Life seems to come full circle for Cyrus Mistry. He was restored as executive chairman of Tata sons on Wednesday with the NCLAT terming the appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate as "illegal." The National Company Law Appellate Tribunal also set aside a lower court order and quashed the conversion of Tata Sons into a private company from a public firm.
WHO IS CYRUS MISTRY:
- Cyrus Mistry is a scion of the wealthy Shapoorji Pallonji family.
- In a coup, Cyrus Mistry was removed as Chairman of Tata Sons in October 2016.
- Cyrus Mistry was the sixth chairman of Tata Sons and had taken over in 2012 after Ratan Tata.
- Later, Mistry was ousted as Tata Sons chairman in 2016. He was also removed as a director on the board of the holding company on February 6, 2017.
- Cyrus Mistry was the second person from outside the Tata family to head the group in the last 142 years of its existence.
- Mistry family's association with the Tatas dates back to 1930 when Shapoorji Pallonji Mistry bought 12.5 per cent in Tata Sons from the FE Dinshaw Estate. Later, Mistrys acquired more stake from the Tata family.
- To maintain his stake in the Tata company, Mistry invested over Rs 60 crore in the Tata Sons rights issue in the 90s.
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