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Cyrus Mistry

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For the Indian writer, see Cyrus Mistry (writer).

Cyrus Mistry
Born
Cyrus Pallonji Mistry

(1968-07-04)4 July 1968
Bombay, Maharashtra, India
Died4 September 2022(2022-09-04) (aged 54)
Palghar, Maharashtra, India
CitizenshipIrish[1]
Alma mater
OccupationBusinessman
Spouse
Rohiqa Mistry
​
(m. 1992)​
Children2
FatherPallonji Mistry
RelativesNoel Tata
(brother-in-law)

Cyrus Pallonji Mistry (4 July 1968 – 4 September 2022) was an Indian-born Irish billionaire businessman. He was the chairman of the Tata Group, an Indian business conglomerate, from 2012 to 2016.[2][3] He was the sixth chairman of the group, and only the second (after Nowroji Saklatwala) not to bear the surname Tata.[4] In mid-2012, he was chosen by a selection panel to head the Tata Group and took charge in December that year. In October 2016, the board of Tata Group's holding company, Tata Sons, voted to remove Mistry from the post of chairman.[5] Former chairman Ratan Tata then returned as interim chairman, and Natarajan Chandrasekaran was named as the new chairman a few months later.[6] However, in December 2019, the National Company Law Appellate Tribunal (NCLAT) declared the appointment of Chandrasekaran as executive chairman illegal, and restored Mistry. However, the Supreme Court stayed NCLAT's order on 10 January 2020.[7] Mistry had filed a cross-appeal in the court, seeking explanations for anomalies in the NCLAT.[8] However, the Supreme Court upheld his dismissal.[9]

He owned an 18.4% stake in Tata Sons, through his company, Cyrus Investments Pvt. Ltd.[10] According to the Bloomberg Billionaires Index, Mistry had a net worth of nearly $29 billion at the time of his death, making him one of the richest men in India.[11] He was a member of the National Integration Council. He died in a road crash on 4 September 2022 on the Ahmedabad–Mumbai highway. Bad road design near the bridge at the spot of the crash and occupants not wearing seat belts was cited by the forensic investigation team as the cause of the crash.[12]

Early life and education

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Mistry was born on 4 July 1968[13][14] to a Parsi family in Bombay (now Mumbai), Maharashtra, the younger son of Indian billionaire and construction magnate Pallonji Mistry by his wife Patsy Perin Dubash.[15][16] Both his parents belong to the Zoroastrian faith and have roots in India. However, Mistry's mother was born in Ireland, and his father chose to take up Irish citizenship. Mistry had an elder brother, Shapoor Mistry, who is also an Irish citizen, and is married to Behroze Sethna, the daughter of Parsi lawyer Rusi Sethna. Mistry also has two sisters, Laila and Aloo. Laila is married to Rustom Jehangir, a London-based portfolio fund manager.[17][18][19] Aloo is married to Noel Tata, the half-Indian-Parsi, half-French-Catholic half-brother of Ratan Tata.[20]

The Pallonji family have been active in business for over a century, and it was in the 1930s that Mistry's grandfather, Shapoorji Mistry, first acquired a stake in Tata Sons. The stake, which now stands at 18.5%, was held by Mistry's father, and comprises the largest block of shares held by a single party;[4] some 66% stake in Tata Sons is controlled by charitable trusts set up by the Tata family. Mistry grew up in affluent circumstances.[21][22]

Mistry was educated at the prestigious Cathedral & John Connon School in South Mumbai.[23] He studied at Imperial College London and was awarded a Bachelor of Engineering in civil engineering from the University of London in 1990. He later studied at London Business School and was awarded International Executive Masters in management from the University of London in 1996.[17][18]

Career

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Mistry joined the family construction company, Shapoorji Pallonji & Co. Ltd as a director in 1991.[24] He is credited with the turnaround of the struggling Afcons Infrastructure in the years after its acquisition by Shapoorji Pallonji Group in 2000.[25] Mistry had been managing director of Shapoorji Pallonji & Company, which is part of the Shapoorji Pallonji Group. He later became chairman of Tata Sons and the Tata Group.[26][27]

