New Delhi: Cyrus Mistry was killed in a road accident in Palghar on Sunday afternoon after the Mercedes he was driving collided with a divider. The accident occurred while the business tycoon, the younger son of Indian billionaire and construction magnate late Pallonji Mistry, was travelling from Ahmedabad to Mumbai.
Cyrus Mistry’s career has taken him from being the managing director of construction giant Shapoorji Pallonji Group to becoming the chairman of Tata Sons in 2012, succeeding Ratan Tata — the first Non-Tata to lead Ratan Tata’s empire.
Mistry joined Tata Sons’ board of directors in September 2006, following his father’s retirement. Previously, Cyrus Mistry served on the boards of several other Tata companies as a non-executive director.
Mistry was appointed deputy chairman of the Tata Group in November 2011, with the goal of taking over as chairman a year later, following the retirement of Ratan Tata, who had led the conglomerate since 1991. He was the first person in the company’s history who was not a blood relative of the Tata family to take over as CEO in 2012.
Cyrus Mistry, on the other hand, could only stay in his position for four years before being removed in a boardroom coup led by Tata Trusts in 2016. Ratan Tata controlled the Trusts, which owned 66% of Tata Sons.
Two Mistry family-backed investment firms, Cyrus Investments Pvt Ltd and Sterling Investments Corporation Pvt Ltd, filed a complaint with the National Company Law Appellate Tribunal (NCLAT) in December 2016, alleging mismanagement by Tata Sons. Mistry was removed from the board of Tata Sons, the holding company for Tata Group companies, in February 2017.
In a court battle, the Supreme Court ruled in 2021 that Cyrus’ removal from the Tatas was legal. It also upheld Tata Sons’ minority shareholder rights rules. Mistry founded his own venture capital firm, Mistry Ventures LLP, after leaving Tatas.