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Former Tata Sons chairman Cyrus Mistry, 54, was killed in a car crash close to Mumbai’s financial district, according to Indian authorities. According to reports, the accident happened on the Mumbai–Ahmedabad National Highway’s Surya River Charoti bridge. Mistry was driving his Mercedes from Gujarat back to Mumbai.
He was travelling with three additional persons in the vehicle. According to reports, one of them perished in the collision. The other two, who also received severe injuries, are taken to a nearby hospital for care. In 2016, a boardroom coup resulted in Mistry’s ouster as chairman of Tata Sons, the $300 billion Tata conglomerate that manufactures everything from salt to software. This led to a drawn-out legal dispute, wherein India’s highest court finally ruled in favour of Tata Group.
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Who Was Cyrus Mistry?
Cyrus Pallonji Mistry, an Irish businessman, was born in India and passed away there on September 4, 2022. He was the chairman of the Indian business titan Tata Group from 2012 until 2016. Only Nowroji Saklatwala and him, the group’s sixth chairman, did not have a Tata last name.
Cyrus Mistry is an Indian businessman who was the Chairman and Managing Director of the iconic conglomerate Cyrus Mistry Group. He has been described as a “promoter” and a “builder of brands” and is known for his ability to build large financial empires out of smaller start-ups.
Cyrus Mistry was the Chairman of Tata Group, a multinational conglomerate headquartered in Mumbai, India and London, United Kingdom. He joined as a consultant in 1991 and was appointed managing director in 1996. He is credited with rebuilding the company’s financial position. He resigned on 24 October 2016 after being removed from his office by Ratan Tata, who was appointed interim chairman of the group’s board.
Up to the latter’s resignation as chairman of Tata Sons in October 2016, Mistry and Ratan Tata, from whom he had taken over leadership, were thought to get along well. Mistry had altered various business processes, leading to a rise in capital spending but a fall in shareholder returns. He took over from Ratan Tata’s dependable team, and it was thought that his proposal to sell the UK port facility of Tata Steel would damage the company’s reputation overseas. The protracted conflict with the Docomo company. Tata was forced to pay the Japanese group $1.2 billion in arbitration.
Former TATA Sons Chairman Died
On Sunday afternoon, the tragedy happened in Palghar, 62 miles (100 kilometres) north of Mumbai. B Patil, the chief police officer in the Palghar district, claimed that Mistry and three other people were travelling from Gujarat to Mumbai. According to a top Mumbai police officer, Mistry died at the scene when his car collided with a divider. After hearing of Mistry’s demise, several well-known politicians tweeted their condolences. According to Prime Minister Narendra Modi, Mistry’s death was unexpected and surprising.
Tata Sons or the Mistry family did not immediately answer an inquiry for comment. The majority-owned Tata Sons firm, Tata Consultancy Services, expressed sorrow at its former chairman’s unexpected passing and sent his “deepest condolences and prayers” to his family and friends.
According to a statement from TCS, “He was a warm, courteous, and cheerful person who created a solid bond with the TCS family throughout his term as the company chairman.” Mistry served as the second non-Tata chairman and the group’s sixth chairman since the conglomerate’s founding more than 150 years ago. He was Ratan Tata’s half-brother, Ratan Tata’s predecessor as chair, and the brother-in-law of Noel Tata.
Cyrus Pallonji Mistry, a former head of the Tata Group, died in a terrible vehicle accident on Sunday. Mistry’s Mercedes collided with a barrier at Charoti while driving from Ahmedabad to Mumbai. The motorist lost control, which led to the collision. Along with Mistry, Jehangir Dinshaw Pandole, a former director of KPMG’s Global Strategy Group, also perished in the collision.
He oversaw the conception and implementation of the growth platform offer while serving as the director of KPMG’s Global Strategy Group in London. He also increased revenue by developing sales, delivery, and training materials. Dr. Anahita Pandole and Darius Pandole were also in the automobile at the time of the collision and Jehangir.
Future of SP Groups Holdings
In March of this year, several media stories claimed that SP Group had borrowed Rs 15,000 crore against its stake in Tata Sons. In September 2020, SP Group discussed separation in front of the Supreme Court.
The Tata Group’s largest shareholder, SP Group, testified before the Supreme Court on Tuesday that the Tatas must be split up.
According to the SP Group’s testimony before the Supreme Court, a break from the Tata Group is required because of the possible effects of this ongoing legal dispute on people’s livelihoods and the economy.
They emphasised the need to reach a quick conclusion to come to a fair and equitable solution that reflects the value of the underlying tangible and intangible assets. Since the exit, the Mistry family, the only largest stakeholder in Tata Sons with a stake of over 18%, has frequently clashed with the company and made an offer to sell the whole interest, sparking questions about the stake’s worth.
Mistry relied on a specially formed group executive council (GEC) made up of hand-selected Tata Group executives, business executives, and academic leaders to oversee operations when he was in charge of the Tata Group. He was described as an academic, intelligent backroom executive.
Along with Mistry, Jahangir Pandole also perished in the crash, but prominent gynaecologist Anahita Pandole (55), and her husband Darius Pandole (60), escaped unharmed. Darius, a former independent director of the Tata group of enterprises who had opposed Cyrus Mistry’s resignation as chairman, is the brother of Jahangir.
Along with commercial and political heavyweights, the former colleagues of the Tata group chairman also sent their condolences. “It’s surprising that Shri Cyrus Mistry passed away so quickly. He was a bright businessman who had faith in India’s ability to prosper economically.
