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<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

<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

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

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

<ul><li>The <keyword id="6953502" type="UNKNOWN" weightage="20" keywordseo="SP-Group">SP Group</keyword> stated that a separation from the <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy.</li><li>The current situation has forced the <keyword id="6391150" type="PERSON" weightage="20" keywordseo="mistry">Mistry</keyword> family to sit back and reflect on the past, present and possible future for all stakeholders.</li><li>SP Group holds 18.37% stake in the Tata Group and is the largest minority shareholder.</li></ul>The largest shareholder in the Tata Group, SP Group said before the Supreme Court on Tuesday that a separation from the Tatas is necessary. The SP Group stated before the Supreme Court that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy. They stated that it was crucial that an early resolution is reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets. The current situation has forced the Mistry family to sit back and reflect on the past, present and possible future for all stakeholders. "The past oppressive actions, and the latest vindictive move by Tata Sons that impact the livelihoods of the wider SP Group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata Sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship. Today, it is with a heavy heart that the Mistry family believes that a separation of interests would best serve all stakeholder groups", the group said in a statement. As the largest minority shareholder owning an 18.37% stake, the role hitherto played by the SP Group, was always one of guardianship with an aim to protect the best interests of the Tata group. The SP Group had always used its voting rights as a shareholder for the best interest of the Tata Group, it added. SP Group said it is a matter of record that prior to the year 2000, when the Tata Trusts, being Public Charitable Trusts, couldn't exercise their voting rights , the same being held by a Public Trustee, the SP Group voted to protect the best interests of the Tata Group. SP Group said that in 2012, when Cyrus Mistry accepted the position of Chairman of Tata Sons, it was not only with a sense of pride, but also with a sense of duty as an 'insider' on the Board of Tata Sons. "The Tata Group was going through significant change. A generation of Tata leaders were retiring with implications on the future governance of the Group. Several of these leaders who were retiring from the Board of Tata Sons also served as Trustees of the majority shareholders - Tata Trusts. It is in this context that Mistry set about trying to establish a governance structure that would institutionalize accountability, and create the right checks and balances, without contravening the new SEBI Insider Trading law that regulated the flow of information across all stakeholders. Unfortunately, he was removed in October 2016, when he attempted to implement these governance reforms", the group added. It is extremely unfortunate that the current leadership of Tata Sons has not only continued to take value destructive business decisions in a misguided effort to prove a point in these proceedings. SP Group said that it is a matter of public record that several issues identified years earlier, continue to plague the group. Whether it is the operations of Tata Steel UK, where over the last three years alone the operational losses have increased by an additional 11,000 crores, or the Group's aviation businesses. These actions, or lack thereof, have meant that the total debt in the major Tata group companies has increased by approximately Rs 1 lakh crores in the last three years. Excluding TCS, the last quarters losses of all the listed group companies of approximately 14,000 crores causes great concern. "Unfortunately, the impact of these actions continue to hurt minority shareholders, be it the SP Group at Tata Sons or the millions of shareholders of the listed companies in the Tata Group", SP Group said. It said that Tata Sons has amplified its institutional efforts to suppress and inflict irreparable harm on the SP Group, in the midst of a global crisis triggered by the COVID Pandemic. The 150 year old SP Group - is the second largest construction group in the country, executing projects of national significance in India and abroad. "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata Sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set", it said.

Shapoorji Pallonji Group says it's time to part ways with the Tatas

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

Cyrus <keyword id="6391150" type="PERSON" weightage="100" keywordseo="Mistry">Mistry</keyword>’s tenure at Tata has come to an abrupt end making it the shortest tenure at Tata. Mistry belongs to <keyword id="667514" type="UNKNOWN" weightage="100" keywordseo="Shapoorji">Shapoorji</keyword> Pallonji, which is the single largest shareholder in <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> with 18.4 per cent stake. Shapoorji and <keyword id="631349" type="ORGANIZATION" weightage="100" keywordseo="Pallonji-Group">Pallonji Group</keyword>, the majority shareholder in the <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword>, has termed Cyrus Mistry's ouster from Tata Sons as illegal. It said it will contest the move, adding that the decision to remove Mistry was not unanimous. This was confirmed by senior lawyer Mohan Parasaran. 
 About 66 per cent of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. The largest of these trusts are the Sir Dorabji Tata Trust and the Sir <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> Trust, which were created by the families of the sons of Jamsetji Tata, the Founder. 
 
