Tata Steel EGM: Investors boot Nusli Wadia out

Tata Steel's Extraordinary General Meeting (EGM) that was held on December 21, 2016 has booted out Nusli Wadia.

In a statement on Tuesday morning, Tata Sons said that 90.80% of the total votes were cast in favour of the resolution while 5.75 crore votes were against the motion to remove Wadia as one of the independent directors on the board of Tata Steel.

Tata Steel said that out of the total shares of 97.12 crore, 62.54 crore or 64.40% of shares were polled.

The company further said that out of 24.02 crore retail shares, only 0.96 crores voted and 0.81 crore of which voted in favour of the resolution.

82.5% of the total shares of institutional shareholders polled in favour of removing Wadia from its board.

Tata Steel said, "Both institutional and retail voted in the similar pattern with significant majority well beyond the 3/4th majority mark in all categories."