MUMBAI: Tata Chemicals’ board is undergoing a rejig, with N Chandrasekaran stepping down as chairman. The position will be assumed by company director S Padmanabhan.In his letter to the board, Chandrasekaran, who is also the chairman of Tata Chemicals’ parent Tata Sons, cited his current and future commitments as the reason for his decision to step down. Chandrasekaran, who owns Tata Chemicals shares worth nearly Rs 9 crore, joined the company’s board in Nov 2020.Rules allow an individual to be a director of up to 20 companies, encompassing public, private, listed, and unlisted entities. With Tata Motors splitting into two separate entities, Chandrasekaran will have additional directorship responsibilities at the automotive giant. Also, he was recently appointed as the chairman of the Ratan Tata Endowment Foundation, which is a beneficiary of the late industrialist Ratan Tata’s shares in Tata companies, valued at Rs 2,750 crore.Within the 20 companies, an individual can serve on the boards of 10 public companies, and within those 10, he can be a director of up to seven listed companies. Tata Chemicals has also appointed Modan Saha, strategy head at Tata Sons, as an additional director of the company.