Cyrus Mistry’s Demise: What happens to SP Group’s stake in Tata Sons

Cyrus P. Mistry, 54, a scion of the Shapoorji Pallonji Group and former Chairman of Tata Group, was killed in a road accident in Palghar on Sunday afternoon, sending shock waves across the Mumbai circle of businesses and on the future of SP Group’s stake in Tata Sons.

He is survived by his wife, two children and a sister and an elder brother.

The last rites of Mistry, 54, who was killed in a road accident in Palghar on Sunday afternoon, shall be performed at the Worli Crematorium at 11 a.m. Tuesday, the mourning family said in a statement.

“Beloved husband of Rohiqa, father of Firoz and Zahan, son of the late Pallonji Shapoorji Mistry and Patsy Mistry, son-in-law of Iqbal and Roshan Chagla, brother of Laila Rustom Jehangir, Aloo Noel Tata and Shapoor Mistry,” said the family requesting “No condolence visits.”

Cyrus Mistry

The young business tycoon Mistry’s abrupt departure left the Indian corporate world shocked and has put the spotlight again on SP group’s substantial 18.37 per cent holding in Tata Sons, the holding company of the Tata group.

The SP group had talked about separation in the past after a troubled relationship with Ratan Tata and media reports in March this year said the group was taking a Rs.15,000 crore loan against the holding in Tata Sons.

SP Group had talked about separation two years back in September 2020 before the Supreme Court, where the group pleaded that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy.

The SP-Tata relationship spanning over 70 years, was impacted by the ouster of Cyrus Mistry from the Chairman’s position at Tata Sons in 2016.

The boardroom coup was shrouded in mystery, forced cyrus Mistry take a long-running legal battle until the top court ruled in Tata’s favour.