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Nusli Wadia’s ejection as an independent director on the board of Tata Steel seems a certainty, going by the overwhelming shareholder support for Tata Group head Ratan Tata at the extraordinary general meeting on Wednesday.
Of about 70 who spoke at the EGM, hardly a handful questioned the removal of Wadia, who has served as independent director for 37 years. Many Tata Steel employees came from Jamshedpur to showcase their trust in Ratan Tata.
Wadia did not attend the meeting, but his speech was read and distributed among shareholders. Giving the reason for his absence, Wadia said the previous meetings of Tata companies have been “shamefully stage-managed with control on entry into the hall as also in the selection and choice of speakers.”
He further said the company could have built three profitable steel plants in India with the capital employed in Tata Steel Europe.
On behalf of the board, Ishaat Hussain, Director, Tata Steel, denied Wadia’s allegations, and said the decision to acquire Corus in 2006 was made with the full consent of the board.
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