India lost one of its most well-known businessmen, Cyrus Mistry, who died in a scary car accident on September 4, 2022. Mistry was the successor to Ratan Tata as chairman of the Ratan Tata Group.
The crash was too bad because his Mercedes-Benz was destroyed in a certain way. Not only did Cyrus Mistry die, but so did his companion or better-called friend Jehangir Pandole. But now, after 4 days the CCTV footage of the incident came out which is speaking out about everything. Below, you can find out everything you need to know, as well as some things you might not have known.
According to exclusive reports or sources, the footage would have been out for less than a day. Despite this, people had a lot to say about it, because no one likes to be in the dark about anything. Because it is a well-known accident case, the investigation is still going strong, and they are looking into it from every angle. Even so, they sent the car to be looked at so that if someone had done something to it, the fault could be found. But they haven’t gotten the report of the car analysis yet, which raises a lot of questions.
Cyrus Mistry Accident Video
Reports say that the video clearly shows how angry the driver was when he hit the barricade, as the car was going 130 km/h at the time. So, when they lost control, the car crashed hard into the barricade, killing everyone inside. In just 19 minutes, they went 20 kilometers, so you can guess what the video is trying to say. The video has been watched an uncountable number of times so far because it is spreading like wildfire on social media. You can also stream the video, which is making headlines on social media, if you want to learn more.
Aside from these things, only a few people are paying attention to learn about Cyrus Mistry’s personal life. He was an Indian-born Irish businessman who was the head of the Tata Group. He was born in Bombay, Maharashtra, India, on July 4, 1968. He died in Palghar, Maharashtra, India, on September 4, 2022. He was holding the Irish nationality and completed his alma mater from Imperial College London, London Business School. So, we’ve put here information that we got from other sources, and if we find out anything else, we’ll let you know.
Early life and education
Mistry was born into a Parsi family in Bombay (now Mumbai), Maharashtra. His father, Indian construction magnate Pallonji Mistry, and his wife, Patsy Perin Dubash, had already made a lot of money in the business. Both of his parents are Indian and follow the Zoroastrian religion. Mistry’s mother, on the other hand, was born in Ireland, and his father chose to become Irish. Mistry’s older brother, Shapoor Mistry, is also an Irish citizen and is married to the daughter of Parsi lawyer Rusi Sethna, Behroze Sethna. Mistry has two sisters named Aloo and Laila. Rustom Jehangir is a portfolio fund manager who lives and works in London. He is married to Laila. Aloo is married to Noel Tata, who is Ratan Tata’s half-Indian, half-French, and half-Catholic half-brother.
The Pallonji family has been in business for more than a hundred years. Mistry’s grandfather, Shapoorji Mistry, bought his first share of Tata Sons in the 1930s. Mistry’s father owned the stake, which is now worth 18.5%. It is the largest block of shares owned by a single person. About 66% of Tata Sons is owned by charitable trusts set up by the family. Mistry grew up in a wealthy family.
Mistry went to the well-known Cathedral & John Connon School in South Mumbai to get his education. He went to school at Imperial College London, and in 1990, the University of London gave him a Bachelor of Engineering in civil engineering. He went on to study at London Business School, and in 1996, the University of London gave him an International Executive Masters in management.
Career
In 1991, Mistry became a director at Shapoorji Pallonji & Co. Ltd, the family construction business. Mistry was the managing director of Shapoorji Pallonji & Company, which is part of the Shapoorji Pallonji Group. He was also the chairman of Tata Sons and the Tata Group.
In a 2013 article, The Economist categorized him as “the most important industrialist in both India and Britain.”
About $10 billion was his net worth in 2018.
Tata Sons
Mistry joined the Tata Sons board on September 1, 2006, a year after his father left the board. From September 24, 1990, to October 26, 2009, he was a Director of Tata Elxsi Limited. From September 18, 2006, until September 24, 2009, he was a Director of Tata Power Co. Ltd.
Mistry was chosen to be the chairman of Tata Sons in 2013. He was also the chairman of all the big 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 October 24, 2016, the Tata Sons Board voted to get rid of Mistry as Chairman of Tata Sons.
2018 NCLT verdict
In July 2018, the National Company Law Tribunal (NCLT), which “decides issues related to Indian companies,” ruled in favor of Tata Sons on charges of mismanagement made by Mistry in 2016, two months after he was removed as chairman by a vote of no confidence.
Mistry said on July 10 that he would file an appeal.
2019 NCLAT verdict
In December 2019, the National Company Law Appellate Tribunal put Mistry back in charge of Tata Sons for the rest of his term and said that TCS CEO Natarajan Chandrasekaran shouldn’t have been named executive chairman of Tata Sons.
