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Former Tata Sons chairman Cyrus Mistry dies in road accident close to Mumbai

by IBNS | @indiablooms 04 Sep 2022, 01:21 pm

Mumbai: Former Tata Sons chairman Cyrus Mistry, who had replaced Ratan Tata, died in a road mishap in Palghar region of Maharashtra on Sunday.

Mistry (54), who is the son of late Pallonji Mistry, owner of the Shapoorji Pallonji group and the biggest stakeholder in the Tata group, was travelling from Ahmedabad to Mumbai in Mercedes car, reports UNI news agency.

Superintendent of Police Palghar Bala Saheb Patil confirmed the development and told UNI that the accident took place around 3.15 pm when Mistry was travelling from Ahmedabad to Mumbai.

The accident happened on a bridge over the Surya river. The body of Mistry has been taken to a government hospital for post-mortem.

 Mistry  served as the chairman of Tata Group, a major Indian business conglomerate, from 2012 to 2016. He had replaced Ratan Tata to the key post.

He was the sixth chairman of the group, and only the second (after Nowroji Saklatwala) to not bear the surname Tata.

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 after offering him an opportunity to resign voluntarily.

Former chairman Ratan Tata then returned as interim chairman, and Natarajan Chandrasekaran was named as the new chairman a few months later.

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.

Mistry has filed a cross appeal in the court, seeking explanations for anomalies in the NCLAT.

However the Supreme Court upheld his dismissal.

Indian PM Narendra Modi said: "The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India’s economic prowess. His passing away is a big loss to the world of commerce and industry. Condolences to his family and friends. May his soul rest in peace."

Union Minister of Commerce Piyush Goyal condoled: "Deeply anguished & shocked by the sudden passing away of Cyrus Mistry. Indian industry has lost one of its shining stars whose contributions to India's economic progress will always be remembered.My heartfelt condolences to his family & friends."