TaMo AGM ends; Mistry's removal, Nano project discussed

The Tata Motors Extraordinary General Meeting (EGM) concluded today where the shareholders voted on independent director Nusli Wadia’s fate on the board, result of which will be declared tomorrow, reports CNBC-TV18’s Farah Bookwala Vhora. Ahead of the EGM, Wadia had written to the company's shareholders hitting out at the failed Tata Nano project.Wadia said that his removal from Tata Steel was not linked to performance as a board of directors had evaluated his performance in previous meeting, sources tell CNBC-TV18.In the meeting today, independent director Naseer Munjee told the channel that independent directors discussed extensively over Cyrus Mistry’s removal. He also said that the main idea is to protect interest of the minority shareholders. On the issue of Nano, Munjee said that it is to be seen whether the new technology can save the existing Nano project. Also, it has to be considered whether Nano would still be affordable after implementation of BS-VI norms. Watch video for more..