close
Business

Tata Versus Cyrus Mistry: How The Saga Unfolded


Cyrus Mistry was a scion of the Shapoorji Pallonji Group, which is known for its interests in construction, real estate and engineering businesses. But it was his appointment at the helm of the Tata Group and subsequent ouster that brought him in the spotlight.

Mistry was killed in a car accident near Mumbai on Sunday. He was 54.

Shapoorji Pallonji family, the group’s parent entity, is the single largest shareholder in Tata Sons with 18.47% stake. And that got the family a seat on the board of Tata Sons. After his father Pallonji Mistry stepped down from the board, Mistry was named as a director in 2006.

In 2011, he was roped in to head the conglomerate to replace Ratan Tata and took over in 2012. But was removed four years later in October 2016. Differences between the two were at the heart of this bitter falling out.

Mistry had mounted a legal challenge, and after an initial setback at the National Company Law Tribunal, won at the appellate tribunal. The Supreme Court, however, set aside the NCLAT order, handing a win to the Tata Group.

Here’s how the saga unfolded.





Source link