Pallonji Pallonji Mistry, Chairman of Tata Sons, dies at 93

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.

In 2016 Mistry was named the Phantom of the Bombay House in the Tata Group circle, Mistry was awarded the Padma Bhushan 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 was the patriarch of the 156 year-old conglomerate, which is credited with building some of Mumbai's landmark buildings including the Reserve Bank of India and the State Bank of India. The 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 the Associated Cement Companies. In April, Shapoorji Pallonji Mistry and six other directors resigned from the Eureka Forbes board.

According to Forbes Rich List, Mistry's net worth was $15 billion and was the 125th richest person in the world.

The two families Tatas and Mistrys were known to be very close to each other until they separated ties, apart from Mistrys stake in Tata Sons.

From November 2011 to October 2016, Mistry's younger son Cyrus Mistry served as chairman of Tata Sons. The two families were involved in a fierce legal battle over Cyrus' unceremonious removal and privatization of the holding company, Tata Sons, where the Mistrys held a large stake. The Tatas said that the board was well within its rights to oust Cyrus, and that there was no wrongdoing.

The Tatas won at the NCLT National Company Law Tribunal, but the appellate tribunal reversed the order and asked the group to reinstate Cyrus as Chairman. The Supreme Court, however, ruled in favor of the Tatas and dissolved Cyrus pleas.

In their affidavit filed in the Supreme Court, the Mistrys 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 that you will 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 be a matter of strength. In conclusion, let me reiterate that I will never do anything consciously to hurt you or your family. When Ratan Tata was elected 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. He was worried that he would be sidelined until he found support in Nusli Wadia. The relationship between Wadia and Tata soured when Wadia jumped to the Cyrus camp.

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