Tata Sons chairman N Chandrasekaran on Sunday paid his tribute to Cyrus Mistry, 54, who passed away in an accident in Palghar near Mumbai on Sunday.
Mistry was the sixth chairman of Tata Sons before being ousted from the position in October 2016 following a massive legal tussle with the country’s biggest business group.
In a statement, Chandrasekaran, who later took over as executive chairman of Tata Sons, said it was “really tragic that he passed away at such a young age”.
Also read | All you need to know about ex-Tata Sons chairman
“I am deeply saddened by the sudden and untimely demise of Mr Cyrus Mistry. He had a passion for life and it is really tragic that he passed away at such a young age. My deepest condolences and prayers for his family in these difficult times,” he wrote in a statement.
Mistry had taken over as the chairman of Tata Sons in December 2012 after Ratan Tata announced his retirement, becoming only the second top official not to bear the Tata family name. His exit in 2016 came after a very public, years-long courtroom and boardroom battle between two of India’s most storied corporate clans.
In 2021, the Supreme Court said Mistry’s ouster was legal and also upheld Tata Sons’ rules on minority shareholder rights, which made it difficult to sell shares without board approval. That meant the stake, worth almost $30 billion in early 2022, was basically illiquid.
(With inputs from agencies)
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