motors shareholders vote in favour of removal of Nusli Wadia as director.
— ANI (@ANI_news) December 23, 2016