Mamata, business leaders condole demise of Cyrus Mistry
The 54-year-old industrialist died in a road accident on Sunday afternoon after his car hit a divider in Maharashtra's Palghar district.
The 54-year-old industrialist died in a road accident on Sunday afternoon after his car hit a divider in Maharashtra's Palghar district.
A south Mumbai low-profile boy, 44-year-old Mistry family scion was already heading companies in the Shapoorji Pallonji Group when he was appointed to succeed Ratan Tata as the head of the over USD 100 billion, salt-to-software Tata group. According to reports, he was reluctant to take up the job but some persuasion, including by Ratan Tata himself, led him to accept the offer.
In October 2016, Mistry was ousted as chairman by board of Tata Sons, which met and voted against his continuance. Mistry took Tata Sons to court over the move, accusing the holding company of financial wrongdoing and corporate governance violations, including at AirAsia India, a Tata-owned airline that was founded in partnership with Malaysia’s AirAsia Bhd.
“This deal assumes great significance for the Elan Group with a global fund like PAG reposing confidence in the group’s management and established development track," said Sandeep Agarwal, CFO, Elan Group.
Mistry and his family control the Shapoorji Pallonji Group, which started more than 150 years ago and today employs more than 50,000 people in over 50 countries, according to its website. Its landmark projects include the Reserve Bank of India and the Oberoi Hotel in Mumbai and the blue-and-gold Al Alam palace for the Sultan of Oman.
Evangelos Ventures raised ₹625 crore from Ares SSG Capital affiliate and ₹750 crore from Farallon Capital affiliates at an internal rate of return of more than 15%. Both debt facilities were raised in the form of three-year bonds due March 31, 2025. The proceeds will be deployed mainly to repay high-cost borrowings of Goswami Infratech (GIPL), said the people.
The SP Group has told lenders that it would raise nearly Rs 10,000 crore through asset sale and use a bulk of these proceeds to repay loans.
The Future Group, Shapoorji Pallonji Group and SpiceJet are among those who will apply for loan restructuring. Besides these, there are a couple of thermal power generating companies, a couple of toll road projects, and companies in the textile sector.
The bench was hearing appeals and cross-appeals by the Tatas and the Mistry family of the SP Group against the National Company Law Appellate Tribunal’s decision in December 2019 to reinstate Mistry as executive chairman. The top court has stayed the NCLAT order.
The 18.4% stake owned by Mistry family in Tata Sons Pvt. is worth as much as 800 billion rupees ($10.9 billion), Tata’s lawyer Harish Salve told India’s Supreme Court on Tuesday.
Arguing against the National Company Law Appellate Tribunal's decision to reinstate ousted executive chairman Cyrus Mistry, Tata Sons lawyer Harish N Salve said on Tuesday that the ruling virtually handed over management of Tata Sons to a minority shareholder.