Cyrus Mistry with Rakeshwar Pandey
|Born||4 July 1968|
South Mumbai, India
|Alma mater||Imperial College London|
London Business School
|Occupation||Former chairman of Tata Group|
|Net worth||$10 billion|
Patsy Perin Dubash
|Relatives||Noel Tata (brother-in-law)|
Cyrus Pallonji Mistry (born 4 July 1968) is an Irish businessman of Indian origin who was the chairman of Tata Group, an Indian business conglomerate, between 2012 and 2016. He was the sixth chairman of the group, and only the second (after Nowroji Saklatwala) to not bear the surname Tata. In mid-2012, he was chosen by a selection panel to head the Tata Group and took charge in December the same year. On 24 October 2016, the board of Tata Group's holding company, Tata Sons, voted to remove Mistry from the post of chairman; former chairman Ratan Tata then returned as interim chairman, and Natarajan Chandrasekaran was named as the new chair a few months later. He owns an 18.4% stake in Tata Sons, through his firm, Cyrus Investments Pvt. Ltd. In 2018, his net worth was approximately $10 billion. He was a member of the National Integration Council.
Mistry was born to a Parsi family in Bombay (now Mumbai), the younger son of Indian billionaire and construction magnate Pallonji Mistry by his wife Patsy Perin Dubash. Both his parents belong to the Zoroastrian faith and have roots in India. However, Mistry's mother was born in Ireland, and his father chose to take up Irish citizenship. Mistry has an elder brother, Shapoor Mistry, who is also an Irish citizen, and is married to Behroze Sethna, the daughter of Parsi lawyer Rusi Sethna. Mistry also has two sisters, Laila and Aloo. Laila is married to Rustom Jehangir, a London-based portfolio fund manager. Aloo is married to Noel Tata, the half-Parsi, half-Catholic half-brother of Ratan Tata.
The Pallonji family have been active in business for over a century, and it was in the 1930s that Mistry's grandfather, Shapoorji Mistry, first acquired a stake in Tata Sons. The stake, which now stand at 18.5%, is presently held by Mistry's father, and comprises the largest block of shares held by a single party; some 66% stake in Tata Sons is controlled by charitable trusts set up by the family. Mistry, thus, grew up in affluent circumstances. He studied at the prestigious Cathedral & John Connon School in South Mumbai, and then moved to London to study at Imperial College for a B.Sc. degree in civil engineering. He then went on to take an M.Sc. in management from the London Business School.
Mistry joined the board of Tata Sons on 1 September 2006, a year after his father retired from it. He served as a Director of Tata Elxsi Limited, from 24 September 1990 to 26 October 2009 and was a Director of Tata Power Co. Ltd until 18 September 2006.
In 2013, Mistry was appointed as the chairman of Tata Sons. In addition, he was also chairman of all major Tata companies including Tata Industries, Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Teleservices, Indian Hotels, Tata Global Beverages and Tata Chemicals.
2018 NCLT verdict
In July 2018, the National Company Law Tribunal (NCLT), which "adjudicates issues relating to Indian companies," issued a verdict in favor of Tata Sons on charges of mismanagement leveled by Mistry in 2016, two months following his ousting as chairman, through a vote of non-confidence. On 10 July, Mistry stated that he would appeal the decision.
Mistry is an Irish citizen, and a permanent resident of India (having most probably acquired Overseas Citizenship of India). According to a news report in an Irish newspaper, The Independent, Mistry views himself as a global citizen.
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