Bhaskar Bhat has resigned as the non-executive and non-independent director on the board of Tata Chemicals Ltd. In a statement issued to the stock exchanges, Bhat said that he did not agree with the view of the independent directors on Cyrusy Mistry as the Chairman of the company.
"I have just read the statement put out by the lndependent Directors on the Bombay Stock Exchange 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 Limited. 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. I have enjoyed being a Director on the Board and I thank you for the respect you have shown me,” Bhat said.
The independent directors on Thursday had expressed confidence on Mistry continuing as the Chairman of Tata Chemicals.
After due deliberation, the independent directors of Tata Chemicals reaffirmed their trust on Mistry after considering earlier assessment and evaluation of his decisions made in the previous board meetings.
“Considering all the facts the independent directors unanimously affirmed their confidence in the board, its chairman and the management in the conduct of Tata Chemical's business,” the company said in a statement to the stock exchanges.