Out of the nine board members, 8 members voted. Six voted for Mistry's ouster and two abstained, according to ET Now. The committee will include Ratan Tata, Ronen Sen, Venu Srinivasan, Amit Chandra. The decision has been taken after the board meeting today. There were no reasons given for the change of leadership of the man who was brought in with much fanfare but it is believed that Tata Sons was unhappy with Mistry's approach of shedding non¬profit businesses, including the conglomerate's steel business in Europe, and concentrating only on cash cows. Also Read: Was Tata Sons unhappy with Mistry's approach of focusing only on cash cows? "Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today," a Tata Sons statement said

Shapoorji and Pallonji Group calls Mistry’s ouster “illegal”, to contest decision

The bitter feud between <a href="http://www.businessinsider.in/searchresult.cms?query=Cyrus+Mistry+&amp;sortorder=effectivedate">Cyrus Mistry </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+group+&amp;sortorder=effectivedate">Tata group </a>has been in the headlines for quite sometime. Mistry may now challenge the power of Tata Trusts to influence business decisions at <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword>. 
 The trust, which is controlled by <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, owns nearly two-third of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> and the rest is owned by Mistry family's <a href="http://www.businessinsider.in/searchresult.cms?query=Shapoorji+Pallonji+group.+&amp;sortorder=effectivedate">Shapoorji Pallonji group. </a>This has led to concerns about the governance structure of the trusts. 
 
"A charitable trust is allowed to hold investments but cannot directly be involved in business plans. It is about institutionalising a role and ensuring proper governance. The chairman of Tata Sons and Tata Trusts should be different, so that nobody has unbridled power," an executive close to Mistry told ET. 
 
The trust, however, said that it doesn’t interfere with day to day activities of Tata Sons but need certain information to make sure that the investments are safe. 
 
"We don't interfere with the day-to-day governance of Tata Sons. There is certain information we require from Tata Sons to make sure our investments are safe as it the primary source of our philanthropic operations," said VR Mehta, a trustee on the Sir Dorabji Tata Trust. 
 
A few months before Mistry's ouster, directors on the nomination and remuneration committee (NRC) of Tata Sons - Ronen Sen, Vijay Singh and Farida Khambhata - said at a board meeting that it may be desirable to seek legal opinion on the interplay of relevant entities such as Tata Sons, Tata Trusts and group companies. 
 
Mehta also said when Mistry over as the chairman of Tata Sons, a pact was signed between the holding company and the Tata Trusts clarifying the relationship between the two. 
 
However, people close to Mistry have denied the existence of any such agreement. 
 
Public trusts are usually barred from holding shares of commercial business by the Maharashtra Public Trusts Act's 1973 amendment. They are allowed to invest in banks and postal savings accounts and can otherwise lose tax exemptions. 
(image: IndiaTimes)

Cyrus Mistry may drag Tata Trusts to court, challenge its power to influence business decisions

<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

<keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>’s removal as <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman came as a shocker for many and for some people, the move was already on the cards. 
 
When the board members met on Monday, the suggestion to remove Mistry from the top spot led to unprecedented scenes. 
 
As per reports, Mistry’s ouster was not listed on the agenda at all. 
 
According to a <a href="http://profit.ndtv.com/news/corporates/article-exclusive-the-volatile-boardroom-coup-that-led-to-cyrus-mistrys-ouster-1478551?pfrom=home-lateststories">NDTV’s exclusive report</a>, Mistry's removal led to acrimonious, unprecedented scenes inside the boardroom. Of the nine-member board, six voted in favour of his removal, two abstained. Mistry, as the ninth member, refused to be part of the process. 
 
An insider told NDTV that removal of Mistry was brought up as a 'residuary' item, under the 'any other items' category, listed at the end of every board agenda. 
 After the meeting got over, Tata Sons sent out a press release, announcing removal of Mistry and <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>’s comeback as interim Chairman. 
 
"The board in collective wisdom and on recommendations of principle shareholders took a decision to change for long-term of interests of Tata Sons and Tata Group," a Tata Sons spokesperson said. 
 After the news broke, Mistry protested and <keyword id="6371516" type="CITY" weightage="20" keywordseo="Shapoorji-Pallonji">Shapoorji Pallonji</keyword> termed the move as illegal. They are going to challenge the decision in Bombay High Court. 
 
