“I think when you make decisions, you should take them not on the basis of what you believe is a convenient outcome, but what you believe is the right outcome. That’s something that is important.”- Cyrus Mistry
Cyrus Mistry is an Irish businessman of Indian origin. Even though Cyrus Mistry is an Irish citizen and has acquired permanent citizenship in India, he views himself as a global citizen according to a news report in an Irish newspaper, The Independent. He is influential and his insights on shares and decisions are quite famous as the one stated above. Cyrus Mistry has served as the chairman of the Tata Group from the year 2012 to 2016. Though later, there were a lot of controversies about Cyrus Mistry and the evergreen Tata group. Cyrus Mistry was categorized as “the most important industrialist in both India and Britain.”
By The Economist in the year 2013. He has been an unbelievable asset for the helm of Shapoorji Pallonji & Co., which expanded beyond traditional constructions to humongous engineering projects such as the building of power plants and factories. Not only this but the company also began expanding overseas. He is the only non-Tata leading the group. Cyrus Mistry’s sister married Ratan Tata’s half-brother Noel Tata and this is how Cyrus Mistry is related to the Tata’s, apart from being a member of their business network. Let’s take a look at the scion of the wealthy family’s lifestyle, properties, cars, personal life, and favorites.
Cyrus Mistry owns an 18.4% stake in Tata Sons. This ownership is with the help of his company named; Cyrus Investments Pt. Ltd. Cyrus Mistry’s net worth is approximately USD 10 billion. Cyrus Mistry’s salary as the chairman of Tata Sons was a large amount of INR 16.25 Crore.
Properties owned by Cyrus Mistry
Cyrus Mistry is one of the richest men and his wealth is reflected in the lifestyle he leads and the houses he lives in. Cyrus Mistry lives in a luxurious sea-facing house in Walkeshwar near the governor’s bungalow. The residence serves as a perfect place to throw low-key parties with a huge garden overlooking the sea.
Cars owned by Cyrus Mistry
Cyrus Mistry identifies himself as a car-lover and has spent a lot on his collection of beautiful luxurious cars.
|Honda CR-V||INR 32.84 Lakh|
|Jaguar XF||INR 55.67 Lakh|
|Tata Safari Storme||INR 16.35 Lakh|
|Aria||INR 11.43 Lakh|
|Sedan||INR 5.64 Lakh|
Cyrus Mistry personal life
|Net worth||USD 10 Million|
|Name||Cyrus Pallonji Mistry|
Cyrus Mistry is the younger son of billionaire Pallonji Mistry. His mother and father belong to the Zoroastrian faith and are rooted in India. Cyrus Mistry’s mother was born in Ireland and his father took hold of Irish citizenship by choice. He has two siblings who are his dear sisters. His family has been always active in business for almost a century. The first stake ever acquired in Tata Son’s was by his grandfather, Shapoorji Mistry in around the 1930s.
The shares which are held currently are controlled by charitable trusts that are set up by the family. In the year 2011, Cyrus Mistry’s father, Pallonji Mistry became the largest shareholder in the Tata group. In the year 2012, Cyrus Mistry became the second person outside the Tata Family after Nowroji Saklatwala to be appointed as chairman.
Cyrus Mistry personal life
Cyrus Mistry completed his studies in Cathedral 7 John Connon School in South Mumbai. He has also studied at Imperial College London and received a Bachelor of Engineering in civil engineering from the University of London in the year 1990. Apart from that, he also took his education at London Business School and he was awarded International Executive Masters in management from the University of London in the year 1996.
“Shareholder value gets lost when things are done illegally when corporate governance is not adhered to when cohesive action is not taken.”- Cyrus Mistry
He joined his family’s business Shapoorji Pallonji & Co. Ltd. In the form of a director in the year 1991. He has worked as a managing director for his family’s company and later as a chairman in the Tata Sons and also the Tata Group. A year after his father retired from the board of Tata Sons, Cyrus Mistry replaced him on 1 September 2006. He specifically worked as a director of Tata Elxsi Limited from the year 1990 to 2009. In the year 2013, Cyrus Mistry received an offer to be the chairman of Tata Sons, which he accepted. Below are all the major companies in which he was a chairman:
· Tata industries
· Tata Steel
· Tata Motors
· Tata Consultancy Services
· Tata Power
· Tata Teleservices
· Indian Hotels
· Tata Global Beverages
· Tata Chemicals
Despite working for longer durations with the Tata’s, there are controversies speculating the obstacles which might be hindering the growth of their bond. The tata’s board seemed to have lost faith in him resulting in court matters. Cyrus Mistry was asked to step down from his position as chairman but Mistry refused to do so, this was the reason for their tiff and tarnished relationship which was open even to the public eye. After firing Cyrus Mistry from the post of chairman, Ratan Tata replaced him and after his resignation, Natarajan Chandrasekaran was named as the new chairman.
Nevertheless, soon NCLAT declared the appointment of Chandrasekaran as executive chairman illegal and had to restore Cyrus Mistry. Seeking explanations for anomalies in the NCLAT, a cross-appeal was filed by Cyrus Mistry in the court to which the Supreme Court upheld his dismissal. The Supreme Court also ordered that Tata Sons will not exercise power under Article 25 of the Company Law for pushing out shares of minority holders in the company.
Cyrus Mistry mentioned in an interview that he was personally “disappointed” by the outcome of the judgments. “Over the past four years, I’ve had the opportunity to reflect on my actions and on whether I could have handled the generational change in leadership better. In hindsight, while I may have had many imperfections, I have no doubt or erosion of conviction about the direction I chose, the integrity behind my actions and their consequences,” he stated in an interview dated 30 March 2021.
Cyrus Mistry tied the knots with Rohiqa Chagla, the daughter of lawyer Iqbal Chagla in 1992. Iqbal Chagla was the strategist of the course of action for Cyrus Mistry in the legal atrocities against the Tata Sons. The couple is blessed with two children, Firoz, and Zahan Mistry.
Cyrus Mistry Favourites
As Cyrus Mistry is half Parsi, he loves indulging in Parsi cuisines. Cyrus’s favorite color is black and he loves to read various books.
Cyrus Mistry has proven himself as talented in the field of business and investments. Apart from being a sharp-minded leader, he brims with wisdom and insightful delicacies in his niche. One such insight is as follows:
“Let us look at international institutions and trusts, Trusts have certain roles, and unless you define what their roles are, what is it that they control? Are they controlling the day-to-day operations? If you do that, then what is Tata Sons for? Effectively, you need to have clarity on the roles of different players inside a structure. That is the governance framework.”-Cyrus Mistry.