Former Tata Sons chairman Cyrus Mistry died in a road accident near Maharashtra’s Palghar on Sunday. Four people—Cyrus Mistry, Jahangir Dhinshaw Padole, Anahita Pandole and Darius Pandole—were in the Mercedes GLC car at the time of the accident. Mistry and Jahangir Dhinshaw Padole died in the mishap while Anahita Pandole and Darius Pandole got seriously injured and were subsequently taken to a hospital.
Mistry was travelling from Ahmedabad to Mumbai when the tragedy happened at around 3.15 p.m. The Surya river Bridge was the site of the disaster. According to the police officer, it appears to be an accident
One of the most well-known Corporate disputes in India has been the legal dispute between Cyrus Mistry and Ratan Tata. Ratan Tata serves as the Chairman of Tata Trusts, which owns 66 per cent share in Tata Sons. The Mistry family holds 18.4% of the company shares.
The three Judges which includes Chief Justice SA Bobde, Justice AS Bopanna, and Justice V Ramasubramanian, will decide whether Mistry’s allegations of oppression and poor management at Tata Sons are true when it renders its decision.
The court questioned how NCLAT reinstated Mistry as the executive chairman of Tata Sons despite there being no request for reinstatement as a director or executive chairman, in addition to emphasising that the scheme of Section 242 does not contemplate such a move.
The verdict that reinstated his chairmanship for the “rest of the tenure” when there was none left over was also criticised. The legality of the Mistry’s dismissal and loss of his directorship on the board will also be decided by the bench.
The Supreme Court had reserved a decision on the case as of December 17 of last year the Judge stated that because the grounds presented in the review petition do not fit within the purview of review, the application for an oral hearing should be denied.
Cyrus Mistry, the former chairman of Tata Sons, had previously expressed disappointment over the Supreme Court decision in the case against the conglomerate over his dismissal, but he claimed his conscience was clear and he had no doubts about the cause he had taken regarding the generational change in leadership during his tenure.
In October 2016, when Cyrus Mistry, the eldest son of construction magnate Pallonji Mistry, was fired, the Tata family and Mistry were both parties to India’s largest corporate conflict. In 2012, Cyrus Mistry replaced Ratan Tata as chairman of India’s largest company as part of a succession strategy.