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As the boardroom battle rages on, Tata Sons has asked Nusli Wadia to withdraw his legal notice, saying there was nothing vindictive in its resolution seeking his removal as independent director on the board of group firms.
Tata Steel UK on Monday announced signing a letter of intent with the London-based international business group Liberty House to sell its Speciality Steels business for 100 million pounds (Rs 854 crore/$124 million).
Tata Steel’s ousted Chairman Cyrus Mistry and Board Director Nusli Wadia are likely to address shareholders at the December 21 extraordinary general meeting (EGM) to present their side of the story in the ongoing Tata-Mistry board room battle.
The Tata Steel board met on Friday, the second time since Cyrus Mistry was removed as Tata Sons chairman on October 24, and moved a resolution to remove him from the helm of the company. He was replaced by independent director O P Bhatt.
In a setback to the Mistry camp, three independent directors on the board of Tata Steel, Mallika Srinivasan, O P Bhatt and Andrew Robb forced senior independent director Nusli Wadia to drop the resolution to back Chairman Cyrus Mistry in a stormy board
Tata Steel, the country's largest steel producer, reported a net loss of Rs 49 crore in September quarter as against a profit of Rs 5,609 crore last year as finance costs and tax expenses went up amid flat revenues.
British Prime Minister Theresa May won't meet any executives from Tata Steel Ltd during her two-day trip to India but talks about the future of its British steel operations are still going on, she said.
Former Tata Sons chairman Cyrus Mistry had kept Ratan Tata, then chairman emeritus and current interim chairman, in the loop about the sale of sagging European operations, a director on the board said.