Bhaskar Bhat resigns from Tata board over differences with Mistry

Mumbai: Expressing his displeasure at the continuation of Mistry as Chairman, Bhaskar Bhat has resigned as the Director of Tata Chemicals Board.

In a report filed by the Tata Chemicals to the Bombay Stock Exchange (BSE), the company stated, “"Bhaskar Bhat, non-executive, non-independent director, has resigned from the Board of the company w.e.f. November 10, 2016.”

According to the sources from the company, Bhat has put in his papers over differences on Cyrus Mistry’s role. An official stated that Bhat had taken a stance against the decision taken by Independent Directors.

While the independent directors unanimously backed the sacked Mistry as Chairman and reposed faith in him late night on Thursday last, Bhat said that concerns raised by him were totally ignored.

Bhat’s resignation letter:

• In his resignation the former independent director of the Tata Chemicals stated, "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 dilute 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."
• He said further that he had expressed several issues of discomfort but they were totally ignored.
• “I therefore hereby tender my resignation as Director of Tata Chemicals, with immediate effect," stated Bhat in his resignation.

Bhaskar Bhat:

• Bhaskar Bhat is alsothe managing director of Titan Company Limited, which is a joint venture of Tata Industries with the Tamil Nadu Industrial Development Corporation (TIDCO), since year 2002.

It may be recalled that Tata sons had sacked Cyrus Mistry as the Chairman of the group on October 24 last and had made Ratan Tata as the interim Chairman.