Ratan Tata’s Will Reveals Estate Distribution
MUMBAI: Ratan Tata’s last will, dated February 23, 2022, has been submitted to the Bombay High Court, outlining the distribution of his substantial estate valued at approximately Rs 3,900 crore. The will names numerous beneficiaries, including family members and foundations, while also including a unique clause that penalizes any contestation of its terms. The executors of the will have initiated a petition to probate it, marking a significant step in the management of Tata’s legacy.
Key Beneficiaries Named
Ratan Tata’s will designates at least two dozen beneficiaries, prominently featuring his brother, Jimmy Tata, and two half-sisters, Shireen and Deanna Jejeebhoy. Other notable beneficiaries include former confidant Mohini Dutta and the Ratan Tata Endowment Foundation (RTEF) and Ratan Tata Endowment Trust (RTET). The will explicitly states that any individual who challenges its validity will forfeit their rights to any inheritance, a stipulation that adds a layer of complexity to the estate’s administration.
The executors of the will have filed a petition to probate it, estimating the estate’s value conservatively. This includes Ratan Tata’s significant holdings in Tata Sons, valued at Rs 1,684 crore, which will be allocated to his foundations. The will also stipulates that shares in Tata Sons cannot be sold or transferred except to existing shareholders, ensuring the continuity of Tata’s legacy within the company.
Disputes Over Estate Valuation
Mohini Dutta, who is set to inherit one-third of Ratan Tata’s residual estate, has raised concerns regarding the valuation of her bequest. Legal experts indicate that while Dutta can seek a legal interpretation of the will, she must tread carefully to avoid triggering the no-contest clause. This clause is designed to protect the estate from disputes that could arise from beneficiaries questioning the will’s validity.
The will’s provisions also include specific instructions for the distribution of various assets, including bank deposits and personal belongings. Dutta’s potential legal actions will focus on interpretation rather than contestation, allowing her to retain her share without forfeiting rights.
Family Property and Personal Assets
Jimmy Tata is set to inherit the family property in Juhu, Mumbai, valued at Rs 16 crore, along with jewelry and other personal effects. He has filed a no-objection certificate with the court, indicating his support for the will’s terms. Ratan Tata, who passed away in October 2024 without children, had inherited a share of the Juhu property from their father, Naval Tata.
Ratan Tata’s will also outlines the distribution of personal assets, including an extensive collection of cars, watches, and art, estimated to be worth around Rs 12 crore. His two half-sisters will each receive one-third of the residual estate, which includes significant bank deposits. The will specifies that if any beneficiary opts to take over specific assets, their value will be determined through a public auction process.
Broader Implications for Tata Group
Approximately 70% of Ratan Tata’s holdings in Tata Sons will be allocated to the Ratan Tata Endowment Foundation, with the remainder going to the Ratan Tata Endowment Trust. In addition to Tata Sons, Tata’s portfolio includes shares in various Tata companies and other investments, reflecting his extensive influence in the business world. The will’s execution will be overseen by four executors, including his half-sisters and a trustee from Tata Trusts, ensuring that Tata’s legacy continues to impact future generations.
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