Mumbai: M L Bhakta, an independent director at Reliance Industries, has quit. No independent confirmation was available from the company, but several city-based corporate lawyers have said that Bhakta had resigned from the board.
Several attempts to reach Bhakta at his office at Kanga & Company and at his residence proved futile. Earlier, the Reliance brass used to refer to Bhakta as "a close Dhirubhai confidante." Bhakta has been on the Reliance board since 1977 and is the longest serving independent director on the board.
Bhakta is a senior partner with Kanga & Company, a leading firm of advocates and solicitors in Mumbai. He has been in the legal profession for around 40 years and is known as an authority on corporate taxation.
He has been a legal advisor to several foreign and Indian companies and banks and was the chairman of the taxation laws standing committee of Lawasia, an association of lawyers of the Asia-Pacific region.