Former Tata group chairman Cyrus Mistry, 54, dies in car accident

His death comes as a blow to Shapoorji Pallonji group

Cyrus Mistry, former chairman of Tata Sons and scion of the Shapoorji Pallonji group, died in a car accident near Mumbai on Sunday. He was 54.

Mistry was travelling from Ahmedabad to Mumbai in a Mercedes car, which hit a road divider and dashed against a retention wall. “The accident took place around 3.15 pm, when Mistry was travelling to Mumbai from Ahmedabad. The accident took place on a bridge over the Surya river at Charoti Naka (120 km from Mumbai). It seems like an accident,” Palghar district superintendent of police, Balasaheb Patil, told PTI.

Mistry died at the accident site, police said.

Besides Mistry, a man identified as Jahangir Pandole was killed, while eminent gynecologist, Anahita Pandole (55), and her husband Darius Pandole (60) survived the crash. Jahangir is the brother of Darius, a former independent director of the Tata group of companies who had opposed Cyrus Mistry's removal as chairman.

Condolences poured in for the former Tata group chairman from his former colleagues, besides business and political leaders. "The untimely demise of Shri Cyrus Mistry is shocking. He was a promising business leader who believed in India’s economic prowess. His passing away is a big loss to the world of commerce and industry," Prime Minister Narendra Modi said.

India Inc leaders said Mistry's untimely death is shocking. "So sad to hear of the shocking news of the passing away of Cyrus Mistry in an accident. He was a friend, a gentleman, a man of substance," said Harsh Goenka, chairman of RPG group.

Maharashtra Deputy Chief Minister Devendra Fadnavis has directed the state police to conduct a detailed investigation into the accident.

According to initial information, the Mercedes car, with Anahita Pandole at the wheel, was overspeeding and tried to overtake another vehicle from the wrong side, PTI quoted a police official as saying. “A woman was driving the car and tried to overtake another vehicle from the left, but lost control and crashed into the road divider,” an eyewitness said, corroborating the official about the possible reason for the accident. Mistry and Jahangir were in the rear seats.

Mistry -- who studied in Cathedral and John Cannon School in Mumbai and London Business School -- became chairman of the Tata group in 2012, after a year-long search by Tata Sons, the holding company of the $103-revenue group. Mistry succeeded Ratan Tata, who retired as Tata group chairman after he turned 75. Cyrus was the sixth chairman of the Tata group and second chairman who did not have the Tata surname. Cyrus joined the Tata Sons board as a director in 2006 and since then was representing Mistry's family on the board.

During Mistry's tenure, Tata Power acquired Welspun's renewables energy assets for Rs 10,000 crore -- making the Tatas an early investor in the sector.

 The Mistry family owns an 18.4 per cent stake in Tata Sons, while the Tata Trusts own a 66 per cent stake in the company; the family's wealth was estimated at $29 billion by Bloomberg.

But within a few years as Tata group chairman, the relations between Ratan Tata and Mistry soured, with Tata Sons board removing Mistry from the top position in October 2016 -- just months before his 5-year term was to end.

Mistry moved the court against his removal and the legal battle culminated in 2021 with the Supreme Court ruling in favour of the Tata group.

Since his ouster from the Tata group, Cyrus was busy investing in technology start-ups; his elder brother Shapoor was looking after the Mistry family's sprawling construction business. The construction business recently turned around with the Mistrys repaying bank dues by selling assets.

Mistry, an Irish Citizen, was married to Rohiqa Chagla, daughter of lawyer Iqbal Chagla and granddaughter of jurist M C Chagla. The two have two sons, Firoz Mistry, and Zahan Mistry. Mistry's sister Aloo is married to Noel Tata, a Tata Trusts trustee.

In June this year, Cyrus’ father Pallonji Mistry died at the age of 93. The Mistry family built some of the iconic buildings in Mumbai, including the Reserve Bank of India building and Sultan of Oman palace.

Several decades before his death, Pallonji had divided his equity investments, including Tata Sons shares and other assets between his two sons equally.