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Independent director Nusli Wadia ousted from Tata Steel board

Tata Steel on Thursday said its independent director Nusli Wadia has been removed from the company's board, with 90.8 per cent of shareholders present at Wednesday's EGM voting in favour of his ouster.

In a regulatory filing, the company said out of its total shares of 97.12 crore, 62.54 crore votes were polled, which translate into 64.4 per cent.

"Total vote in favour of the resolution was 56.79 crore, i.e. 90.80 per cent, and total vote against the motion was 5.75 crore, i.e. 9.20 per cent," the company said.

"The motion (was) carried in favour of the resolution with overwhelming majority way beyond a special resolution hurdle of 75 per cent, even though this motion was an ordinary resolution requiring simple majority," it added.

The promoter and promoter firms held 30.45 crore shares in the company, of which 29.59 crore voted.

It further said the total number of votes polled by non-promoter shareholders was 32.95 crore, of which 27.20 crore, that is 82.5 per cent, was in favour of the resolution.

The total number of votes polled against the proposal was 5.75 crore, accounting for 17.5 per cent of non-promoters.

The company claimed that even if the promoter votes were excluded, the voting result showed an overwhelming majority (3/4th) in favour of the resolution.