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<keyword id="844256" type="General" weightage="20" keywordseo="pallonji-shapoorji-mistry" source="Orion">Pallonji Shapoorji Mistry</keyword>, the billionaire realtor and industrialist, and Chairman Emeritus of the venerable Shapoorji Pallonji Group, passed away at his home here late last night, official sources said here on Tuesday. He was 93 and is survived by his sons Shapoorji and Cyrus P. Mistry -- latter who was in the limelight for the huge corporate tussle with the Tata Group a few years ago, and two daughters, Laila and Aloo -- the latter wedded to Noel Tata, half-brother of Ratan Tata. The Shapoorji Pallonji Group is renowned in the realty and engineering sectors and constructed several landmark buildings like the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong &amp; Shanghai Bank and others in south Mumbai, besides other major infrastructure projects. The Group had also produced the iconic Hindi film, K. Asif's 'Mughal-E-Azam' (1960), then the most expensive one and till date it reigns among the top popular movies of Bollywood. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/google-invests-in-indian-fintech-startup-progap-which-provides-credit-to-smes/articleshow/92509038.cms">Google invests in Indian fintech startup Progap which provides credit to SMEs</a> <a href="https://www.businessinsider.in/retail/news/lays-kurkure-and-bingo-are-taking-over-indian-snacks-like-aloo-bhujia/articleshow/92508625.cms">Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku</a>

Cyrus Mistry's father, Pallonji Mistry passes away at 93

New Delhi, Dec 19 () <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword>'s investments in Tata Sons is just Rs 69.57 crore and not Rs 1 lakh crore as mentioned in the NCLAT order reinstating <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as the chairman, <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata group</keyword> sources said on Thursday. A day after Mistry, who was abruptly ousted as Tata Sons chairman in October 2016, won a big battle at the NCLAT, Tata group sources said the order of the National Company Law Appellate Tribunal (NCLAT) had many factual inconsistencies. The NCLAT order had said "out of Rs 6,00,000 crores of total investment in the Company ('Tata Sons Limited'), 'Shapoorji Pallonji Group' had invested approximately Rs.1,00,000 crores".
 However, the Tata group sources contested it, saying Shapoorji Pallonji (SP) Group has invested Rs 69.57 crore.
 SP Group declined to comment but lawyers in the know cited a September 2017 order of the NCLAT which said "the interest of the appellants (Mistry family) in the overall value of the company (Tata Sons) would be over Rs 1 lakh crore".
 The Tata group sources also pointed out that the NCLAT remarks about Ratan Tata and <keyword id="148053" type="PERSON" weightage="20" keywordseo="Nitin-Nohria">Nitin Nohria</keyword> asking Cyrus Mistry to step down even before a decision of Tata Trusts, which had called a meeting to remove Mistry, was not the case. "Tata Trust meeting was held earlier in the day. Post the trust meeting and before the board meeting of Tata Sons, Ratan Tata met Cyrus Mistry," a source said.
 Further, they said <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword>, father of Cyrus Mistry, was only a director of Tata Sons from June 25, 1980 till December 31, 2004 and not chairman of Tata Sons as mentioned in the NCLAT order. RKL ABM

