Cyrus Mistry, former executive chairman of Tata Sons, died in an accident on Sunday. Cyrus Mistry, 54, was travelling in a car with three others when the vehicle met with an accident near Maharashtra’s Palghar district, neighbouring Mumbai.
Mahindra Group chairman Anand Mahindra and RPG Enterprises chairman Harsh Goenka mourned Cyrus Mistry’s death, describing him as someone destined for greatness and a man of substance.
#BREAKING | Cyrus Mistry was travelling from Ahmedabad to Mumbai. He died in a road accident after his car hit a divider. 4 people were present in the car; 2 died on spot and 2 were rushed to hospital@PoojaShali @divyeshas pic.twitter.com/ldmfsZ9DHY
— IndiaToday (@IndiaToday) September 4, 2022
ALL YOU NEED TO KNOW ABOUT CYRUS MISTRY
Cyrus Mistry, son of late Pallonji Mistry, was a part of the Shapoorji Pallonji family that has been active in business, primarily in construction, for over a century. It was in the 1930s that Mistry’s grandfather, Shapoorji Mistry, first acquired a stake in Tata Sons.
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Cyrus Mistry owned 18.4 per cent stake in Tata Sons, through his company, Cyrus Investments Pvt. Limited. In 2018, his net worth was approximately $10 billion.
He was appointed as the sixth chairman of Tata Group in 2012. Relations were seen as amicable between Cyrus Mistry and Tata till the former was removed as chairman of Tata Sons in October 2016. Following his removal, Cyrus Mistry and Tata were engaged in one of the most high-profile boardroom battles for nearly five years.
MISTRY VS TATA LEGAL BATTLE
After offering him a chance to resign voluntarily, in October 2016, the board of Tata Group’s holding company voted to remove Cyrus Mistry from the chairman post. The terse announcement of Mistry’s removal immediately after the board meeting had sent shock waves through the corporate community.
Cyrus Mistry had initially challenged his October 2016 removal as chairman before the National Company Law Tribunal. But subsequently, the Supreme Court in 2021 stayed an order by the National Company Law Appellate Tribunal to reinstate him as chairman.
“During my tenure as executive chairman of Tata Sons, it was always my duty and privilege to present India to the global business community as a market of great opportunity and promise, backed by an effective rule of law that is just, equitable and evolved,” Cyrus Mistry had said in an emotional statement after the Supreme Court’s judgement.
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