Cyrus Mistry: Biography & Life story of Former Tata Sons Chairman
Cyrus Mistry was an Indian businessperson. From 2012 to 2016, he was the chairperson of Tata Group – an Indian business conglomerate.
He was the 6th chairperson of Tata Group. He was the second one who did not bear the surname Tata after Nawroji Saklwala.
He was chosen as the chairperson in mid-2012, later the board of Tata Group’s holding company, Tata Sons voted to remove him from the post of chairperson in 2016 October.
Then former chairperson Ratan Tata joined again as an interim chairman, few months later Natrajan Chanrasekharan was named as the new chairperson. Mistry filed a cross-appeal in the court, seeking explanations for anomalies in the NCLAT.
Cyrus Mistry owned an 18.4% stake in Tata Sons, through his company, Cyrus Investments Pvt. Ltd. As of the Bloomberg Billionaires Index, Mistry had a net worth of nearly $29 billion at the time of his death.
As of that he was one of the richest men in India. He was a member of the National Integration Council.
Early & Personal life of Cyrus Mistry:
Cyrus Mistry was born on 4th July 1968 to a Parsi family in Mumbai, Maharashtra, India. He was the younger son of Indian billionaire and construction magnate Pallonji Mistry by his wife Patsy Perin Dubash.
Both his parents were from Zoroastrian faith and have roots in India. His mother was born in Ireland, and his father chose to take up Irish citizenship.
He had an elder brother, Shapoor Mistry, who is also an Irish citizen, and is married to Behroze Sethna. He also has two sisters named Laila and Aloo. Laila is married to Rustom Jehangir & Aloo is married to Noel Tata.
His family was active in business for over a century. As his grandfather Shapoorji Mistry acquired a stake in Tata Sons in 1930.
Cyrus Mistry grew up in blessed circumstances. He completed his schooling from prestigious Cathedral & John Connon School in South Mumbai.
He completed his Bachelor of Engineering in Civil Engineering from University of London in 1990. After that he studied at London Business School.
In 1996, he was awarded International Executive Masters in management from University of London.
He married to Rohiqa Chagla.
She is the daughter of lawyer Iqbal Chagla & granddaughter of Justice M.C. Chagla. Her father strategized the course of action for Cyrus Mistry in the legal battle against The Tata Sons.
The couple have two sons named Firoz Mistrt & Zahan Mistry.
Mistry was an Irish citizen and a permanent resident of India. As of a news report in an Irish newspaper, The Independent, Mistry views himself as a global citizen.
Career of Cyrus Mistry:
In 1991, he joined the family construction company, Shapoorji Pallonji & Co. Ltd as a director. Mistry was the managing director of Shapoorji Pallonji & Company.
It is part of the Shapoorji Pallonji Group, and also chairman of Tata Sons and the Tata Group.
As of the article in 2013, The Economist categorized him as “the most important industrialist in both India & Britain.” His net worth reached to $10 billion in 2018.
On 1st September 2006, he joined the board of Tata Sons. Unfortunately he retired from it after a year. During 1990 to 2009, he served as a Director of Tata Elxsi Limited. Until 18th September 2006, he was a Director of Tata Power Co Ltd.
He was appointed as the Chairperson of Tata Sons. Additionally, he was also the chairperson of all major Tata companies like Tata Industries, Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Teleservices, Indian Hotels, Tata Global Beverages and Tata Chemicals.
On 24th October 2016, The Tata Sons Board voted to remove him from the chairmanship.
2018 NCLT verdict:
In July 2018, the National Company Law Tribunal (NCLT) issued a verdict in favor of Tata Sons. Mistry stated that he would appeal the decision.
In 2019 December NCLAT (National Company Law Appellate Tribunal) reinstated him as a chairperson for Tata Sons for his remaining term.
In January 2020, Tata Sons appealed to the Supreme Court against NCLAT’s decision, as a result Mistry announced that he will not return.
Cyrus Mistry Death:
On 4th September Mistry and three members of the Pandole family visited the Iranshah Atash Behram Udvada to offer prayers following the death of Dinshaw Pandole & Pallonji Mistry.
While returning from there, their Mercedes-Benz HLC crashed into a road devider on a bridge over Surya River near Charoti in Palghar district. Cyrus Mistry and Jehangir Pandole, who were sitting at the back seat without wearing their seat belts, were killed instantly. Driver Dr. Anahita Pandole & her husband survived with injuries.
After that accident, Union government announced that it will start penalizing rear seat passengers with a fine of ₹1000 if they were found not wearing seat belts.
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