Cyrus Mistry, Chairman of Tata Sons from 2012-2016, was referred to as ‘the most low profile man with the most high profile job’.
Cyrus became well-known when he was removed as chairman in 2016, for reasons that were not disclosed.
Cyrus Mistry was removed by a boardroom coup, and was also eventually replaced on the many boards he was previously a member of. This led to one of the ugliest battles Corporate India has ever seen.
Once Again, Cyrus Mistry Shows Us How to Exit with Class
The removal of Mistry from chairmanship is said by many to be the only example in history. In addition, he voiced many concerns such as the five companies that had to take Down 18 billion worth of writedowns, and the questionable deal with Air Asia which was known for making fraudulent transactions.
He says they were working hard to ensure the future of the Group, so potential stakeholders could be aware of potential issues.
After being accused of inappropriate intervention in the Tata Group, Cyrus Mistry was pushed to become a ‘lame duck chairman’ and lost his position following court cases. With evidence piling up against him, he filed review petitions and these were also dismissed.
Mistry never believed it to be a short-term fight. “I have a lifetime ahead of me and my fight will go on,” he had said.
Mistry’s Clementine mirror
Rohiqa Mistry is the wife of Cyrus Mistry and also plays a big role in his life, including aiding him as he talked on Tata’s website.
He called her a like-minded, vocal cohort who isn’t afraid to disagree with him. He compares her to Winston Churchill’s wife Clementine, who once famously pointed out the errors in his judgment during the darkest hours of War-time.
Mistry’s elder brother Shapoor is the sole owner of Shapoorji Pallonji group. He owns the construction business in India and the Middle East. The company had previously owned Eureka Forbes, but sold it in 2021.
There is a close relationship between Mistry and Pawar’s daughter, Sule. She called him an exceptional hard working person who always makes an effort.
Mistry had admitted he missed out on work-life balance before his departure from Tata Sons. This was all before taking the legal measure.
A Journey of Mistry’s life in Tata Group
2011: Cyrus Mistry becomes the deputy chairman of Tata Sons.
In 2012, Cyrus Mistry was appointed as the chairman of Tata Sons. Ratan Tata became the chairman emeritus.
In 2016, the Tata Group replaced Cyrus Mistry with Ratan Tata as their chairman.
Mistry companies allege that their minority shareholders have been oppressed by the company and call for the removal of Cyrus Mistry.
2017: Tata Sons appoints former Boston Consulting Group vice chairman N Chandrasekhar as the chairman of Tata Sons.
2019: Cyrus Mistry is reinstated as the chairman of Tata Sons by NCLT.
2020: NCLT rejects Tata Sons’ challenge, rules Cyrus Mistry is Tata’s rightful chairman.
The Supreme Court has not cancelled the stay of the National Company Law Tribunal’s decision. The Supreme Court also retained that Shapoorji Pallonji Group should not pledge its shares in Tata Sons.
SC Restores Cyrus Mistry as Chairman of Tata Sons