Former Tata Sons chair Cyrus Mistry dies in road accident

Tata Group Chairman Cyrus Mistry speaks to shareholders in the course of the Tata Consultancy Companies (TCS) annual basic assembly in Mumbai June 28, 2013. REUTERS/Vivek Prakash

MUMBAI, Sept 4 (Reuters) – Cyrus Mistry, the 54-year-old former chairman of Indian conglomerate Tata Sons, died in a street accident close to monetary capital Mumbai on Sunday, Indian police mentioned.

Mistry was ousted as chairman of Tata Sons, the holding firm of the $300-billion salt-to-software Tata conglomerate, in a boardroom coup in 2016, sparking a long-drawn-out authorized tussle on which India’s prime courtroom finally dominated in Tata Group’s favour.

The accident befell in Palghar, situated about 100 kilometres (62 miles) north of Mumbai, on Sunday afternoon. Mistry was travelling to Mumbai from Gujarat with three others, B. Patil, the highest police official in Palghar district, mentioned.

A senior Mumbai police official mentioned the automotive during which Mistry was travelling had rammed right into a divider, and that he had died on the accident website.

A number of distinguished politicians and industrialists tweeted their condolences after information of Mistry’s passing was reported. Prime Minister Narendra Modi referred to as Mistry’s demise premature and stunning.

“He was a promising enterprise chief who believed in India’s financial prowess. His passing away is an enormous loss to the world of commerce and business,” Modi tweeted.

Mistry’s household and Tata Sons didn’t instantly reply to a request searching for remark.

Tata Consultancy Companies, during which Tata Sons owns a majority stake, mentioned it was mourning the premature demise of its former chairman, including that the corporate was providing its “deepest condolences and prayers” to his household and pals.

“He was a heat, pleasant, and congenial one who constructed a robust relationship with the TCS household throughout his time because the chairman of the corporate,” TCS mentioned in an announcement.

Mistry was the sixth chairman of the Tata group, a conglomerate began over 150 years in the past, and the second not named Tata. He was the brother-in-law of Noel Tata, half-brother of Mistry’s predecessor as chair Ratan Tata.

Mistry’s grandfather first purchased shares in Tata Sons within the Thirties. The Shapoorji Pallonji (SP) Group, based by Mistry’s father, at present holds a close to 18% stake, making it the biggest single shareholder in a agency principally managed by trusts.

The decades-long relationship between SP Group, one of many nation’s largest building corporations, and Tata Group was strained following his sacking, and SP Group has since been trying to “separate its pursuits” from Tata Sons.

Fund managers Reuters spoke to on the time of Mistry’s appointment described him as little-known in enterprise circles.

A graduate in civil engineering from London’s Imperial School and in administration from the London Enterprise Faculty, Mistry described himself as a voracious reader of enterprise books and golfer, and shared his household’s love of horses.

SP Group didn’t instantly reply to Reuters requests searching for touch upon Mistry’s demise.

Reporting by Rupam Jain; Further reporting by Nallur Sethuraman; Writing by Sudarshan Varadhan; Enhancing by Frances Kerry and Jan Harvey

: .