Bombay Dyeing & Manufacturing Company today said Tata group Chairman Emeritus Ratan N Tata has resigned from its board, after an over 33-year long association with the textile major. The 75-year old business leader, who was appointed the Chairman Emeritus of the group, had passed on the baton to 44-year-old Cyrus Mistry.
"Ratan Tata has stepped down as a Director of the company. Mr Tata had a long association of over 33 years as a Director with the company," Bombay Dyeing & Manufacturing Company said in a filing to the BSE.
In December last year, Tata had retired as the Chairman of the over USD 100 billion Tata group after a 50-year run at one of country's oldest business empires.
Ratan Tata, who helmed the group for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991, is credited with transforming the group through bold decisions including large global acquisitions, even as some of its peers struggled to stay relevant post economic liberalisation.
Bombay Dyeing & Manufacturing Company had yesterday reported a net loss of Rs 26.86 crore for the third quarter ended December 31, 2012. It had posted a net loss of Rs 52.11 crore for the same period of previous fiscal.
Net sales of the company stood at Rs 471.07 crore for the third quarter compared to Rs 421.40 crore for the same period of 2011-12 fiscal.
Shares of Bombay Dyeing & Manufacturing Company today closed trading 2.98 per cent down at Rs 102.40 apiece on BSE.