Mistry said as per Tata’s rules and regulations, a 15-day notice has to be given before bringing such an item before the Board, a timeframe, he said, in which he could have made a case for himself. 
 
NDTV reported that the Board said to have told him "we have legal opinion" in support of the decision. Mistry asked to see the opinion; the board reportedly told him "this was not a court hearing". 
 
Another board insider told NDTV that the decision to remove Mistry has been weeks, perhaps months, in the making. The decision, he said, "was not based on pique", but entirely on Mistry's dismal performance as CEO. 
 
The insider told NDTV Mistry's ouster was a "guillotine" approach. 
 
Mistry was appointed as Tata Sons Chairman in 2012.

Here’s what happened inside the boardroom meeting that led to Cyrus Mistry’s removal as Tata Sons Chairman

With the start-up boom, increasing number pf entrepreneurs are coming on board. So much so that they are entering the super-rich list too. The debutants include <a href="http://www.businessinsider.in/You-may-soon-be-hopping-on-to-an-Ola-bus/articleshow/48155360.cms">Ola</a> founders Ankit Bhati, 28, and Bhavish Aggarwal, 29, who are also the youngest on the list. With their personal fortunes estimated at Rs 2,385 crore each, the duo are jointly ranked 238th.
 

	While the top spots are occupied by the old players, <a href="http://www.businessinsider.in/Reliance-Capital-Nippon-Life-Insurance-To-Start-A-Commercial-Bank-In-India/articleshow/41437313.cms">Reliance Industries</a> chairman <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> ranked numero uno with a net worth of Rs 1.6 lakh crore, the list also has some surprising new entrants. The Indian who posted the biggest gain in wealth over the past year is reported to be Dhiraj Rajaram, the 40-year-old founder of Bengaluru-based analytics firm <keyword id="6713503" type="COMPANY" weightage="100" keywordseo="Mu-Sigma">Mu Sigma</keyword> are some to state. Rajaram saw his personal fortune rise six-fold, to Rs 17,800 crore. His ranking has risen 127 spots to No. 38, according to the Hurun India Rich List for 2015. There are 76 new faces among the 296 who made it to the Hurun India Rich List this year, with the cut-off level being personal wealth of Rs 1,600 crore. Apart from <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword>'s Bhati and Aggarwal, other prominent tech entrepreneurs on the list include <a href="http://www.businessinsider.in/Flipkarts-new-move-will-make-it-the-dream-destination-for-all-sellers/articleshow/48574598.cms">Flipkart's</a> Sachin Bansal, 34, and Binny Bansal, 34, whose estimated wealth of Rs 9,010 crore each puts them at the 85th spot, a rise of 58 positions. Snapdeal's Kunal Bahl, 32, is a new entrant, jumping straight to the 243rd spot with a wealth of Rs 2,314 crore.
 <keyword id="198636" type="PERSON" weightage="100" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, 38, of mobile wallet and ecommerce firm <a href="http://www.businessinsider.in/Now-refill-your-Paytm-wallet-at-the-nearest-kirana-store/articleshow/48770295.cms">Paytm</a>, and Naveen Tewari, 39, of the mobile ad network InMobi are also a part of the list.
 

	Most of these technology and internet companies have raised significant amounts of private equity capital at substantial valuations over the past year. Flipkart's latest fund raise valued the firm at $15 billion, and Snapdeal's valued it close to $5 billion. Most of the new-age startup founders are also exceptional in that they are self-made; 85% of those in the list are part of family businesses.
 

	"Despite the weakening of the stock market and the rupee, the Hurun India Rich List expanded by 76 entrepreneurs, showing the resilience and dynamism of the Indian private sector," said Anas Rahman Junaid, India head, Hurun Report. The Hurun Report was started by researcher Rupert Hoogewerf. The first report, in 1999, was on the rich in China, and Hoogewerf has since been regularly bringing out a China rich list. The India initiative began two years ago.
 At the top, Mukesh Ambani was followed by Dilip Sanghvi of Sun Pharma, S P Hinduja &amp; family of the Hinduja Group, Shiv Nadar of HCL, and Pallonji Mistry of the <keyword id="261354" type="COMPANY" weightage="100" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword>. For the first time, Wipro chairman <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword> fell off the top 5 rankings. He's now at the seventh spot, with his net worth plummeting 59% to Rs 51,900 crore. 
	 
