News Patiala: 6th September 2022
The sudden death of industrialist Cyrus Mistry has dealt a double blow to the Shapoorji Palanji Group. Mistry’s father and the ‘Phantom of Bombay House’ Palanji Shapoorji Mistry also passed away on June 28 this year. He was 93 years old. Now the demise of Cyrus Mistry has turned the spotlight on the 157-year-old business conglomerate.
It may be mentioned that former Tata Sons chairman Cyrus Mistry died in a road accident after colliding with a divider in Maharashtra’s Palghar district near Mumbai on Sunday. Cyrus Mistry was the younger son of the late Palanji Mistry — Shapoorji was the owner of the Palanji Group and the largest shareholder in the Tata Group.
Whose total assets are 2.40 lakh crore rupees? Investors are worried about who will succeed in the group. Because they are not sure if either of Mistry’s two sons Feroze and Jahan are ready to take charge or not.
Deven Choksi, Managing Director of KR Choksi Investment Managers says that Shapoorji Palanji Group companies are run. Investors should look for the next adviser as Cyrus Mistry has two sons and is not sure if he is ready to take over. Nothing is clear about the successor at the moment.
Cyrus Mistry married Rohika Chagla in 1992. He has two sons Jahan Mistry and Feroze Mistry. Rohika Chagla herself has been a corporate icon. Not only this, but she has also held the position of director in some private and public limited companies. Chagla’s father is a famous senior lawyer Iqbal Chagla. His mother is Roshan Chagla.
According to Jankarfi, on Monday, the day after the death of Cyrus Mistry, the shares of the Shapoorji Palanji Group companies traded in mixed business in the stock markets. Shares of Eureka Forbes, where Shapoorji Palanji & Co Pvt Ltd was about 9% at the end of the June quarter, fell 1% on the BSE, while the benchmark Sensex index rose 0.75%. Meanwhile, shares of Sterling & Wilson Renewable Energy and Forbes & Co also fell 0.61% and 5%.
It may be mentioned here that Shapoorji Palanji & Company Pvt Ltd held a 25% stake in Sterling & Wilson RE as of the end of June 2022, while Cyrus Palanji Mistry and Palan Shapoor Mistry held a 0.38% stake. Talking about Forbes & Co., Shapoorji Palanji & Co. Pvt Ltd had a 72.56% stake at the end of June 2022.
Why did Cyrus Mistry die immediately after the accident? This was a big revelation in the postmortem report
Former Tata Sons chairman Cyrus Mistry and his friend Jehangir Pandole suffered many injuries in a car accident and died almost of ‘blunt thorax trauma. A medical officer of JJ Hospital gave this information on Tuesday. He said that the mason was bleeding due to the injury. Mistry and Pandole were traveling from Gujarat to Mumbai along with two others on Sunday afternoon when their car hit the divider on the Surya river bridge in Maharashtra’s Palghar district.
These things have also come out in the postmortem report
He said that due to the accident, the internal arteries of Cyrus Mistry’s body were ruptured, due to which the internal blood flowed. Yet, only a few symptoms have been revealed in the initial postmortem report. A detailed analysis will clarify everything and the real cause of death will be known. As per standard procedure, the viscera sample will be sent to the forensic science laboratory in Kalina for testing, he said.
Let us tell you that the last rites of the former chairman of Tata Sons, Cyrus Mistry, were performed on Tuesday at 11 am in the Worli crematorium. Ratan Tata’s stepmother Simon Tata also attended his last rites along with many others. It may be mentioned that Cyrus Mistry was removed from the post of chairman of Tata Sons, after which the dispute between the Tata Group and Mistry reached court.