Cyrus Pallonji Mistry, former chairman of Tata Sons passed away a tragic death; PM Modi paid tribute
Former Tata Sons chairman Cyrus Mistry died in a car accident on Sunday in Palghar, Maharashtra. For him, tributes are pouring in. Mistry, who was only 54 years old, was driving from Ahmedabad to Mumbai when his car collided with a wall, killing the industrialist and two other passengers.
Reports said that Mistry was traveling from Ahmedabad to Mumbai in a Mercedes when the tragedy occurred at around 3.15 p.m. The catastrophe occurred on the Surya River Bridge. According to the Police, it appeared to be an accident.
He was traveling with two other people, including the car’s driver, who also sustained injuries. The injured people have all been transported to a Gujarati hospital. A picture of his car after the accident has been circulating online.
He was the chairman of the Indian business titan Tata Group from 2012 until 2016. He was the second chairman without a Tata last name and the group’s sixth chairman overall. He was picked by a committee in the middle of 2012, and he took over as the Tata Group’s leader in December of that same year. The board of Tata Sons, the holding company for the Tata Group, voted to fire Mistry in October 2016 after providing him the chance to resign voluntarily.
A few months later, Natarajan Chandrasekaran was selected to succeed Ratan Tata as chairman after the former chairman returned to an interim role. However, in December 2019, the National Company Law Appellate Tribunal (NCLAT) declared Mistry’s appointment as executive chairman to be invalid and reinstated Chandrasekaran. The Supreme Court issued a stay of the NCLAT’s order on January 10, 2020. Mistry has submitted a cross-appeal to the court in order to obtain an explanation for the contradictions in the NCLAT. However, the Supreme Court affirmed his dismissal.
He owned an 18.4% stake in Tata Sons through his company, Cyrus Investments Pvt. Ltd.
In 2018, his net worth was $10 billion.
Due to his sudden demise, a lot of people are in shock and have been sending condolences to his family. Prime Minister Narendra Modi paid a tribute to him through a tweet.
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.
— Narendra Modi (@narendramodi) September 4, 2022
Union Minister Nitin Gadkari wrote:
Deeply saddened to know about the unfortunate demise of Ex-Chairman of Tata Sons, Cyrus Mistry Ji in a road accident near Palghar, Maharashtra.
Sincerest condolences to his family members.
May he Rest In Peace.
— Nitin Gadkari (@nitin_gadkari) September 4, 2022