NCLAT order reinstating Mistry has factual errors, say sources

<ul><li>Pallonji was once believed to be India’s richest Parsi and probably one of the richest Irishmen too. </li><li>He was nicknamed The Phantom of <keyword id="275791" type="General" weightage="20" keywordseo="bombay-house" source="Orion">Bombay House</keyword> as he wielded a lot of power at the <keyword id="6355725" type="General" weightage="20" keywordseo="tata-group" source="Orion">Tata Group</keyword>’s headquarters at one point in time. </li><li>When Pallonji’s father Shapoorji was bankrolling Mughal-E-Azam, the younger Mistry was nervous about the ballooning budget, and advised his father against it.</li></ul>Very little is known about <keyword id="6689214" type="General" weightage="20" keywordseo="pallonji-mistry" source="Orion">Pallonji Mistry</keyword> who was the chairman emeritus of the <keyword id="261354" type="General" weightage="20" keywordseo="shapoorji-pallonji-group" source="Orion">Shapoorji Pallonji group</keyword> – but has been crowned one of the Moghuls of real estate. And why not? The unlisted company had built every iconic building of South Mumbai – be it the Taj Colaba or the Oberoi Hotel. Abroad, the company built the places of Oman’s king and the President of Ghana. In fact, their ability to build seems to be how they ended up as one of the biggest shareholders of the Tata Group. They had started accumulating shares during Pallonji Mistry’s father’s time when Shapoorji Pallonjigroup was building factories for Tata Steel and Tata Motors – and were paid for, in shares. The <keyword id="14307253" type="General" weightage="20" keywordseo="richest-irishman" source="Orion">richest Irishman</keyword>, the richest Parsi These shares in the rapidly expanding group are what made Pallonji a billionaire who is now worth around $28.9 billion according to<a href="https://www.bloomberg.com/billionaires/profiles/pallonji-mistry/#xj4y7vzkg"> the Bloomberg Billionaires index</a>, which makes him the 41st richest Indian. Most of his wealth comes from their 18.4% stake in Tata Sons – which they have decided to offload following a feud. While his own construction company has interests in India and the Middle East, he also owns the consumer goods company, Eureka Forbes — a name that most of India’s households heard when water purifiers became a thing. At one point in time, however, Pallonji was believed to be India’s richest Parsi and also counted among the richest Irishmen too. Pallonji had given up his Indian citizenship in 2003 as he was married to an Irish woman, Patsy Perin Dubash. He however continued to reside at his sea-facing bungalow in the uptown Walkeshwar area of Mumbai. The Phantom of Bombay House The reticent billionaire was also nicknamed The Phantom of Bombay House due to the power he had wielded over the Tata Group’s headquarters at one point in time – though he was not ever present. However, all his friends – be it Adi Godrej, the chairman of the Godrej Group, Deepak Parekh, the chairman of HDFC and others know him as a warm and caring person and a good host. But only a select few people have the privilege of knowing him. Coomi Kapoor’s book ‘<a href="https://indianexpress.com/article/books-and-literature/how-shapoorji-pallonji-jr-built-his-construction-empire-and-why-khojeste-mistree-is-a-religious-pop-star-among-the-parsis-7431872/">The Tatas, Freddie Mercury &amp; Other Bawas</a>' however has an interesting tidbit about him. When Pallonji’s father Shapoorji was bankrolling India’s biggest movie production, Mughal-E-Azam, the younger Mistry was nervous about the ballooning budget of the movie and the fact that it was being reshot. He tried to talk his father out of the ‘dead investments’, but the senior did not listen. However, the movie crashed all box office records of time – paying off his father’s penchant for perfection. Pallonji’s son Cyrus Mistry seems to have taken a leaf from it. After he became the chairman of the Tata Group – a similar discord over funding expensive businesses is what led to the famous Cyrus Mistry-Ratan Tata feud – which became one of India’s long-drawn corporate battles — leading to their decision to sell off their interest in Tata Sons, that’s been held for decades. With Pallonji’s death,<a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistrys-father-pallonji-mistry-passes-away-at-93/articleshow/92509875.cms"> the phantom of Bombay House ha</a>s now literally exited the building and the business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistrys-father-pallonji-mistry-passes-away-at-93/articleshow/92509875.cms" style="">Cyrus Mistry's father, Pallonji Mistry passes away at 93</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/four-of-every-10-fiis-are-from-the-us-most-others-are-from-tax-havens/slidelist/92510427.cms" style="">Four of every 10 FIIs are from the US; most others are from tax havens</a>

