According to the latest publications, Tata chemical Limited non-executive director Bhaskar Bhat has resigned from his position following differences with other board members, escalating a management dispute at India’s largest company.
Furthermore Mr. Bhat said in an interview following his resignation that “There are several risks Tata Chemicals faces on account of the loss of confidence of Tata Sons in Cyrus Mistry and his removal as chairman of that company. There were no discussions addressing these risks and the independent directors went on instead to make a statement which did not take into account my views. I therefore felt that I could no longer contribute to the board and choose to resign.”
However Tata Chemicals independent directors expressed confidence in the headship of Mistry, who remains chairman of the soda ash producer, and endorsed decisions taken by him. Mistry was instantly taken off last month from the position chairman of the parent group, India’s largest multinational, kicking off the nation’s largest business clash in decades.
Meanwhile Mr. Bhat a non-independent director at the Tata Group unit, is also an MD of Titan Co., a jewels maker financed by Tata Group. His notification arrives as Ratan Tata, who suddenly held back control of India’s largest firm last month, seeks to remove dissatisfied replacement Mistry from other group units and stiffens his grasp over the family’s $100 billion trade kingdom.
In the meantime, Tata Group announced recently that Mistry was functioning with independent directors to takeover complete governess of Indian Hotels Co., which owns names like the Pierre in New York, as well as other different firms. As yet there is no comment made by the Mistry’s office.