Tata Sons took the NCLAT’s decision to the Supreme Court in January 2020. Cyrus Mistry said that he will not return as Chairman of the conglomerate, but he wants to keep his seat on the board of the company. [30] The order from NCLAT was put on hold while Tata Sons’ appeal was heard on January 10, 2020. The three judges on the bench were Chief Justice SA Bobde, Justices BR Gavai and Surya Kant.
The bench said, “We find that there are gaps in the NCLAT’s judicial orders.”
The Supreme Court of India also ordered that Tata Sons will not exercise power under Article 25 of the Company Law for pushing out shares of minority holders in the company.
Life at home
Mistry was married to Rohiqa Chagla, who was the daughter of lawyer Iqbal Chagla and the granddaughter of judge M.C. Chagla. Iqbal Chagla has helped Cyrus Mistry figure out what he should do in court against The Tata Sons.
Firoz Mistry and Zahan Mistry are their two sons.
Mistry was an Irish citizen who lived in India full-time (having acquired Overseas Citizenship of India). The Independent, an Irish newspaper, said that Mistry thinks of himself as a citizen of the world.
Pallonji Mistry’s father died on June 28, 2022
Mistry and three people from the Pandole family went to the Iranshah Atash Behram in Udvada on September 4, 2022.
[34] The Zoroastrian high priest Khurshed Dastoor confirmed that the group came to pray after Dinshaw Pandole and Pallonji Mistry died. On the way back to Mumbai from Udvada, the driver of the Mercedes-Benz GLC they were in hit a road divider on a bridge over the Surya River in Palghar.
Cyrus Mistry was the younger son of Pallonji Mistry. Pallonji Mistry was the head of the Shapoorji Pallonji Group, which began as a construction business started by Pallonji Mistry’s grandfather in the 1800s. The Mistrys were members of the Parsi community in Mumbai. They were followers of the Zoroastrian religion and had been successful businesspeople and merchants since the early days of colonial rule. Cyrus went to the prestigious Cathedral and John Connon School in Mumbai before finishing his higher education in England. There, he got a degree in civil engineering from Imperial College, London, and a master’s degree in management from the London Business School. In 1991, he joined the family business and became the director of Shapoorji Pallonji & Co. Ltd., the biggest construction company in the family. His brother, Shapoor, ran the real estate business for the group, and their father kept his position as head of the board of directors. Pallonji Mistry was also on the board of the Tata Group, which is also based in Mumbai and is run by the Tatas, a well-known Parsi family.
During Cyrus Mistry’s two decades at the helm of Shapoorji Pallonji & Co., the company continued its expansion beyond traditional construction to large engineering projects, including the building of power plants and factories. The company also continued to grow overseas, undertaking more projects in the Middle East and Africa. In 2006 Pallonji Mistry retired from the board of the Tata Group, and the 38-year-old Cyrus Mistry took his place. Pallonji Mistry was the company’s biggest shareholder, and his son was named director of several Tata companies in addition to his job with the Shapoorji Pallonji Group. Cyrus Mistry was made vice chairman of the Tata Group in November 2011. His goal was to take over as chairman a year later, when Ratan Tata, who had been chairman since 1991, retired.
Many Indian news outlets said that Cyrus Mistry was the first non-Indian and only the second person who wasn’t a Tata to lead the Tata Group. However, he was well-known in Mumbai society and was married to a Tata. He had an Irish passport because his mother was born in Ireland but had Indian roots. Her brother was a wealthy Indian shipping magnate, and her sister was married to Pallonji Mistry’s cousin. One of Cyrus Mistry’s sisters got married to Noel Tata, who is Ratan Tata’s half brother and a well-known Tata Group executive. In 1992 Cyrus Mistry married a daughter of Iqbal Chagla, one of India’s most prominent lawyers, and their sons began their education as their father had, in Mumbai.
When Cyrus Mistry was made deputy chairman of the Tata Group, he quit his job at Shapoorji Pallonji & Co. Soon after that, his father gave Shapoor Mistry control of the whole Shapoorji Pallonji Group. The Tata Group, which included the Jaguar Land Rover car company in Britain and the Corus Group, a major European steel producer, had grown a lot during the time that Cyrus Mistry was chosen to lead it. His job was to simplify the group’s structure, combine businesses that were related, and make management open to skilled people who might not be related to the Tata or Mistry families. In 2012 he officially succeeded Ratan Tata as chairman of the Tata Group. Mistry was chairman until October 2016, when he was fired without warning. According to news reports, he was fired because he and members of the Tata family didn’t agree on how to run the business. Mistry fought against his dismissal and said that the board was bad at its job and was unfair to minority shareholders. In 2018, India’s National Company Law Tribunal turned down his petition, but the National Company Law Appellate Tribunal overturned that decision in 2019. The Supreme Court of India upheld Mistry’s firing two years later.