Pallonji Mistry, the elusive but powerful phantom of Bombay House

Shares of <keyword id="46108" type="COMPANY" weightage="20" keywordseo="Sterling">Sterling</keyword> and <keyword id="8370737" type="LOCATION" weightage="20" keywordseo="Wilson-Solar">Wilson Solar</keyword>, a <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> (<keyword id="6953502" type="COMPANY" weightage="20" keywordseo="SP-Group">SP Group</keyword>) company, plunged over 10 per cent after the Supreme Court dismissed appeals of the group and set aside the judgement which had ordered the reinstatement of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as Chairman of <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. Around 2.30 p.m., shares of Sterling and <keyword id="8987948" type="COMPANY" weightage="20" keywordseo="wilson-solar-ltd">Wilson Solar Ltd</keyword> on the BSE were trading at ₹244.95, lower by ₹27.45 or 10.08 per cent from its previous close. A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016. <keyword id="6371516" type="COMPANY" weightage="20" keywordseo="shapoorji-pallonji">Shapoorji Pallonji</keyword> Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016. "We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court. The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value. In December 2019, the NCLAT had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal. The Mistry family, which runs SP Group, owns an 18.4 per cent stake in Tata Sons. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Sterling & Wilson shares fall 10% after Supreme Court's verdict against SP Group in the Cyrus Mistry vs Tata case

The funeral of industrialist Cyrus Pallonji <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword>, a scion of the <keyword id="261354" type="General" weightage="50" keywordseo="shapoorji-pallonji-group" source="Orion">Shapoorji Pallonji Group</keyword>, shall be held here on Tuesday morning, his family said in a moving tribute, though they omitted any reference to the tycoon's brief tenure in <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata Group</keyword>. "It is with utmost sadness that we announce the sudden and untimely demise of our beloved Cyrus Pallonji Mistry, 54. He succumbed to injuries from an unfortunate car accident on Sunday," said the family. He is survived by his wife Rohiqa, sons Firoz and Zahan, mother Patsy Mistry, sisters Laila Rustom Jehangir and Aloo Noel Tata and brother <keyword id="844645" type="General" weightage="50" keywordseo="shapoor-mistry" source="Orion">Shapoor Mistry</keyword>. Born on July 4, 1968, Mistry earned a civil engineering degree from London's Imperial College of Science and Technology and a postgraduate degree of Master of Science in Management from London Business School. CPM, as he was fondly known, was a voracious reader and joined the family business in March 1991 as a Director, overseeing the group's construction business. Mistry's entrepreneurial <keyword id="34279" type="General" weightage="50" keywordseo="mindset" source="Orion">mindset</keyword> helped the Shapoorji Pallonji Group achieve many milestones over the past two decades, including one of India's first integrated, project-financed power plants, and the development of India's first biotechnology park. With his vision and eye for detail, he was instrumental in steering the Group from a pure contractor to a 'value-added' player, by developing competencies in allied areas such as EPC and 'Design &amp; Build'. He also envisioned, and oversaw, the evolution of the Group into an end-to-end business group, spanning design and engineering, construction, and asset development, and committed to a journey of lifelong learning across multiple disciplines. Despite his success, Mistry always kept a low profile, away from the limelight, deeply valued righteousness and honesty, and was known for his transparency and integrity in all his business dealings, it said. "He was extremely humble, approachable to all, and always lent a helping hand to the less fortunate. Deeply loved by his family, he was a friend to countless many. We pray that his soul rests in eternal peace," the family said. Mistry's last rites shall be performed at the Worli Crematorium at 11 a.m. on Tuesday. "A friend to many, loved by all. A life well lived," the bereaved family added, requesting "No condolence visits please". The young tycoon Mistry's abrupt departure stunned the country and left the Indian corporate world shocked. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-external-debt-rose-8-2-in-2021-22-to-620-billion/articleshow/94017888.cms">India's external debt rose 8.2% in 2021-22 to $620 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/marriage-is-a-sacrament-says-centre-to-sc-in-restitution-of-conjugal-rights-case/articleshow/94017818.cms">Marriage is a sacrament says Centre to SC in restitution of conjugal rights case</a>

