Tata Steel trades flat ahead of EGM
DSIJ Intelligence / 21 Dec 2016
World’s top steel producer, Tata Steel will be holding its EGM (Extra Ordinary Meeting) on Wednesday, December 21, 2016 as the proposal to remove independent directors will be put to vote by the company.
World’s top steel producer, Tata Steel will be holding its EGM (Extra Ordinary Meeting) on Wednesday, December 21, 2016 as the proposal to remove independent directors will be put to vote by the company.
Tata Steel had called an EGM to remove Cyrus Mistry and an independent director, Nusli Wadia from their board. However, former chairman, Mistry resigned from the position of chairman from all the Tata Groups' listed companies on Monday.
Meanwhile, the Tata Group will go ahead with the EGMs to remove Mistry as director, and at the same time will update the shareholders regarding the happenings in the company and the future course of action related to the respective companies.
Functioning of Tata Steel has been a cause of disagreement between the Tata Sons and independent board member, Nusli Wadia. He has blamed Ratan Tata of making investments in loss making UK operations.
Ahead of the much-anticipated EGM, stock of Tata Steel is trading flat with a positive bias, at Rs 406.70 on NSE.
Tata Steel shareholders will meet on Wednesday, which will be followed by an EGM of Tata Motors on Thursday, and EGM of Tata Chemicals will be held on Friday, concluding with Tata Power on coming Monday.
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