Former Tata Sons executive chairman Cyrus Mistry died in an accident on Sunday. 54-year-old Cyrus Mistry was traveling in a car with three others when the vehicle crashed near Maharashtra’s Palghar district, neighboring Mumbai.
Mahindra Group Chairman Anand Mahindra and RPG Enterprises Chairman Harsh Goenka condoled the death of Cyrus Mistry, describing him as a man of greatness and substance.
#Breaking , Cyrus Mistry was traveling from Ahmedabad to Mumbai. He died in a road accident after his car hit the divider. There were 4 people in the car; 2 died on the spot and 2 were taken to the hospital@ Pooja Shali @divyesh pic.twitter.com/ldmfsZ9DHY
— India Today (@IndiaToday) 4 September 2022
All you need to know about Cyrus Mistry
Cyrus Mistry, son of the late Pallonji Mistry, was part of the Shapoorji Pallonji family, which has been active in the business, mainly construction, for over a century. Mistry’s grandfather Shapoorji Mistry first acquired a stake in Tata Sons in the 1930s.
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Cyrus Mistry held 18.4 per cent stake in Tata Sons through his company Cyrus Investments Pvt Ltd. Limited. In 2018, his net worth was around $10 billion.
He was appointed as the sixth chairman of the Tata group in 2012. The relationship between Cyrus Mistry and Tata was seen as cordial until the former was removed as chairman of Tata Sons in October 2016. After his expulsion, Cyrus Mistry and Tata were engaged in one of these. The most high-profile boardroom fight for nearly five years.
Mistry vs Tata legal battle
In October 2016, the board of the Tata Group’s holding company voted to remove Cyrus Mistry as chairman, after giving him the opportunity to resign voluntarily. The brief announcement of Mistry’s removal soon after the board meeting shook the corporate community.
Cyrus Mistry had initially challenged his October 2016 removal as chairman before the National Company Law Tribunal. but later, In 2021, the Supreme Court stayed an order To reinstate him as Chairman by the National Company Law Appellate Tribunal.
“During my tenure as the Executive Chairman of Tata Sons, it was always my duty and privilege to present India as a market of great opportunity and promise to the global business community, backed by an effective rule of law. that which is just, equitable and developed.” Cyrus Mistry said in an emotional statement After the Supreme Court’s decision.
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