Mistry's funeral on Tuesday, family's moving tribute omits Tata stint

<ul><li><keyword id="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword> was once liked by Rata <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword>, who called him astute and humble, and later anointed him as his successor in 2012.</li><li><keyword id="6391150" type="General" weightage="80" keywordseo="mistry" source="Orion">Mistry</keyword> went on to become the sixth <keyword id="6355725" type="General" weightage="80" keywordseo="tata-group" source="Orion">Tata Group</keyword> chairman, and only the second without a Tata surname.</li><li>However, Mistry’s ascension to the top of India’s biggest conglomerate was short-lived, with <keyword id="6360722" type="General" weightage="50" keywordseo="ratan-tata" source="Orion">Ratan Tata</keyword> himself ousting Mistry in a ‘palace coup’ in 2016.</li><li>Here’s a run down the memory lane of the history between the Mistrys and Tatas, India’s most prominent Parsi families.</li></ul>Cyrus Mistry’s untimely death in an accident near Mumbai has come as a shock to many, but it has also re-opened the saga of his prolonged battle with the Tata Group and Ratan Tata. Mistry was otherwise a very reclusive, private person, and not much is out in the public about his life. However, his battle with the Tata Group was as public and explosive as it could be, where he locked horns with Ratan Tata, the group’s managing trustee at the time, R Venkataramanan, and other senior officials. Mistry was the chairman of the Tata Group for four years, from 2012 to 2016. During his tenure as the chairman, Mistry is credited for turning around Tata Motors, but he seems to have ruffled feathers during his tenure. His reclusive nature meant he did not host a single press conference during his four years as the group chairman. But what could have gone so wrong that two of the most prominent Parsi families of the country ended up standing against each other, despite a partnership of over 90 years? <cmsannotation type="cmsannotation" annotationid="Tatas and Mistrys – how it all began" comment="subhead" text="Tatas and Mistrys – how it all began">Tatas and Mistrys – how it all began</cmsannotation> Tatas and Mistrys share nearly a century of relationship spanning over three generations. It all began in the 1930s when Shapoorji Pallonji acquired a 12.5% stake in Tata Sons – the owner of the Tata Group – from FE Dinshaw’s estate. The SP Group’s stake increased to 18.5% after a rights issue in 1996. Since then, the Pallonjis have remained quiet partners in the Tata Group. By some estimates, their investments amounted to just $11 million for the stake they have in the Tata Group, but the value of those investments has surged to several billion dollars over the years. Buffett who? <cmsannotation type="cmsannotation" annotationid="Who was Cyrus Mistry?" comment="subhead" text="Who was Cyrus Mistry?"><keyword id="14894773" type="General" weightage="20" keywordseo="Who-was-Cyrus-Mistry" source="Orion">Who was Cyrus Mistry</keyword>?</cmsannotation> Cyrus Mistry was the grandson of Shapoorji Pallonji and the son of Pallonji Mistry. He is survived by his wife and two children. Born in 1968, Mistry got a civil engineering degree from Imperial College London. He joined his family’s construction company, Shapoorji Pallonji &amp; Co., as a director in 1991. His connection with the Tata Group began in 2006, when he took up the mantle of a director a year after his father retired. He was subsequently elevated as the deputy chairman of the Tata Group. When Ratan Tata finally retired as the group chairman in 2012, Mistry replaced him and became the sixth chairman of the Tata Group – and only the second to not bear the Tata surname. <cmsannotation type="cmsannotation" annotationid="‘An appointment of convenience’, and not conviction?" comment="subhead" text="‘An appointment of convenience’, and not conviction?">‘An appointment of convenience’, and not conviction?</cmsannotation> Unlike Ratan Tata’s ascension to the throne as the head of the Tata Group, Mistry’s elevation was seen by some in the industry as an “appointment of convenience”, not conviction. Further lending credence to this thought is Ratan Tata’s eventual return as the Tata Group chairman in just four years. When Mistry entered his family business in 1991, Ratan Tata was elevated as the group chairman by his uncle, JRD Tata. Since then, the family patriarch has ruled over the group’s businesses. <cmsannotation type="cmsannotation" annotationid="How the Tata-Pallonji’s decades-long partnership broke down" comment="subhead" text="How the Tata-Pallonji’s decades-long partnership broke down">How the Tata-Pallonji’s decades-long partnership broke down</cmsannotation> Mistry, despite his reserved nature, pulled no punches when it came to steering the Tata Group’s future. He voiced his opposition to the group’s often expensive decisions – like the one to acquire Jaguar Land Rover, or rolling out Ratan Tata’s pet project, the ₹1 lakh Nano car. <div type="image" title="Ratan Tata Cyrus Mistry1" msid="94000761" hostid="261" sizebytes="84758" caption="&amp;lt;p&amp;gt;Ratan Tata and Cyrus Mistry&amp;lt;/p&amp;gt;"></div> Mistry also voiced his opposition to investing the cash sink that is the aviation business – Tata Sons eventually ended up acquiring a 51% stake in a $100 million venture, far above Mistry’s agreed promise of a 30% stake in a $30 million equity. Mistry’s ouster from the Tata Group has been called a ‘palace coup’ by many in the industry. His pushback against the Tatas and attempts to steer the group to a low-debt high-margin regime eventually led to his downfall. <cmsannotation type="cmsannotation" annotationid="An ugly, public spat" comment="subhead" text="An ugly, public spat">An ugly, public spat</cmsannotation> While Mistry liked to maintain a low profile, his spat with the Tata Group was as public as it could get. Eventually, Tatas’ relationship with Cyrus Mistry broke down so much so that Mistry was unceremoniously ousted as the chairman. This resulted in a legal tussle a few months later, going from the NCLT to the Supreme Court of India. India’s top court eventually ruled against Mistry, and dismissed a review petition filed by the SP Group earlier this year, thus bringing an end to the 6-year long ugly legal battle that frayed ties between India’s two most prominent Parsi families. SEE ALSO: <a href="https://www.businessinsider.in/business/news/modi-and-industry-leaders-express-condolences-on-cyrus-mistrys-death/articleshow/93986009.cms">Cyrus and I shared a laugh last month on a bench in London, says former strategy head of Tata Sons</a> <a href="https://www.businessinsider.in/thelife/personalities/life-and-times-of-cyrus-mistry-the-most-low-profile-man-with-the-most-high-profile-exit/articleshow/93986896.cms">Life and times of Cyrus Mistry – the most low profile man with the most high profile exit</a> <a href="https://www.businessinsider.in/thelife/personalities/news/remembering-cyrus-mistry-10-things-to-know-about-the-former-tata-sons-chairman/slidelist/93994782.cms">Remembering Cyrus Mistry: 10 things to know about the former Tata Sons chairman</a>

