A close family friend provided insightful details on Cyrus Mistry’s life. He disclosed that Cyrus attended Imperial College in London, one of the most esteemed universities in the UK, to earn a degree in civil engineering. The fact that he was able to gain admittance there despite the intense competition is sufficient evidence of his intelligence. He was a generally quiet, dedicated individual who was intensely focused on his work. He joined Tata Sons’ board as a non-executive director in 2006, and his family held an 18.4% stake in the company. This occurred after his father’s 2005 resignation from the board.
Ratan Tata’s resignation as non-executive chairman in 2012 after turning 75 was only logical. In order to find a replacement, the search committee was established considerably earlier, and Cyrus took part in it. He was appointed chairman of the Tata group in December 2012 after the committee ultimately decided he was the most qualified candidate for the position. It would be accurate to say that Cyrus showed some aggression when he first came over, and that aggression was in rebranding the Tata group. Perhaps he took his job too seriously, but that was solely in the group’s best interests.
However, there was a problem since Tata Trusts, which owns a sizeable stake in Tata Sons, believed he should take a more participatory approach. They are the major stockholders, and over time, a feeling of unease and coldness grew. A large portion of it was motivated by the belief that their permission and views were not asked on crucial choices.
In the end, he was fired in October 2016, which came as nothing short of a complete surprise. At a board meeting, all the directors supported the firing, with the exception of one who abstained from voting. Several points are made here after a protracted court struggle as a result of it. The fact that in any corporation, the majority always prevails and the minority only has restricted rights since they are fewer in number came right at the top of the list. Cyrus appealed his dismissal to the Supreme Court, which determined that it was lawful and in accordance with the Tata Sons’ Articles of Association after spending a considerable amount of time hearing arguments from both sides. Cyrus Investments then filed a review petition, which the then-Chief Justice N. V. Ramana dismissed in the middle of this year.
After leaving the group, he resumed managing the family business. His behavior had changed noticeably, and he barely spoke to anyone outside his family and a few close friends. Cyrus’s passing is nothing less than a tragedy because his father passed away in June of this year. He was in Udvada, Gujarat, on that fatal day to see the Parsi fire temple, and shortly after, we learn the horrifying news that he has passed away. It simply serves to highlight how precarious life is and how unexpected the world really is.
News Mania Desk
