Pallonji Mistry passes away at 93: A look-back at his life, relationship with the Tatas, and more

Shapoorji Pallonji Group Chairman Pallonji Mistry passed away early Tuesday morning. He was 93 years old. According to company officials, Mistry passed away in his sleep. 

Often called the ‘Phantom of the Bombay House’ in the Tata Group circle, Mistry was awarded the Padma Bhushan in 2016 for his contribution to the Indian industry. The reclusive Mistry was known for the power he commanded in the Tata empire. Pallonji was the largest individual shareholder in Tata Sons with 18.4 per cent holding in the conglomerate.

Mistry’s contribution

Mistry was the patriarch of the 156-year-old conglomerate that is credited for building some of Mumbai’s landmark buildings, including the State Bank of India and the Reserve Bank of India buildings. Shapoorji Pallonji Group has a workforce of over 50,000 people in over 50 countries.

He was the chairman of the Shapoorji Pallonji Group through which he owns Shapoorji Pallonji Construction Limited, Forbes Textiles, and Eureka Forbes Limited. He was also the former chairman of Associated Cement Companies. Earlier in April, Shapoorji Pallonji Mistry and six other directors resigned from the board of Eureka Forbes. 

Mistry’s first overseas project was building the palace of the Sultan of Oman in 1976.

According to the Forbes Rich List, Mistry with a net worth of $15 billion was the 125th richest person in the world. 

Tatas and Mistrys

Apart from Mistrys’ stake in Tata Sons, the two families – Tatas and Mistrys – were known to be very close till they severed ties.

Mistry’s younger son, Cyrus Mistry, served as the Chairman of Tata Sons from November 2011 to October 2016. The two families were engaged in a fierce legal battle over Cyrus’ unceremonious removal and privatisation of the holding company, Tata Sons, where the Mistrys held a sizeable stake. The Tatas said that the board was "well within its rights” to oust Cyrus, and that there was no wrongdoing. 

The Tatas won in the National Company Law Tribunal (NCLT), but the appellate tribunal reversed the order and asked the group to reinstate Cyrus as Chairman. The Supreme Court, however, ruled in favour of the Tatas and junked Cyrus’ pleas. 

The Mistrys, in their affidavit filed in the Supreme Court, had added a letter by Ratan Tata to Pallonji Mistry. “Dear Pallon, this is to express my appreciation for the support and encouragement you have given me in the past years. I recognise and value the contribution you make and hope I can continue to enjoy your confidence as we work together in the coming years…Our common agreement and mutual faith will foster a true and lasting relationship without any misunderstanding -- and in the best interest of Tata Sons as a company. Our standing together will also be a matter of strength…In ending, let me reiterate that I will never do anything consciously to hurt you or your family.”

When Ratan Tata was chosen as JRD Tata’s successor in 1991, the young Tata did not stand much ground in front of stalwarts like Russi Mody, Darbari Seth and Ajit Kelkar. There was fear that he would be sidelined till he found support in Nusli Wadia. But when Wadia jumped to the Cyrus camp, the relation between Wadia and Tata soured too. 

Mistry is survived by his two sons, Shapoor Mistry and Cyrus Mistry, and two daughters Laila and Aloo. Aloo is married to Ratan Tata's half-brother Noel Tata. He had given up his Indian citizenship in 2003 to become an Irish citizen, and married Dublin-born Pat "Patsy" Perin Dubash. 

Also read: 'I will never do anything to hurt you or your family': Ratan Tata in letter to Pallonji Mistry in 1991

Also read: Shapoorji Pallonji Group chairman Pallonji Mistry passes away at 93