Cyrus Mistry vs Tata Group – decoding the battle of prestige between India’s most prominent Parsi families

<ul><li>Reliance Industries’ chairman Mukesh Ambani has topped the Hurun rich list for the eight time in a row. </li><li>Mukesh Ambani is worth as much as ₹380,700 crore. </li><li>He is also worth more than the country’s second and third richest --SP Hinduja family and <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, respectively. </li></ul>Mukesh Ambani, chairman of Reliance Industries, is worth as much as ₹380,700 crore. Not only does that make him the richest man in India, he is also worth more than the country’s second and third richest who are --SP Hinduja family and Azim Premji, respectively. This is according to a new rich list compiled by Hurun Research Institute. Reliance Industries’ chairman Mukesh Ambani has topped the Hurun rich list for the eight time in a row. The owners of oil-to-banking <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja group</keyword>, SP Hinduja and family control a wealth of ₹186,500 crore. A few months back, Hindujas were in the running to acquire Jet Airways, but the deal fell through. The third richest person is Azim Premji, the former chairman of technology major Wipro, is worth ₹117,100 crore. As many as 953 new names were added to the list, which has increased by 122 people from last year. Here are the top 10 richest people in India, according to the list. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Rank </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Name </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Wealth (₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Company </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">1 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Mukesh Ambani </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">380,700 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Reliance Industries </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">2 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">SP Hinduja &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">186,500 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Hinduja </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">3 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Azim Premji </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">117,100 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">4 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">LN Mittal &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">107,300 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">ArcelorMittal </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">5 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">94,500 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Adani Ports &amp; SEZ </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">6 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Uday Kotak </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">94,100 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Kotak Mahindra Bank </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">7 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Cyrus S Poonawalla </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">88,800 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Serum Institute of India </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">8 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Cyrus Pallonji Mistry </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">76,800 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Shapoorji Pallonji </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">8 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Shapoor Pallonji Mistry </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">76,800 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Shapoorji Pallonji </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">10 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Dilip Shanghvi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">71,500 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;">Sun Pharmaceutical Industries </td></tr></tbody></table> See also: 
 <div type="Article" hostid="261" msid="71296007" title="How does Mukesh Ambani – India’s richest man – and his family spend their US$50 billion fortune?" mstype="2" mssubtype="0"></div>

