Mistry's continued chairmanship costs Tata Chemicals Bhaskar Bhat
In a BSE filing on Friday, Bhaskar Bhat the Non-executive and Non Independent Director on the board of Tata Chemicals resigned with effect from November 10.
Bhat’s resignation has come in protest to Cyrus Mistry’s continued remainder on the board of the company.
Bhat said that Tata Chemicals board has ignored issues raised by him regarding Cyrus Mistry.
On Thursday, the board of directors of Tata Chemicals reposed their faith in Chairman Cyrus Mistry, while taking up the second quarter results for this financial year.
"Considering the above, the independent directors unanimously affirmed their confidence in the board, its chairman and the management in the conduct of the company`s business," Tata Chemicals said.
Tata Chemicals is the second company after Indian Hotels where independent directors have posed full faith in Mistry.
Shares of Tata Chemicals were trading down 1.27% to Rs 499.6 in early trading session today.