In a 2013 article, The Economist called him as "the most important industrialist in both India and Britain."[28]

In 2018, his net worth was approximately US$10 billion.[29]

Tata Sons

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Mistry joined the board of Tata Sons on 1 September 2006, a year after his father retired from it.[1] He was a director of Tata Elxsi Limited, from September 1990 to October 2009, and a director of Tata Power Co. Ltd until September 2006.[30]

In 2013, Mistry was appointed the chairman of Tata Sons. In addition, he was also chairman of all major Tata companies including Tata Industries, Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Teleservices, Indian Hotels, Tata Global Beverages and Tata Chemicals.[31][32]

The Tata Sons board voted to remove Mistry from the chairmanship of Tata Sons in October 2016.[33][34][35]

2018 NCLT verdict

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In July 2018, the National Company Law Tribunal (NCLT), which "adjudicates issues relating to Indian companies,"[36] issued a verdict in favour of Tata Sons on charges of mismanagement levelled by Mistry in 2016, two months following his ousting as chairman, through a vote of no confidence.[37] On 10 July, Mistry stated that he would appeal the decision.[38]

2019 NCLAT verdict

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In December 2019, the National Company Law Appellate Tribunal reinstated Mistry as the chairperson for Tata Sons for his remaining term, and declared that the appointment of TCS CEO Natarajan Chandrasekaran as executive chairman of Tata Sons was illegal.[39] In January 2020, Tata Sons appealed to the Supreme Court against NCLAT's decision.[40] Cyrus Mistry announced that he will not return to the Chairmanship of the conglomerate, but is interested in reserving his seat in the company's board.[41] A three-judge bench comprising Chief Justice SA Bobde and Justices BR Gavai and Surya Kant stayed NCLAT's order while hearing Tata Sons' appeal on 10 January 2020.[42][43]

The bench stated, "We find there are lacunae in the judicial orders passed by the NCLAT."[44]

The Supreme Court of India also ordered that Tata Sons will not exercise power under Article 25 of the Company Law for pushing out shares of minority holders in the company.[45]

Personal life

[edit]

Mistry was married to Rohiqa Chagla, the daughter of lawyer Iqbal Chagla and granddaughter of jurist M.C. Chagla. Iqbal Chagla has strategised the course of action for Cyrus Mistry in the legal battle against The Tata Sons.[46]

The couple has two sons, Firoz Mistry and Zahan Mistry.[1]

Mistry was an Irish citizen and a permanent resident of India (having acquired Overseas Citizenship of India). According to a news report in an Irish newspaper, The Independent, Mistry viewed himself as a global citizen.[15]

His father, Pallonji Mistry, died on 28 June 2022.[47]

Death

[edit]

On 4 September 2022, Mistry and three members of the Pandole family visited the Iranshah Atash Behram at Udvada.[48] The Zoroastrian high priest Khurshed Dastoor said the group had visited to offer prayers following the death of Dinshaw Pandole[49] and Pallonji Mistry.[50]

While returning from Udvada to Mumbai, the Mercedes-Benz GLC in which they were travelling crashed at a speed of 90 km/h (56 mph) into a road divider on a bridge on the Ahmedabad - Mumbai, National Highway 8 over Surya River near Charoti in the Palghar district.[51][52][53] Cyrus Mistry and Jehangir Pandole, who were sitting at the back seat without wearing their seat belts, were killed instantly when they hit the back of the car's front seats. Mistry received a severe head trauma along with multiple fractures in chest, head region, thigh and neck. Multiple injuries to vital organs lead to the death of Mistry and Pandole.[54] The driver, Dr. Anahita Pandole, and her husband Darius Pandole in the front row passenger seat, were wearing seat belts and survived with injuries.[55][56]

Investigation

[edit]