Mukesh Ambani is richer than the Hindujas and Azim Premji put together

<ul><li>In his four year tenure as a chairman, <keyword id="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword> was known to maintain a very low profile. </li><li>Cyrus <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword>’s father Pallonji Mistry who passed away th<a href="https://www.businessinsider.in/thelife/personalities/news/pallonji-mistry-the-elusive-but-powerful-phantom-of-bombay-house/articleshow/92511725.cms">is June, was known as the Phantom of Bombay H</a>ouse. </li><li>In 2016, Cyrus Mistry was unceremoniously removed as the chairman without giving reasons and he was no more low profile. </li><li>Mistry called his removal from chairmanship ‘unique in history’.</li></ul>During his four-year tenure as the chairman of <keyword id="46894" type="General" weightage="80" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, Cyrus Mistry had earned a nickname – ‘the most low profile man with the most high profile job’. After all he came from a family, which is known to zealously protect its privacy. His father Pallonji Mistry who passed away th<a href="https://www.businessinsider.in/thelife/personalities/news/pallonji-mistry-the-elusive-but-powerful-phantom-of-bombay-house/articleshow/92511725.cms">is June, was known as the Phantom of Bombay H</a>ouse for the power he used to wield at the Tata group headquarters and was barely ever seen or heard. If the course ran smooth, Cyrus too would have remained so but in 2016, he was unceremoniously removed as the chairman without giving reasons and he was no more low profile. In a bitter boardroom coup, Mistry was asked to step down and when he refused, he was unceremoniously removed by the board of directors. Subsequently he was forced to step down from boards of other Tata companies too. His removal led to one of the ugliest battles that corporate India had ever seen. <cmsannotation type="cmsannotation" annotationid="‘Unique in history’" comment="subhead" text="‘Unique in history’">‘Unique in history’</cmsannotation> Mistry called his removal from chairmanship ‘unique in history’. In addition to questioning many business decisions saying that five companies of Tata group had writedowns that accounted to $18 billion; he also questioned the deal with Air Asia which is known to have made fraudulent transactions. “We managed to raise awareness among stakeholders of the challenges in governance and ethics in the group. These were tough messages that had to be sent for the long term interest of the group,” he told <a href="https://economictimes.indiatimes.com/opinion/interviews/i-have-a-lifetime-ahead-of-me-but-my-fight-continues-cyrus-mistry/articleshow/56073727.cms?from=mdr">ET in an interview right after he </a>was removed as the chairman. He had accused Ratan Tata of inappropriate intervention and Mistry was pushed to become a ‘lame duck chairman’. The case, as expected, went to court and after a string of shocking twists and turns, the Supreme Court passed an order for the Tata group, after which Mistry filed review petitions and they too were set aside by the country’s highest judicial authority. Mistry, however, never did believe it to be a short-term fight. “I have a lifetime ahead of me and my fight will go on,” he had said. If only, that were true. <cmsannotation type="cmsannotation" annotationid="Mistry’s Clementine mirror" comment="subhead" text="Mistry’s Clementine mirror">Mistry’s Clementine mirror</cmsannotation> Cyrus Mistry is survived by wife Rohiqa Mistry and two sons Firoz and Zahan. Rohiqa is the daughter of one of Mumbai’s famous lawyers Iqbal Chagla. The unusually quiet Mistry once spoke in an interview on the Tata website of her role in life. He called her a <a href="https://economictimes.indiatimes.com/magazines/panache/my-wife-does-not-hesitate-to-disagree-with-me-tata-groupscyrus-mistry/articleshow/54399682.cms?from=mdr">Clementine mirror who never shies</a> away from disagreeing with him. He compared her to Winston Churchill’s wife Clementine who had once famously pointed out the errors in the judgment of the war-time hero and Prime Minister of England during its darkest hours. Mistry’s elder brother Shapoor is the sole owner of the Shapoorji Pallonji group, which is known for its construction business in India and the Middle East. The group had also owned Eureka Forbes which was sold to a private equity fund in 2021. Mistry’s friend and NCP Sharad Pawar’s daughter Supriya Sule who is his friend, calls him an exceptionally hard-working person, who always puts his best foot forward. The golf loving Mistry too had admitted, during his tenure as Tata Sons chairman, that he has done a bad job of work life balance. However, immediately after his exit, the first thing he did even before he took the legal recourse, was to go on a holiday. <cmsannotation type="cmsannotation" annotationid="Timeline of events of Mistry-Tata case" comment="subhead" text="Timeline of events of Mistry-Tata case">Timeline of events of Mistry-Tata case</cmsannotation> 2011: Cyrus Mistry is appointed as the deputy chairman of Tata Sons. 2012: Cyrus Mistry takes over as the chairman of Tata Sons, as Ratan Tata becomes the chairman emeritus. 2016: Tata Sons removes Cyrus Mistry as the chairman and reinstates Ratan Tata as the interim chairman. Mistry companies move National Company Law Tribunal (NCLT) alleging oppression of minority shareholders and challenge his removal. 2017: Tata Sons names N Chandrasekhar as the chairman of Tata Sons. 2019: NCLT restores Mistry as the chairman of Tata Sons. 2020: Tata Sons challenges NCLT decision in the Supreme Court. SC stays NCLT decision. It also restrains Shapoorji Pallonji group from pledging its shares in Tata Sons. SC sets aside NCLT decision to reinstate Mistry as chairman of Tata Sons. 2022: SC rejects Mistry’s petition to review its earlier decision.

