Coyright Matt Cardy, Getty Images
Industryweek 12380 Tata G Mattcardy

Tata Chemicals Director Bhat Quits Amid Tiff With Company Board

Nov. 11, 2016
Bhat said his views on the threat faced by the Tata Group founding family’s “loss of confidence” in Tata Chemicals Chairman Cyrus Mistry were ignored.

Tata Chemicals Ltd. non-executive director Bhaskar Bhat resigned following disagreements with other board members, intensifying a leadership feud at India’s largest conglomerate.

At a recent board meeting, Bhat expressed his views on the threat faced by the Tata Group founding family’s “loss of confidence” in Tata Chemicals Chairman Cyrus Mistry, he wrote in his Nov. 10 resignation letter. A recent statement from Tata Chemicals independent directors, who expressed support for Mistry after he was ousted from the top job at Tata Group’s holding company, “completely dilutes” concerns that Bhat raised, he wrote.

“Several important issues of discomfort I expressed seem to have been totally ignored,” Bhat wrote in the letter, according to an exchange filing Friday.

In an exchange statement Thursday, Tata Chemicals independent directors voiced confidence in the leadership of Mistry, who remains chairman of the soda ash producer, and reaffirmed decisions taken by him.

Bhat is also managing director of Titan Co., a jewelry manufacturer backed by Tata Group. His resignation comes as Ratan Tata, who abruptly seized back control of India’s largest conglomerate last month, seeks to remove disgruntled successor Mistry also from group units and tightens his grip over the family’s $100 billion business empire.

Tata Group charged Thursday that Mistry was working with independent directors to take control of Indian Hotels Co., owner of the Pierre in New York, as well as other group companies. Mistry’s office declined to comment.

By George Smith Alexander and P R Sanjai

Popular Sponsored Recommendations

Turning Your Frontline Workforce into a Competitive Advantage: A Comprehensive Guide

Sept. 19, 2023
In this guide, we'll explore how manufacturers are using digital technologies to preserve the bottom line and maintain growth by enabling and empowering their #1 asset - their...

How Digital Twin Technology is Empowering Manufacturers

Sept. 27, 2023
This FAQ delves into why this technology offers business value and considerations toward implementation.

Beware Extreme Software

Sept. 24, 2023
As a manufacturer, you understand the importance of staying ahead of the curve and being proactive in your approach to technology. With the rapid pace of change in the industry...

See how 3M Enabled B2B Buyers with Trustworthy Self-Service Buying Experiences

Sept. 11, 2023
This one-pager explores the importance of enabling B2B buyers with self-service purchasing experiences that engender trust and provides insights into the steps businesses can ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!