Bhaskar Bhat quits Tata Chemicals Board, Nusli Wadia's ouster on cards

Bhat had also expressed his displeasure over the continuation of Cyrus Mistry as chairman

Amid an unfolding boardroom drama that has seen Tata Sons split wide open, with most board members and senior executives sing with Interim Chairman Ratan Tata or ousted group chief Cyrus Mistry, Bhaskar Bhat is learnt to have resigned as non-independent director from the board of Tata Chemicals.

"Bhaskar Bhat, non-executive, non-independent director, has resigned from the Board of the company w.e.f. November 10, 2016," Tata Chemicals said in a BSE filing.

In his resignation letter, Bhat 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."

He further said: "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."

 

The development came even as the Tata Chemicals Board had endorsed Mistry as its chairman and reposed faith in him on Thursday night.

This was the second group company after Indian Hotels where independent directors had come out in support of Mistry as Chairman.

Meanwhile, Tata Sons has also sought the ouster of Nusli Wadia, who is said to have worked in tandem with Mistry, from the Tata Chemicals board, CNBC TV-18 has reported.

Wadia at present is the senior-most independent director of the Tata Chemicals.

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