India lost one of its most famous businessmen, Cyrus Mistry, who died in a frightening car accident on September 4th, 2022. Mistry succeeded Ratan Tata as chairman of the Ratan Tata Group.
The crash was too bad because his Mercedes-Benz was sort of destroyed. Not only Cyrus Mistry died, but also his mate, or rather friend, Jehangir Pandole. But now after 4 days the CCTV footage of the incident came out that speaks about everything. Below is 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. Still, people had a lot to say about it, because nobody likes to grope in the dark. Since this is a known accident, the investigation is still in full swing and they are investigating it from all sides. Nonetheless, they sent the car in for inspection so if someone had done something to it, the fault could be found. But they haven’t received the auto analysis report yet, which raises many questions.
Cyrus Mistry accident video
According to reports, the video clearly shows how angry the driver was when he drove into the barricade, as the car was traveling at 130 km/h at the time. As they lost control, the car crashed hard into the barricade, killing everyone inside. They covered 20 kilometers in just 19 minutes, so you can guess what the video is trying to say. The video has been viewed countless times as it spread like wildfire on social media. You can also stream the video that’s making headlines on social media if you want to learn more.
Apart from these things, few people pay attention to knowing about Cyrus Mistry’s personal life. He was an Indian-born Irish businessman who was head of the Tata group. He was born on July 4, 1968 in Bombay, Maharashtra, India. He died on September 4, 2022 in Palghar, Maharashtra, India. He was of Irish nationality and completed his alma mater at Imperial College London, London Business School. That’s why we’ve compiled information here that we’ve gotten 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 from the business. His parents are both Indian and follow the Zoroastrian religion. Mistry’s mother, on the other hand, was born in Ireland and his father chose to be 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 living and working in London. He is married to Leila. Aloo is married to Noel Tata, 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 stake in 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 foundations set up by the family. Mistry grew up in a wealthy family.
Mistry attended the well-known Cathedral & John Connon School in South Mumbai to receive his education. He was educated at Imperial College London and in 1990 he was awarded a Bachelor of Engineering degree in Civil Engineering from the University of London. He then studied at the London Business School and in 1996 the University of London awarded him an International Executive Masters in Management.
Career
In 1991 Mistry became a director of Shapoorji Pallonji & Co. Ltd, the family construction company. Mistry was Managing Director of Shapoorji Pallonji & Company which is part of the Shapoorji Pallonji Group. He was also chairman of Tata Sons and Tata Group.
In a 2013 article, The Economist ranked him “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 to September 24, 2009 he was a director of Tata Power Co. Ltd.
Mistry was elected chairman of Tata Sons in 2013. He has also served as Chairman of all major Tata companies such as 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 of directors voted to get rid of Mistry as chairman of Tata Sons.
2018 NCLT ruling
In July 2018, the National Company Law Tribunal (NCLT), which “decides matters relating to Indian companies”, ruled in favor of Tata Sons over allegations of mismanagement made by Mistry in 2016, two months after he was ousted by a vote as chairman had been dismissed without trust.
Mistry said on July 10 that he would appeal.
2019 NCLAT ruling
In December 2019, the National Company Law Appellate Tribunal put Mistry back in charge of Tata Sons for the remainder of his tenure, saying that TCS CEO Natarajan Chandrasekaran should not have been appointed Executive Chairman of Tata Sons.
Tata Sons took NCLAT’s decision to the Supreme Court in January 2020. Cyrus Mistry said he will not return as chairman of the conglomerate but wants to retain his seat on the company’s board. [30] NCLAT’s order was stayed 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 bank said: “We note that there are loopholes in the NCLAT court orders.”
The Supreme Court of India also ruled that Tata Sons will not exercise any powers under Article 25 of the Companies Act to crowd out shares held by minority shareholders in the company.
life at home
Mistry was married to Rohiqa Chagla, daughter of lawyer Iqbal Chagla and granddaughter of judge MC Chagla. Iqbal Chagla has helped Cyrus Mistry figure out what to do against the Tata Sons in court.
Firoz Mistry and Zahan Mistry are her two sons.
Mistry was an Irish national who lived in India full-time (having obtained Indian citizenship abroad). The Independent, an Irish newspaper, said Mistry sees himself as a citizen of the world.
Pallonji Mistry’s father died on June 28, 2022
Mistry and three people from Pandole family went to Iranshah Atash Behram in Udvada on September 4, 2022.
[34] Zoroastrian High Priest Khurshed Dastoor confirmed that the group had come to pray after the deaths of Dinshaw Pandole and Pallonji Mistry. On the way back from Udvada to Mumbai, 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 was founded as a construction company by Pallonji Mistry’s grandfather in the 18th century. The Mistrys were members of the Parsi community in Mumbai. They were followers of the Zoroastrian religion and had been successful businessmen and merchants since the early days of colonial rule. Cyrus attended the prestigious Cathedral and John Connon School in Mumbai before completing his higher education in England. There he earned a degree in Civil Engineering from Imperial College, London and a Masters in Management from London Business School. In 1991 he joined the family business and became a director of Shapoorji Pallonji & Co. Ltd., the family’s largest construction company. His brother Shapoor ran the real estate business for the group and their father retained his position as chairman of the board. Pallonji Mistry was also on the board of Tata Group, also based in Mumbai and run by the Tatas, a prominent Parsi family.
During Cyrus Mistry’s two decades at the helm of Shapoorji Pallonji & Co., the company continued to expand beyond traditional construction into major engineering projects, including the construction of power plants and factories. The company also continued to grow abroad, carrying out more projects in the Middle East and Africa. In 2006, Pallonji Mistry resigned from the Tata Group board and was replaced by 38-year-old Cyrus Mistry. Pallonji Mistry was the company’s largest shareholder and his son was appointed director of several Tata companies in addition to his work at the Shapoorji Pallonji Group. Cyrus Mistry was appointed Deputy Chairman of the Tata Group in November 2011. His aim was to take over the chairmanship 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 non-Tata person to lead the Tata group. However, he was well known in Mumbai society and married to a Tata. He had an Irish passport because his mother was born in Ireland but was of Indian descent. Her brother was a wealthy Indian shipowner and her sister was married to Pallonji Mistry’s cousin. One of Cyrus Mistry’s sisters married Noel Tata, Ratan Tata’s half-brother and a prominent Tata Group executive. In 1992, Cyrus Mistry married a daughter of Iqbal Chagla, one of India’s best-known lawyers, and their sons began their education like their father in Mumbai.
When Cyrus Mistry was appointed Deputy Chairman of Tata Group, he quit his job at Shapoorji Pallonji & Co. Soon after, his father gave Shapoor Mistry control of the entire Shapoorji Pallonji Group. The Tata group, which also owned the Jaguar Land Rover car company in the UK and the Corus group, a major European steelmaker, had been growing rapidly by the time Cyrus Mistry was chosen to head it. His task was to simplify the structure of the group, merge related businesses and open management to qualified people who may not be related to the Tata or Mistry families. In 2012, he formally succeeded Ratan Tata as Chairman of the Tata Group. Mistry was chairman until October 2016 when he was fired without warning. According to media reports, he was fired because he and members of the Tata family disagreed on how the business should be run. Mistry has resisted his dismissal, saying the board is doing a poor job and being unfair to minority shareholders. In 2018, India’s National Company Law Tribunal denied his application, but the National Company Law Appellate Tribunal overturned that decision in 2019. The Supreme Court of India upheld Mistry’s dismissal two years later.