MPs are calling for a share-holders' revolt against Severn Trent Water, following a series of controversies.
They are encouraging shareholders "to demand immediate action" to deal with the Midland water supplier's "dire performance".
They launched their broadside as the company held its annual general meeting at the International Convention Centre in Birmingham.
MPs attacked "Severn Trent's dire performance including its record of leaking pipes, prosecutions for pollution and mis-billing of customers".
And they called on Severn Trent's shareholders" to demand immediate action from its board of directors". The call to arms came in a House of Commons motion, signed by MPs including Rob Marris (Lab Wolverhampton South West).
But a Severn Trent spokes-woman said the company already spent far more improving services than it made in profits.
It emerged that Severn Trent is losing 118 million gallons of water every day due to leaks. The company is Britain's largest quoted water company, serving eight million customers.
It employs 600 people at its head office in Sheldon.
The firm recently increased bills by 15.2 per cent, and last month its water division announced profits were up 30 per cent to £400.4 million.
The water industry regulator Ofwat has warned that it intends to fine Severn Trent for failing to ensure its staff r esponded to customer enquiries effectively.
And a Serious Fraud Office investigation is under way into allegations the firm falsified its leakage figures in order to increase water charges.
Ofwat also ruled this year that the company had over-charged customers by £42 million, by incorrectly calculating levels of income and bad debt and ordered Severn Trent to repay the money.
A Severn Trent spokes-woman said: "Severn Trent Water's customers get exceptional value for money.
"We recognise this has been a difficult year in terms of leakage, and we already have plans in place to put this right."