Former Chairman of Tata Sons Cyrus Pallonji Mistry was on Sunday killed in a road accident near Mumbai. Cyrus Mistry was traveling from Ahmedabad to Mumbai in a Mercedes car at the time of the accident.
According to the Palghar Superintendent of Police (SP), Anahita Pandole was at the wheel when the accident happened. There were four people in the vehicle, of which two, including Mistry, died on the spot. The other deceased person has been identified as Jahangir Binshah Pandole. Those injured — identified as Anahita Pandole, a top doctor at Breach Candy Hospital, and Darius Pandole, the managing director and CEO of JM Financial Private Equity — have been shifted to a hospital.
-Cyrus Mistry was the younger son of Pallonji Mistry, head of the Shapoorji Pallonji Group, attended the prestigious Cathedral and John Connon School in Mumbai before completing his higher education in England, where he acquired a civil engineering degree from Imperial College, London, and a master’s degree in management from the London Business School.
-Cyrus Mistry was announced the sixth chairman of Tata Sons after a five-man selection team spent 15 months searching for a successor to Ratan Tata. He had taken over as the chairman in December 2012 after Ratan Tata announced his retirement.
-Cyrus Mistry was the brother-in-law to Noel Tata, Ratan Tata’s half-brother. Mistry’s father, a reclusive billionaire with an estimated wealth of $7.6 billion according to Forbes, paved the way for his younger son’s ascendancy to the top of a group founded by Ratan Tata’s great-grandfather, a Reuters report said.
-Engaged in a bitter court battle with the Tata group, he was also the biggest single shareholder of the Tata group with 18.4 per cent stake in Tata Sons through his company Cyrus Investments Pvt. Ltd. In October 2016, Mistry was removed as Tata Sons Chairman in a dramatic ouster. Months later — in December 2016 — two Mistry family-backed investment firms – Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd – had moved the National Company Law Appellate Tribunal (NCLAT), alleging mismanagement by Tata Sons. In February 2017, Mistry was removed as a Director on the board of Tata Sons, the holding company of Tata Group firms.
-It is worth noting that the Supreme Court in May this year had dismissed the review petition by Cyrus Mistry in the Tata versus Mistry legal case and the Supreme Court dismissed SP group’s plea seeking a review of the 2021 verdict upholding the removal of Cyrus Mistry as head of Tata Sons. With this, the six-year legal battle between the Mistry family and the Tatas came to an end.
Read all the Latest Business News and Breaking News here