Nicknamed by his colleagues in Tata Group as the Phantom of Bombay House, Pallonji, despite being one of the most successful businessmen in India, is known for his media-shyness and rarely appears in public. A short biography of Mistry was written in a 2008 book by Manoj Namburu titled The Moguls of Real Estate.
In spite of being one of the richest Indians and Chairman of the Shapoorji Pallonji Group, Pallonji Mistry is a man who rarely appears in public and is often described as being media shy. His employees call him the man with no faults, his friends describe him as humble and within the Tata Group he is known as the Phantom of Bombay House.
In 2007, he gave up his Indian citizenship to become an Irish citizen. His son-in-law Noel Tata is the CEO of the retail arm of the Tata Group. Noel Tata is also the half-brother of Ratan Tata. His son is Shapoor Mistry and is married to Behroze Setna the daughter of legendary lawyer Rusi Setna.