Mumbai, December 22: Moments after Nusli Wadia was removed as an Independent Director of Tata Steel, he wrote to the company’s shareholders hitting out the failure of Tata NANO project. Nusli Wadia was removed as the Independent Director of Tata Steel after 90 per cent of shareholders voted against him in the Extraordinary General meeting (EGM) which was held on Wednesday evening.
According to news agency ANI, Nusli Wadia has said that his removal from Tata Steel was not linked to his performance as a board of directors and had evaluated his performance in the previous meeting. He further said, “delay in closure of NANO is a serious drain on the finances of the company, in addition, it has created a very negative image of PVB of the company”.
Wadia said that he had earlier outlined events relating to some key decisions of the board, most important of all is Tata Motors’ ill-conceived investment in NANO. He further spoke about the resolution supporting his removal and said, his removal was based upon false, baseless allegations made Tata Sons who were seeking support for his removal. Also Read – Nusli Wadia removed from Tata Steel as Independent Director, shareholders approve removal at EGM
Nusli Wadia further said that investments and losses to sustain Nano have run into thousands of crores and continuing operations are wrong and against the interest of shareholders.
On Wednesday night board of directors of Tata Steel voted in favour of the removal of Nusli Wadia as an Independent Director. Around 90.80 per cent members voted in favour to remove of Nusli Wadia, took place at the Extraordinary General Meeting (EGM) held on Wednesday and after immediate effect, Wadia was removed from the office of Director of Tata Steel Ltd. Also on Thursday morning, Tata Sons issued a statement to the stock exchanges making public the voting results of the EGM.