Tata Chemicals Director Bhaskar Bhat Resigns
New Delhi: After independent directors "unanimously" backed Cyrus Mistry as Chairman, Tata Chemicals Director Bhaskar Bhat has resigned from the company's board saying concerns raised by him were "totally ignored".
"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, Mr 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."Â
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."Â
On Thursday, independent directors of Tata Chemicals "unanimously" backed Mr Mistry as its Chairman and affirmed their confidence in the management.
This is the second group company after Indian Hotels where independent directors have come out in support of Mr Mistry as Chairman.
In a regulatory filing, Tata Chemicals, in which Tata Sons has 19.35 per cent stake, said its independent directors at a meeting today recalled and reaffirmed their earlier assessment and evaluation carried out in 2015 and 2016 of the Chairman, the Board, and its functioning.
Mr Mistry, who is Chairman and non-independent, non- executive director of Tata Chemicals, was ousted as Chairman of Tata Sons last month but continues to chair the boards of several group firms.
The company's independent directors include Wadia Group Chairman Nusli N Wadia, DCB Bank Chairman Nasser Munjee, former NABARD Chairman YSP Thorat and marketing professional Vibha Paul Rishi.
Â
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
