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- Published: September 4, 2022 15:55
New Delhi: In a tragic accident, the former chairman of Tata Group Cyrus Mistry succumbed to the injuries he received in a car accident on Monday. The accident is reported to happen after the driver lost his balance over the car after ramming into a divider. The incident occurred in Maharashtra’s Palaghar District.
Talking to the media, the Superintendent of police of Palghar district also confirmed the incident.
Cyrus Mistry, former chairman of Tata Sons, dies in road accident pic.twitter.com/xe0fPOKeyM
— Newsroom Post (@NewsroomPostCom) September 4, 2022
The former chairman of Tata Group was rushed to the hospital but doctors declared him brought dead, according to media reports.
Who was Cyrus Mistry?
Cyrus Mistry was born in Maharashtra’s Mumbai, earlier known as Bombay, on July 4, 1968. He was one of the four children of his father Pallonji Shapoorji Mistry. He completed his early studies in Mumbai and later studied at Imperial College London and London Business School.
In the month on June 2022, Pallonji Mistry passed away at 93 due to age-related issues. Cyrus is an Indian-born Irish businessman like his late father.
He was made the sixth chairman of Tata Group in 2012 and continued till 2016 before the board of Tata Group’s holding company Tata Sons voted to remove him.
However, he owned an 18.4% stake in Tata Sons through his company Cyrus Investments Pvt. Ltd. His father’s company Shapoorji Pallonji group is the biggest shareholder in the Tata group.
The Economist categorized Cyrus in 2013 as ”the most important industrialist in both India and Britain.
What is the connection between Mistry and Tata?
The connection between Mistry and Tata has been for a very long time. The association between Mistry’s family and the Tatas started in 1930 with Shapoorji Pallonji Mistry buying a stake of 12.5% in Tata Sons from the FE Dinshaw Estate.
When JRD Tata became the chairman of Tata Group he initially did not like Mistry’s acquisition of a major stake in Tata Sons. However, the differences did not last long. Later, Pallonji Mistry’s daughter Aloo married Ratna Tata’s half-brother Noel Tata.
However, professional differences were created with group patriarch Ratan Tata when Tata Sons removed Mistry as chairman.