The late patriarch of the Tata Group, Ratan Tata, has left a large part of his wealth to his own trusts and added a "no-contest" clause to his will. The details of his will, dated February 22, 2022, were reported by The Times of India (TOI).
As per the report, the shares of Tata Sons held by Ratan Tata will go to the Ratan Tata Endowment Trust (RTET), a non-profit organization under Section 8 of the Companies Act 2014, and the Ratan Tata Endowment Foundation (RTEF). Ratan Tata owned 3,368 shares of Tata Sons, which are estimated to be worth around Rs 1,684 crore.
According to the TOI report, the philanthropist industrialist's total wealth stood at around Rs 3,900 crore, according to conservative estimates. As per Ratan Tata's reported will, his shares of Tata Sons cannot be transferred to anyone other than an existing shareholder of the company.
The report mentions that there are about 24 individual beneficiaries of the late industrialist's will, including his half-sisters—Deanna Jejeebhoy and Shireen Jejeebhoy, his brother Noel Tata, and current Tata executive assistant Shantanu Naidu.
According to the report, one-third of the properties, in the form of assets such as watches and financial instruments like bank FDs, totalling somewhere around Rs 800 crore, have been left for his half-sisters—Deanna Jejeebhoy and Shireen Jejeebhoy.
Ratan Tata’s Will: Who Inherits What?
Ratan Tata’s will reportedly outlines the distribution of his wealth among close associates, friends, and even his pets. A fund of Rs 12 lakh has been set aside for his pets, with Rs 30,000 to be disbursed every three months.
His former assistant, now a Tata executive, Shantanu Naidu, has been granted a loan waiver. Ratan Tata’s neighbour, Jake Malite, will receive an interest-free education loan.
Half of the ownership rights to Tata’s Juhu property will go to Jimmy Tata, while the remaining portion will be divided between Noel Tata and Simone Tata. Mehli Mistry, a long-time friend, will inherit Tata’s Alibaug bungalow. In his will, Tata acknowledged Mistry’s role in acquiring the property and expressed hope that it would serve as a reminder of their shared memories.
Additionally, Tata Group veteran Mohini M. Dutta has been left one-third of Ratan Tata’s total wealth.
The TOI report says that there is a difference in perspective between Dutta and the will’s executors regarding the value of his inheritance. Last week, the executors submitted a petition in the Bombay High Court to begin the probate process for Tata’s will.
The executors of Tata’s will include Mehli Mistry, lawyer Darius Kambatta, and Shireen and Deanna Jejeebhoy.
As per court filings, Tata’s liquid assets include Rs 4 lakh in cash, Rs 367 crore in local bank accounts and fixed deposits, Rs 40 crore in foreign assets, including land in Seychelles, as well as accounts with Wells Fargo and Morgan Stanley.
His investment portfolio includes shares in companies such as Alcoa Corp and Howmet Aerospace. Tata’s personal collection also comprises 65 luxury watches from brands like Bvlgari, Patek Philippe, Tissot, and Audemars Piguet.
He reportedly bequeathed his Seychelles land to RNT Associates Singapore and stipulated that the interests of R. Venkatraman and Patrick McGoldrick in RNT Associates India and Singapore should be safeguarded as shareholders.
