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From An Outsider To Chairman Of Tata Group: Know How Cyrus Mistry Helped Transform Modern Business In India

The demise of Cyrus Mistry, who was once described as "the most important industrialist in both India and Britain", has left many in shock. Know more about him and the void he has left behind in the world of business.

Business tycoon Cyrus Pallonji Mistry's sudden death has shocked many in the commercial industry. He was killed in a road accident in Palghar on September 4 while he was travelling from Ahmedabad to Mumbai. Mistry is well known among the business and general crowds as the former chairperson of the Tata Group, the first non-Tata member to have been given the authority to head the Tata empire. 

Beyond his contributions as the chairperson to the Tata groups, the Indian-born Irish businessman's journey toward being one of the key elements in transforming modern business in the country and as one of the richest men in India is nothing less than book-worthy. 

Took Understanding Of Business From London To Homeground 

Mistry had an illustrious profile set in terms of his academics and career. He graduated with a civil engineering degree from the Imperial College of Science, Technology and Medicine, London, in the year 1990. After which, he secured a Master's in management from the London Business School in 1996. 

Hailing from a business background, his interest in the field came naturally to him, and he joined his family business, the Shapoorji Pallonji Group as the director. Since then, he has been responsible for many pivotal infrastructure projects, including the 106-MW power project in Tamil Nadu and the development of India's largest biotech park near Hyderabad, partnering with the Andhra Pradesh government. Under him, the Shapoorji Pallonji Group's enhanced their imprint in the fields of agriculture, biofuels, and large road projects. A noticeable feature in many of his decisions was the blend of a "wisdom of the old guard" in the rather young enterprises. 

As per a report by LiveMint, he resigned from the company after he was promoted to the post of deputy chairman of the Tata Group.

First Non-Tata To Be Entrusted With The Business Empire

Prior to his entry into the business space, Mistry's family had acquired a stake in the Tata Sons. The stake grew to 18.5 per cent since the 1930s, when his grandfather had first bought the stakes, the largest block of shares held by a single party in the company. 

It was only after his father's retirement in 2006 that Mistry joined the Tata Sons' board and held non-executive positions on boards of several other Tata companies. He was appointed the deputy chairman in 2011 and was envisioned to take over as chairman after Ratan Tata, who had spearheaded the conglomerate since 1991. This was the first time in Tata's history that a non-blood relative was heading the position and many other board members had divided emotions over the same, due to which Mistry could not retain his position for long. 

In 2016, two Mistry family-backed investment firms moved to the National Company Law Appellate Tribunal (NCLAT), alleging mismanagement by Tata Sons. A couple of months later, Mistry was removed as the director in a boardroom coup. The ensuing courtroom battle ruled in favour of Mistry's removal from the Tata board.

However, in 2019, the NCLAT declared the appointment of Natarajan Chandrasekaran as executive chairman of Tata Sons illegal and reinstated Mistry as the Chairperson of Tata Sons for his remaining term. Tata Sons appealed to the Supreme Court against this decision, to which Mistry announced that he would not return to his post as the Chairmanship but would reserve his seat on the company's board.

The vision Mistry held for Tata was exemplary, and trusting him with the same, Ratan Tata said, "I have been impressed with the quality and calibre of his participation, astute observations and humility. He is intelligent and qualified to take on the responsibility being offered, and I will be committed to working with him...to equip him to undertake the full responsibility of the Group on my retirement", read a report by The Hindu.

Apart from the many philanthropic and commercial contributions through the Tata Groups, Mistry was also a member of the National Integration Council, a group of senior politicians and public figures in India that actively addressed the problems of communalism, casteism and regionalism.

Also Read: Ratan Tata Invests In India's First Companionship Startup For Senior Citizens

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