Cyrus Mistry belongs to the big corporate houses in Mumbai, has many year's work experience

HIGHLIGHTS: Cyrus Mistry was removed from the post of chairman of the Tata group in just four years. After the order of NCLAT, again the chairman will take over the post.

The National Company Law Appellate Tribunal (NCLAT) on December 18th, 2019 named Cyrus Mistry again as the executive chairman of Tata Sons. He was suddenly sacked as chairman of the company in 2016, after which he was fighting a legal battle against the Tata group. Cyrus Mistry's full name is Cyrus Palonji Mistry and he belongs to the big business house of Mumbai. He was born on 4 July 1968. His father is Palonji Mistry who heads the Shapoorji Pallonji Mistry Company. Cyrus Mistry has bought an 18.4% stake in Tata Sons through its company Cyrus Investment Pvt Ltd. His net worth in 2018 was approximately $ 10 billion (Rs 70,957 crore). He has over two decades of experience in construction, entertainment, electricity and financial business.

Got Masters Degree from London Business School

Cyrus did his schooling from Cathedral & John Conan School in Mumbai. He then moved to England for higher education, where he obtained a degree in engineering from Imperial College, London, and a master's degree in management from London Business School. He then joined his family business in 1991 and became the director of the flagship construction company Shapoorji Pallonji and Company Limited. His brother Shapoor was the director of the company's real-estate business and his father was the chairman of the company's board of directors. Pallonji Mistry also joined the board of Tata Group.

Handled his family business for two decades

Cyrus Mistry handled Shapoorji Pallonji & Co Ltd for two decades, during which the company moved beyond traditional constructions to complete large engineering projects like power plants and factories. The company also worked on more projects in the Middle East and Africa. In 2006, when Palonji Mistry retired from the Tata Group board, 38-year-old Cyrus Mistry replaced him. Palonji Mistry was the largest shareholder of the Tata company and after his retirement his son Cyrus was given the position of director of several Tata companies. Along with this, he continued to perform his duties in the Shapoorji Pallonji group.

Became sixth chairman of Tata Group

In November 2011, he was appointed deputy chairman of the Tata group and with the goal of handing over the post of chairman after Ratan Tata retired a year later. Ratan Tata was the chairman of the group since 1991. In mid-2012, he was selected by a selection panel as the company's director and in December the same year he took over as chairman. He was the sixth chairman of the Tata group and for the second time in the history of the Tata group, a non-Tata surname person was made the chairman of the company. On October 24, 2016, Tata Sons Company voted in favor of his removal as chairman, after which former chairman Ratan Tata returned as interim chairman.

Why was removed from the post of chairman?

As chairman, Cyrus Mistry made several changes to the Tata group leading to increased capital expenditure, but diminishing returns to shareholders. He removed the rich people of Ratan Tata and replaced them with new ones. His proposal to sell Tata's steel port plant in the UK was expected to damage the company's overseas reputation and the growing dispute with the Docomo Group added to the group's troubles, ultimately leading to his removal from the post of chairman. Tata had to pay $ 1.2 billion to Japanese company Docomo as a settlement. In the 151-year history of the Tata group, Mistry's tenure as chairman was only four years.

His personal life

Mistry holds citizenship of Ireland and is a permanent citizen of India. His mother was born in Ireland, which earned him citizenship. His mother's brother heads a large shipping company in India. Cyrus Mistry married Rohika Chagla, the daughter of Iqbal Chagla, one of the country's renowned lawyers. They have two children who are studying in Mumbai. Cyrus Mistry has been very close to the Tata family. He has a sister married to Noel Tata, Ratan Tata's half-brother.

Source: Web