In a further setback for Nusli Wadia, Tata Motors shareholder's have also voted in favour of his removal as director.
In a further setback for Nusli Wadia, Tata Motors shareholder’s have also voted in favour of his removal as director. This comes two days after the Tata Steel members voted by 90.80 percent in favour of a resolution to remove Nusli Wadia from the office of the director of the company, with immediate effect.
On Thursday, friend-turned-foe of the Tatas, Nusli Wadia, once again stayed away from the extraordinary general meeting of Tata Motors, which was convened to remove him as an independent director. As he did with the EGM of Tata Steel on Wednesday, Wadia’s statement was read out to the shareholders, in which he accused the company of mismanagement while staying to his line that the Tata Group is stage-managing all such meetings by crushing the voices of dissent.
In the meantime, yesterday, the National Company Law Tribunal, which ex-Tata group chairman Cyrus Mistry had moved a day before, alleging bad practices, oppression and mismanagement on the part of Tata conglomerate, refused to provide any interim relief to him. A division bench of NCLT comprising B S V Prasad Kumar (member-judicial) and V Nallasenapathy (member-technical) decided to hear his petition on January 31 and February 1 next year.
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While asking the parties to file their replies, the bench said that instead of hearing the parties on the point of interim relief, it would hear the matter and give an order it in about a month. In a statement later, Tata Sons said that it believes that the appear is not maintainable in law and the court will hear it on this issue at the outset at the next hearing.