Tata chemical shareholders oust Wadia as director

MUMBAI: Tata Chemicals on Saturday said that a majority of its shareholders at its extra-ordinary general meeting (EGM) on Friday voted to remove Industrialist Nusli Wadia as an Independent Director of the company. According to a Tata Chemicals’ regulatory filing, over 58% of total shareholders of the company voted during Friday’s EGM. Of the total number of shareholders who voted — 945 or 75.67% of votes — favoured the resolution to remove Wadia from the Board of Directors. In contrast, 318 shareholders, or 24.33% of votes cast were opposed to the resolution to remove Wadia. “Wadia was not present and as per his request, his letter dated December 22, 2016 addressed to the members was read out by the Company Secretary,” the company said in its regulatory filing. “On an invitation by the Chairman, lshaat Hussain representing the requisitionist, Tata Sons spoke at the meeting clarifying certain issues raised by Wadia.” Tata Sons Interim Chairman Ratan Tata also spoke at the EGM. He said that attempts have been made to damage his and Tata Group’s reputation. “Over the last two months there has been a definite move to damage my personal reputation and the reputation of this great group,” Tata said in his address to the EGM. “And these days are very lonely because the newspapers are full of attacks, most of them unsubstantiated but nevertheless very painful. And coming here this week with all the shareholders, I have been so moved emotionally and deeply touched by the warmth, support and affection that they have shown,” he said, adding he could not leave without “expressing my deepest gratitude” to the shareholders for their “overwhelming and remarkable” support. Tata said that the group has been based on governance and fair play and he was confident the truth will prevail “however painful it may be”. The EGM was convened to decide whether or not to remove industrialist Wadia, an Independent Director of the company, from the Board. IANS Demonetisation adversely impacted the sale of automobiles in the month of November and this situation is not likely to improve over the next three- four months. The two-wheeler segment was worst hit as showroom footfalls fell by up to 60%, with the result that the scooter segment that has been growing at double digit levels for a long period of time, “saw a contraction to the tune of about 2 percent in November” says the report by Emerging Markets Automotive Advisors (EMMAAA). Both the market leader Honda, which controls over half of the scooter market, as well as the rival Hero MotoCorp felt the heat of demonetisation quite significantly. “November was also a rolling disaster for the volume motorcycle (less than 125 cc) segment,” says the report, with the sales of market leader Hero dipping significantly by over 11%.