A seven-member forensic investigation team investigated the cause of the crash and reached the conclusion that the car crash was caused by the "faulty design" of the bridge and the death of the occupants had occurred as they were not wearing seat belts.[12][53] The team member said, "We have concluded that there was an infrastructure issue that led to the crash. The bridge parapet wall was found to be protruding into the shoulder lane. The design has been found to be faulty."[12] A three laned road abruptly changed to a two lane road with an L-shaped concrete divider. The concrete divider was up-to knee height and was not painted appropriately. The spot lacks road warnings and several crashes had occurred at the same spot in the past. Mistry's car had hit a divider at a spot with faulty road design.[57][58] His death initiated a debate on the inconsistent road design and wearing of seatbelt by rear seat passengers.[59] Union government announced that it will start penalising rear seat passengers with a fine of ₹ 1,000 if they were found not wearing seat belts.[citation needed]

References

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  1. ^ a b c Zachariah, Reeba; Singh, Namrata (24 November 2011). "Cyrus Mistry: Avid golfer and foodie, avoids cocktail circuit". The Times of India. Archived from the original on 26 November 2011. Retrieved 24 February 2012.
  2. ^ "Cyrus P Mistry to take over from Ratan Tata as Chairperson of Tata Group in December 2012". The Economic Times. 23 November 2011. Archived from the original on 7 December 2016. Retrieved 24 November 2011.
  3. ^ "Cyrus Mistry takes over the position of chairman for Tata Sons in December 2012". 26 November 2011. Archived from the original on 24 March 2013. Retrieved 29 April 2014.
  4. ^ a b "Cyrus Mistry, a Tata in all but name". CNBC-TV18. Reuters. 23 November 2011. Archived from the original on 4 December 2013. Retrieved 24 November 2011.
  5. ^ "How Ratan Tata's blue-eyed boy Cyrus Mistry turned his rival". businesstoday.in. 10 January 2020. Archived from the original on 11 January 2020. Retrieved 21 February 2020.
  6. ^ "N Chandrasekaran, CEO and MD of Tata Consultancy Services, is new Chairman of Tata Sons". The Times of India. Archived from the original on 16 January 2017. Retrieved 17 January 2017.
  7. ^ Rautray, Samanwaya (11 January 2020). "Tata vs Mistry: Supreme Court stays NCLAT order favouring Cyrus Mistry". The Economic Times. Archived from the original on 16 March 2020. Retrieved 22 January 2020.
  8. ^ "Tata-Mistry Case: Cyrus Mistry Files Appeal In Supreme Court Seeking More Relief From NCLAT". BloombergQuint. 17 February 2020. Archived from the original on 21 February 2020. Retrieved 21 February 2020.
  9. ^ "Tatas making Cyrus chairman wrong decision of lifetime:Supreme Court". The Times of India. 27 March 2021. Archived from the original on 31 March 2021. Retrieved 31 March 2021.
  10. ^ "Cyrus Investments seeks representation on Tata Sons board". Live Mint. 1 November 2018. Archived from the original on 1 November 2018. Retrieved 1 November 2018.
  11. ^ Sanjai, P.R.; Joshi, Ashutosh (4 September 2022). "Cyrus Mistry, Heir to One of India's Oldest Fortunes, Dies at 54". Bloomberg News. Retrieved 4 September 2022.
  12. ^ a b c "Cyrus Mistry's death: Forensic team blames 'faulty bridge design' responsible for car crash". Free Press Journal. 7 September 2022. Retrieved 16 September 2022.
  13. ^ "SP group issues statement on tragic demise of Cyrus Mistry". The Economic Times. 5 September 2022. Retrieved 11 September 2022.
  14. ^ Sharma, Saurabh (5 September 2022). "'He was a friend to countless many': Shapoorji Pallonji Group issues first statement on tragic death of Cyrus Mistry". Business Today. Retrieved 11 September 2022.
