In a shot in the arm for Cyrus Mistry amid raging boardroom battle at Tata Sons, independent directors of Tata Chemicals on Thursday “unanimously” backed him 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 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 2015 and 2016 of the Chairman, the Board, and its functioning.
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.