Bhaskar Bhat has been resigned from the post of Director of Tata Chemical Board by saying the concerns raised by him was totally ignored after few independent directors backed Cyrus Mistry.
In a BSE filing Tata Chemicals said, “Bhaskar Bhat, non-executive, non-independent director, has resigned from the board of the company w.e.f. November 10, 2016.”
Bhat, in his resignation letter said, “I have just read the statement put out by the independent directors on the BSE website. The contents as well as the spirit of the statement completely dilutes the views I expressed at the Board meeting today especially regarding the threat the company faces on account of loss of confidence of the promoter Tata Sons in the Chairman of Tata Chemicals.”
“Several important issues of discomfort I expressed seem to have been totally ignored. I therefore hereby tender my resignation as Director of Tata Chemicals, with immediate effect,” he further added.
Earlier, Independent Directors of Tata Chemicals had backed Cyrus Mistry as the chairman of Tata Chemicals, becoming the second company after Indian Hotels, whose directors had come forward to support Mr. Mistry as the chairman.