  15. ^ a b "Cyrus Mistry and the mammy factor at the heart of Tata". 9 November 2014. Archived from the original on 4 October 2015. Retrieved 15 June 2015.
  16. ^ Munroe, Tony (23 November 2011). "Global search for Tata chairman ends close to home". Reuters. Archived from the original on 6 March 2016. Retrieved 24 November 2011.
  17. ^ a b Agarwal, Vibhuti (23 November 2011). "Who is Cyrus Mistry?". The Wall Street Journal. Archived from the original on 24 November 2011. Retrieved 24 November 2011.
  18. ^ a b "Who is Cyrus Mistry?". IBN Live. 23 November 2011. Archived from the original on 25 November 2011. Retrieved 24 November 2011.
  19. ^ "Who is Cyrus Mistry?". NDTV. 23 November 2011. Archived from the original on 27 December 2012. Retrieved 24 November 2011.
  20. ^ "Cyrus Mistry survived by wife, two sons: Know about ex-Tata Sons chairman's family". DNA India. 4 September 2022. Retrieved 11 September 2022.
  21. ^ Chatterjee, Dev (10 July 2020). "Tata Sons a 2-group firm, quasi-partnership between 2 groups: Mistry family". www.business-standard.com. Retrieved 11 September 2022.
  22. ^ "All You Need To Know About Cyrus Mistry And His Shapoorji Pallonji Group". Outlook India. 4 September 2022. Retrieved 11 September 2022.
  23. ^ "Cyrus P Mistry: Tata Sons' deputy chairman a reticent man with strategic vision, humility". The Economic Times. 24 November 2011. Archived from the original on 1 February 2017. Retrieved 24 November 2011.
  24. ^ "The Other Mistry". 26 September 2012. Archived from the original on 20 October 2020. Retrieved 2 April 2020.
  25. ^ Lall, Pavan (9 August 2015). "The company that Cyrus built". Fortune India. Retrieved 28 September 2024.
  26. ^ "Cyrus Mistry: A Chairman Whose Practical Ideas Were Against Age-Old Ethos Of Tata Group". Outlook India. 5 September 2022. Retrieved 11 September 2022.
  27. ^ Swati Gupta and Michelle Toh (5 September 2022). "Former Tata Sons chairman Cyrus Mistry dies in car accident". CNN. Retrieved 11 September 2022.
  28. ^ The Economist Archived 14 March 2017 at the Wayback Machine "Britain and India: The Odd Couple", The Economist, 28 September 2013. Retrieved 12 March 2018.
  29. ^ Pinto, Viveat Susan (26 September 2018). "Cyrus, Shapoor Mistry debut in rich list; Mukesh Ambani retains top spot". Business Standard India. Archived from the original on 4 September 2022. Retrieved 1 June 2019.
  30. ^ "Cyrus Mistry, the Richest Irishman's Son Who Became First Non-Tata to Head Ratan Tata's Empire". News18. 19 December 2019. Archived from the original on 26 February 2020. Retrieved 26 February 2020.
  31. ^ Livemint (5 September 2022). "In pics: All about Cyrus Mistry, former Tata Sons head who died in a car crash". LiveMint. Retrieved 11 September 2022.
  32. ^ Ramachandran, J.; Manikandan, K. S. (2016). "LEADING THE TATA GROUP (B): THE CYRUS MISTRY YEARS". Researchgate. Retrieved 10 September 2022.
  33. ^ "Tata Sons Board replaces Mr. Cyrus P. Mistry as Chairman, Selection Committee set up for new Chairman". 24 October 2016. Archived from the original on 24 October 2016. Retrieved 24 October 2016.
  34. ^ "Ratan Tata to replace Cyrus Mistry as Tata Sons chairman – The Economic Times". The Economic Times. Archived from the original on 26 October 2016. Retrieved 24 October 2016.
  35. ^ Ninan, Oommen a (4 June 2017). "Conflict of interest led to Cyrus Mistry removal: Ratan Tata". The Hindu. ISSN 0971-751X. Archived from the original on 12 November 2020. Retrieved 18 November 2017.
  36. ^ "National Company Law Tribunal constituted – new perspectives for dispute resolution". Khaitan & Co. 3 June 2016. Archived from the original on 11 August 2016. Retrieved 13 June 2016.
  37. ^ "Ratan Tata welcomes NCLT verdict". The Economic Times. 9 July 2018. Archived from the original on 30 November 2018. Retrieved 12 June 2018.
