Good Corporate Governance Fighters Too Early – The New Indian Express

MUMBAI: The irony and tragedy of Cyrus Mistry’s death on Sunday afternoon compared to that of Princess Diana cannot be overlooked. The popular commoner princess, aged just 36, died on August 31, 1997 with her partner Dodi Fayed. It was due to the injuries she sustained in a car crash in a tunnel in Paris.Her tragic final memory was a few days ago, when the world saw her again on the 25th anniversary of her death. mourned and resurrected.

Cyrus Mistry, who was only 54 years old, died in similar circumstances. But there’s more to the comparison than that. Cyrus, like Diana, conquered the world in her young and vibrant days. Both were castaways from adopted families – Diana of the British Royal Family and Cyrus of the Tata Group.

Cyrus Pallonji Mistry was already in charge of the massive $27 billion Shapoorji Pallonji construction empire before being appointed the Tata Sons’ sixth (and second non-Tata) chairman in December 2012. I was.

Born Parsis of Indian origin to Irish civil rights builder Shapoorji Mistry and Patsy Perin Dubash Cyrus and educated at the Cathedral & John Connon School.

At the age of 23, he joined his family’s construction company, and three years later, in 1994, became MD of the construction giant founded by his father. Joining the board in 2006, he soon emerged as a close confidante of Ratan Tata, as his family owned his 18.4% of the largest single stock of Tata Sons.

“Intelligent and Qualified for Responsibility”

In 2010, when Ratan Tata, director and chairman of Tata Sons, decided it was time for the aging patriarch to retire, the Tata Group acquired Corus Steel and the iconic Jaguar Land Rover company for an $83 billion became a multinational company. empire.

Despite the controversial election of a young Cyrus Mistry as its new president in December 2012, Ratan Tata dismissed all denials, saying, “He is intelligent and qualified to take on the responsibilities given to him…” dismissed the theorist. Mistry came with big plans. He felt the group would have to cultivate at least four businesses over five years that could be spun off into new companies.

He was also a strong believer in Tata Sands, a holding trust that tightly controlled a large network of Tata companies by having the right to appoint one-third of the board. Unfortunately, many of his visions for the Tata Group never materialized. Ratan Tata’s relationship with the rest of the board deteriorated over the next four years.

On October 26, 2016, the Tata Sons board of directors decided to remove Cyrus Mistry as chairman of Tata Sons. But Cyrus Mistry didn’t go down without a fight. Responding to accusations that he had no vision for the group, Mistry said the only reason he was dismissed was because he flagged corporate governance issues at group companies. He retaliated by demanding that he be expelled from the company as well.

Mistry eventually resigned from all Tata companies, but not before waging a two-month battle to take Rs80,000 from the market capitalization of these companies. The fight then extended to court. Claiming suppression of minority shareholder rights, Mistry filed a lawsuit against his Tata Sons with the National Company Law Tribunal (NCLT).

He lost in the first round, but the tables were reversed in December 2019 when the Court of Appeals (NCLAT) reinstated Mistry as chairman of the Tata Sons for the rest of his term. The six-year legal battle finally ended last year when the Supreme Court upheld an appeal by Tata Sons, ruling that Cyrus Mistry’s dismissal as chairman was lawful. But even after years of legal battles and tons of affidavits, the mystery remains as to what caused Ratan Tata’s animosity towards someone he mentored.

The only downside to Mistry’s shootout was that he didn’t know when to stop. but,
Despite losing his empire, King Cyrus continued to secretly earn praise for sticking his head out for good corporate governance.

Young selection of Ratan Tata

Despite the controversial election of young Cyrus Mistry as the new president of the Tata Sons in December 2012, Ratan Tata said, “He is intelligent and qualified to take on the responsibilities given… ,” denying all negative comments.Unfortunately, many of his visions for the Tata Group never materialized.

</p> <p>MUMBAI: The irony and tragedy of Cyrus Mistry’s death on Sunday afternoon compared to that of Princess Diana cannot be overlooked. The popular commoner princess, aged just 36, died on August 31, 1997 with her partner Dodi Fayed. It was due to the injuries she sustained in a car crash in a tunnel in Paris.Her tragic final memory was a few days ago, when the world saw her again on the 25th anniversary of her death. mourned and resurrected. Her Cyrus Mistry, who was just 54 years old, died in similar circumstances. But there’s more to the comparison than that. Cyrus, like Diana, conquered the world in her young and vibrant days. Both were castaways from adoptive families – Diana of the British royal family and Cyrus of the Tata Group. Prior to his appointment, he was already responsible for the massive $27 billion Shapoorji Pallonji construction empire. An Irish civil rights builder from Shapoorji Mistry and Patsy Perin Dubash Cyrus from India, he was born in Parsis and educated at the Cathedral & John Connon School. At the age of 23, he joined his family’s construction company, and three years later, in 1994, became MD of the construction giant founded by his father. His family owned him 18.4% of the largest single stock in Tata Sons, so he joined the board in 2006 and soon he emerged as a close confidante of Ratan Tata. In 2010, the Tata Sons board and chairman, when Ratan Tata decided it was time for the aging patriarch to retire, the Tata Group purchased his Corus Steel and his iconic Jaguar Land Rover enterprise. Acquired. And it has become an $83 billion multinational empire. Despite the controversial selection of young Cyrus his Mistry as the new president in December 2012, Ratantata said, “He is intelligent and qualified to take on the responsibilities given…” dismissed the naysayers. Mistry came with big plans. He felt the group had to develop a minimum of four businesses over his five years that could be spun off and become new companies. He also believed strongly in Tata Sons, a holding trust that tightly controlled a large network of Tata companies by having the right to appoint his third of the board. Unfortunately, many of his visions for the Tata Group never materialized. Ratan Tata’s relationship with the rest of the board deteriorated over the next four years. On October 26, 2016, the Tata Sons board of directors decided to oust his Cyrus Mistry as chairman of the Tata Sons. But Cyrus Mistry didn’t go down without a fight. Responding to accusations that he had no vision for the group, Mistry said the only reason he was dismissed was because he flagged corporate governance issues at group companies. He retaliated by demanding that he be expelled from the company as well. Mistry eventually resigned from all Tata companies, but not before he waged a two-month battle that robbed him of Rs80,000 from the market capitalization of these companies. The fight then extended to court. Mistry filed a lawsuit against Tata Sons with the National Company Law Tribunal (NCLT), alleging suppression of minority shareholder rights. He lost in the first round, but his positions were reversed in December 2019 when the Court of Appeals (NCLAT) reinstated Mistry as chairman of his Tata Sons for the remainder of his term. The six-year legal battle finally ended last year when the Supreme Court upheld an appeal by Tata Sons, ruling that Cyrus Mistry’s dismissal as chairman was lawful. But even after years of legal battles and tons of affidavits, the mystery remains as to what caused Ratan Tata’s enmity against someone he mentored. The downside is that he didn’t know when to stop. But even with King Cyrus losing his empire, he secretly continued to garner praise for sticking his neck out for good corporate governance. The controversial choice of a young Cyrus Mistry as the new chairman of Tata Sands, Ratan Tata said, “He is intelligent and qualified to take on the responsibilities given….” , dismissed all naysayers.Unfortunately, many of his visions for the Tata Group never materialized.<br />