BackTata Chemicals says Bhaskar Bhat resigns as non-independent director
Bhat in a letter to Cyrus Mistry said the contents in the statement by independent directors 'dilutes' his views expressed in the board meeting
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Mumbai: Bhaskar Bhat, non-executive and non-independent director on the board of Tata Chemicals Ltd, has resigned with immediate effect, the company said in a notification to the stock exchanges on Friday.
In a letter addressed to Cyrus P. Mistry, chairman of the board, Bhat said, “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," he said.
On Friday, the independent directors unanimously supported Mistry’s chairmanship on Tata Chemicals board.
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