"We apologize for causing inconvenience," Takada said at a general meeting of Takata shareholders in Tokyo, according to participants.

The company chief explained about circumstances that led to the bankruptcy filing, including deteriorated earnings due to a massive worldwide recall of rupture-prone air bags, as well as plans for corporate rehabilitation.

Many Takata shareholders are expected to suffer losses, now that the company's shares are set to be delisted from the Tokyo Stock Exchange on July 27.

"Takada should have already apologized and taken responsibility," a 75-year-old shareholder said before the meeting.

During the annual meeting, the management's only proposal, for the reappointment of six directors including Takada, a member of Takata's founding family, was approved by a majority vote.

The company will now undergo a court-led turnaround process under the sponsorship of US rival Key Safety Systems Inc.

Takada has expressed his readiness to step down by the end of March 2018, by when Takata is expected to complete the sale of most of its operations to KSS. (Jiji Press)