	(Image credits: Indiatimes)

New age Indian entrepreneurs enter the super-rich list, Ola founders the youngest

<keyword id="261354" type="COMPANY" weightage="80" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> has bagged one of the largest <a href="http://www.businessinsider.in/searchresult.cms?query=foreign+direct+investments+">foreign direct investments</a> worth Rs $200 million or about Rs 1,280 crore in India's affordable housing segment, with Standard Chartered <keyword id="34499" type="POSITION" weightage="60" keywordseo="private-equity">Private Equity</keyword>, <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank+">World Bank</a> member IFC and the <a href="http://www.businessinsider.in/searchresult.cms?query=Asian+Development+Bank+">Asian Development Bank</a> (ADB). 
 
This will be a <a href="http://www.businessinsider.in/searchresult.cms?query=joint+venture+">joint venture</a> (JV) between the Mumbai-based conglomerate and Standard Chartered Private Equity, IFC and the ADB. They would together hold 70% stake in the JV while the rest will be with Shapoorji Pallonji Group, an official told the Economic Times. 
 
The multi-lateral funding agencies will provide a $50 million (Rs 320 crore) buffer fund which can be used by the JV; this marks the $3.5 billion (Rs 22,400 crore) Shapoorji Pallonji Group's entry into the affordable housing segment. 
 
According to the deal, the JV will develop about 20 million sq. ft. of affordable home space in the next 8 years in Mumbai, Pune, National Capital Region, Chennai, Kolkata, Bengaluru and Ahmedabad. 
 
Venkatesh Gopalkrishnan, chief investment officer and president business development, Shapoorji Pallonji Real Estate, said: "For the last two years, we have been strategising our group's foray into affordable housing segment with a long-term perspective and therefore wanted to join hands with partners with a similar view." 
 The investment assumes significance given its size and tepid <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> flow into affordable housing segment even after the government relaxed rules last year to draw overseas capital for real estate. 
 
In October, the government reduced the minimum built-in area required in projects as well as capital requirement and eased the exit norms. It reduced the minimum built-up area to 20,000 sq metres from 50,000 sq metres while halving the minimum capital requirement to $5 million. However, barring a few completed project acquisitions, FDI inflow into real estate, including affordable housing segment, remained weak. 
 According to experts, the FDI inflow will improve in coming days. "Interest for real estate as an asset class is rising globally and this capital will also flow into India. We expect the deal activity to pick up here on and affordable housing will be one of the key beneficiaries as fundamental demand drivers for this segment are robust," said <keyword id="1664149" type="PERSON" weightage="60" keywordseo="Mona-Chhabra">Mona Chhabra</keyword>, executive director, EY. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Mumbai">Mumbai</a>-based company would be responsible for identifying land parcels, acquisitions, approvals, execution and development. The JV company aims to create 20,000 affordable homes across the country. Its board will have four members from the three foreign investors while Shapoorji Pallonji will get two board seats. "With our group's strong engineering, execution capability and trust the brand enjoys, we are ideally equipped to handle projects like these," said Jai Mavani, executive director, Shapoorji Pallonji Group. 
 "With the government's push to 'Housing For All', we are hopeful that players like us will get support from the government in terms of approval processes as it will serve larger needs." The group has already identified three land parcels for projects under this alliance. Of these, it has already acquired two land parcels which will be financed through the joint <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> following approval from investors. "We will look at five more land acquisitions over the next two years. This is pure equity capital and will be used for acquisition of zoned and aggregated land parcels within municipal limits of cities. Our aim is to complete the land acquisition in two years and execute these projects in eight years from now," Gopalkrishnan said. 
 
The JV company will come up with developments on the outskirts of cities, offering 1BHK apartments of 500-600 sq ft and 2BHK apartments of 800-900 sq ft, priced at Rs 15-50 lakh per unit. The company will focus on tier-1 and tier-2 cities with project sizes in the range of 1.2 million sq ft to 5 million sq ft. 
 
(Image: Indiatimes)

You Searched For "shapoorji pallonji" and got 12 results

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