Life and times of Cyrus Mistry – the most low profile man with the most high profile exit

Top 10 youngest billionaires in the world in 2024

New Delhi, Dec 18 () Future appointments of Chairman and other board members of Tata Sons must be done in consultation with the minority shareholder Shapoorji Pallonji Group, the NCLAT said on Wednesday while ordering reinstatement of ousted Chairman Cyrus P Mistry.
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya said that the move would remove the mistrust between Tata and Mistry group and would create a healthy atmosphere.
"We are of the view that for better protection of interest of all stakeholders as also safeguarding the interest of minority group, in future at the time of appointment of the Executive Chairman, Independent Director and Directors, the 'Tata Group' which is the majority group should consult the minority group i.e.'Shapoorji Pallonji Group," said NCLAT.
It also ordered that "any person on whom both the groups have trust, be appointed as Executive Chairman or Director as the case may be which will be in the interest of the Company and create healthy atmosphere removing the mistrust between the two groups, already developed and has caused global effect as admitted in the 'Press Statement' of the Company."
The appellate tribunal has also directed Ratan N Tata, Chairman emeritus, Tata Sons and the nominees of Tata Trust to desist from taking any decision in advance and interfere into the affairs of the holding company. 
"Ratan N Tata and the nominee of the Tata Trusts shall desist from taking any decision in advance which requires majority decision of the Board of Directors or in the Annual General Meeting," the NCLAT order said.
The NCLAT said that the group's chairman emeritus Ratan Tata's actions against Mistry were 'prejudicial" and "oppressive" in nature.
The appellate tribunal said that the "affirmative voting power of the nominated Directors of the 'Tata Trusts' over majority decision of the Board; actions taken by Ratan N Tata, Nitin Nohria and NA Soonawala and others as discussed above; the fact that the Company ('Tata Sons has suffered loss because of 'prejudicial' decisions taken by Board of Directors."
The fact that a number of 'Tata Companies' have incurred loss; in spite of decision making power vested with the Board of Directors with affirmative power of nominated Directors of the 'Tata Trusts', it said. KRH KRH MR
MR

