Over 71% of votes against Nusli Wadia mark his dismissal from Tata Motors

New Delhi: As per the latest voting results revealed post the Company’s Extraordinary General Meeting (EGM) held in Mumbai, on Friday morning, more that 71.20% of the shareholders voted in favour of the removal of Independent Director Nusli Wadia.

Nusli Wadia was able to garner some support from most institutional and retail shareholders, even though majority voted against him.

During the voting, around 99.96% of votes from promoters were in favour Wadia's removal. But, still Wadia was able to get the support from 50.06% shareholders from the institutional investor category.

Thus 49.94% shareholders from the institutional category voted against the resolution indicating their support for Nusli Wadia.

The promoter of Tata Motors, Tata Sons, had put the resolution forward of removal of Nusli Wadia as the independent director and thus the resolution was put to vote.

Following the removal of Wadia, the other resolution for the ouster of former Chairman Cyrus Mistry was dropped as he had already resigned on Monday.

American Depository Receipt holders, who control over 18 per cent stake in Tata Motors were believed to have gone against the resolution.

Mr Wadia did not attend the EGM but had appealed the shareholders to vote as per their conscience and to save the post of independent director who represent the interest of minority shareholders in a company board.