  38. ^ "Tata welcomes NCLT verdict but Cyrus Mistry says he will challenge ruling". The Economic Times. 9 July 2018. Archived from the original on 9 July 2018. Retrieved 12 June 2018.
  39. ^ Chitravanshi, Dev Chatterjee & Ruchika (18 December 2019). "Tata vs Mistry: NCLAT restores Cyrus Mistry as chairman of Tata Sons". Business Standard India. Archived from the original on 2 January 2020. Retrieved 6 January 2020.
  40. ^ "Tata Sons moves SC challenging NCLAT decision restoring Cyrus Mistry as executive chairman". The Economic Times. 3 January 2020. Retrieved 6 January 2020.[permanent dead link‍]
  41. ^ Upadhyay, Jayshree P. (5 January 2020). "Cyrus Mistry shuns top posts at Tata companies, seeks board seat". Livemint. Archived from the original on 6 January 2020. Retrieved 6 January 2020.
  42. ^ Scroll Staff (24 January 2020). "Tata-Mistry dispute: Supreme Court stays tribunal order dismissing Registrar of Companies challenge". Scroll.in. Retrieved 11 September 2022.
  43. ^ Roy, Radhika (10 January 2020). "SC Stays NCLAT Judgment Which Reinstated Cyrus Mistry As Executive Chairman Of Tata Sons". www.livelaw.in. Retrieved 11 September 2022.
  44. ^ "Supreme Court stays NCLAT order restoring Cyrus Mistry as executive chairman of Tata Group – Times of India ►". The Times of India. 10 January 2020. Archived from the original on 11 January 2020. Retrieved 22 January 2020.
  45. ^ "Setback for Cyrus Mistry: Supreme Court stays NCLAT order restoring Pallonji Group scion as executive chairman of Tata Group and from tata". Firstpost. 10 January 2020. Archived from the original on 13 January 2020. Retrieved 22 January 2020.
  46. ^ "When the country's best legal minds came together to celebrate Riyaz Chagla's Bombay HC appointment". The Economic Times. 6 July 2017. Archived from the original on 23 January 2020. Retrieved 6 January 2020.
  47. ^ PTI (5 September 2022). "Shapoorji Pallonji group suffers 2nd personal loss this year". www.thehindubusinessline.com. Retrieved 11 September 2022.
  48. ^ "Former Tata Sons Chairman Cyrus Mistry, 54, Dies in Road Accident Near Mumbai". Hindustan Times. Retrieved 4 September 2022.
  49. ^ "Tycoon and ex-Tata Boss Dies in Car Crash". Hindustan Times. 4 September 2022. Retrieved 4 September 2022.
  50. ^ "Cyrus Mistry car crash: Who is Anahita Pandole, who was behind the wheel, and the other co-passengers?". Firstpost. 5 September 2022. Retrieved 11 September 2022.
  51. ^ "Cyrus Mistry, ex Tata Sons Chairman, dies in car accident near Mumbai: news agency PTI". NDTV.com. Archived from the original on 4 September 2022. Retrieved 4 September 2022.
  52. ^ "Cyrus Mistry, former Tata Group chairman, dies in road accident". Moneycontrol. Retrieved 4 September 2022.
  53. ^ a b "Understanding the Cyrus Mistry accident: speed, brake, impact". www.telegraphindia.com. 9 September 2022. Retrieved 10 September 2022.
  54. ^ "Cyrus Mistry death: Autopsy reveals multiple fractures, injuries to vital organs". The Indian Express. 14 September 2022. Retrieved 16 September 2022.
  55. ^ "Cyrus Mistry, former head of Tata Sons, killed in car crash". The Indian Express. 4 September 2022. Retrieved 4 September 2022.
  56. ^ "Cyrus Mistry death: Doctor divulges business tycoon suffered head injury". The Economic Times. 5 September 2022. Retrieved 16 September 2022.
  57. ^ "'Poor road design taking lives on Mumbai-Ahmedabad Highway'". Mid-day. 6 September 2022. Retrieved 14 September 2022.
  58. ^ "The 'V' and 'L' on the road that claimed Cyrus Mistry's life". Mid-day. 6 September 2022. Retrieved 14 September 2022.
  59. ^ "Cyrus Mistry Death: Amid Experts' Call for Consistent Road Design, Crash Site May be Declared 'Black Spot'". News18. 6 September 2022. Retrieved 14 September 2022.
[edit]
Business positions
Preceded by Chairman of Tata Group
2012-2016 		Succeeded by
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