Tata Sons Chairman &  directors  to be appointed in consultation with Mistry Camp: NCLAT

<keyword id="617644" type="ORGANIZATION" weightage="20" keywordseo="Tata-Sons-Board">Tata Sons board</keyword> as well as <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> were surprised and shocked after the independent directors of Indian Hotels Company Ltd (IHCL), mainly known as <keyword id="6453087" type="COMPANY" weightage="20" keywordseo="taj-hotels">Taj Hotels</keyword>, backed <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> as their chairman. 
 In a statement to the <keyword id="43628" type="CITY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword> and National Stock Exchange, six independent directors of the Taj Hotels expressed "full confidence" in Mistry and said it was essential to IHCL investors and the public at large know of their views so that they could take an "informed decision" on its stock. 
 
As per reports, Tatas are going to see whether these directors gave a free and fair view or not. 
 The Tatas may question them and see if they were not lured by the <keyword id="6371516" type="CITY" weightage="20" keywordseo="Shapoorji-Pallonji">Shapoorji Pallonji</keyword> (SP) Group. 
 
The support from the six directors comes as a surprise as Tata Sons Board had removed Mistry as its chairman owing to his lack of vision and inefficiency. 
 
Mistry, scion of the SP Group, has refused to quit the boards of various group companies. 
 
"We would like to know if the independent directors noted this dichotomy and asked Mistry about the allegation that eroded market value," a source told ET.

Tatas are surprised after Taj directors express full confidence in Cyrus Mistry, may look into authenticity

Mumbai, Mar 30 () Amidst the mounting human crisis arising from the fleeing migrant workers, who form a vast majority of the nation's labour force, the Shapoorji Pallonji Group, which employs as much as 70,000 migrant workers, has announced that it will take care of all their needs at their respective workplaces.The 155-year-old Shapoorji Pallonji Group, which owns over 18 per cent in Tata Sons, employs a little over 1,10,000 employees across its sites. Of these 45,000 are manning the 430 sites in the country, and 25,000 are at 130 sites abroad. These direct workers are supported by 40,000 subcontracted workers, taking the total worker strength to 1,10,000. "The difficult and trying situation the humanity faces today is unprecedented, on account of the global spread of the Covid19 pandemic. This calls for governments, institutions, corporates and citizens to take several measures, immediate/short-term/long-term, to contain its spread and provide relief to those suffering from it, particularly the weaker sections of society," the company chairman Shapoor P Mistry said in an internal letter.According to a 2017 report of the Working Group on Migration carried out by the Union housing and urban poverty alleviation ministry, top 17 districts in the country see 25 per cent of its men migrating out for work. And according to the FY2018-19 economic survey, as much as 93 per cent of our workforce is informal-meaning no secured salaries and other benefits and of these 20 per cent are migrant labourers whose earnings amounted to 6 per cent of GDP and their remittances amounted to 2 per cent of GDP.Against this, the government's entire financial package for the poor and to help fight the Covid-19 pandemic is a paltry 1 per cent of the GDP.Mistry says the company operates worker camps at most of its project sites with good living conditions, providing lodging, boarding, transport, medical/ hygiene facilities, recreation, daily briefings and communication, regular sanitization, hospital tie-ups etc. "We have now made provisions to ensure that for the entire April, all personnel in our camps get adequate food and water, visits by trained medical staff and medicines as required in major camps, and isolation facilities for special medical care are created wherever needed," Mistry said in the letter to the management and the staff. Explaining the move as his company's "investment in our committed workforce and also to ensure that the migrant labourers stay put at their workplaces and do not need to return to their homes."The construction sector directly employs more than 4.5 crore, contributing over 8.5 per cent of GDP, and generates nearly 4 times more employment through vendors, subcontractors.The Covid-19 pandemic poses a very serious and immediate threat to undermine this entire industry, which would very adversely impact the nation's progress, he warned.Mistry also called upon the government to strengthen the social safety net to support the large body of construction workers and also to announce a comprehensive financial assistance package for the construction sector at the earliest. BEN MRMR

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