In yet another setback for Nusli Wadia, the industry veteran was voted out as Director of Tata Chemicals at an Extraordinary General Meeting (EGM) held early in the morning. This comes within 24 hours of his ouster from Tata Motors. While the details are still not available, the ouster did not go as badly as it did at Tata Motors where Wadia found more support from shareholders than he did with those of Tata Steel.
The numbers speak for themselves: Just 9.2 per cent of those who voted in the Tata Steel EGM supported Wadia, this rose over threefold to 28.8% in the case of Tata Motors.
Nusli Wadia was also ousted from Tata Chemicals on Friday. However, He indicated that he was not going to go out without a struggle and later filed a criminal defamation case against Ratan Tata, Tata Sons and its board. At the same EGM, Ratan Tata, who was present throughout, later on thanked the shareholders for keeping faith in him. He got quite emotional while doing so and it was clear that the faith shareholders had put in the veteran industrialist had moved him.
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The case made out by Tata Sons against Wadia concerning Tata Motors, Tata Steel and Tata Chemicals was that he was acting in concert with ousted chief Cyrus Mistry and had been acting against the interests of the group.