 "Ratan Tata's Rs 3800-crore will revealed. But who gets what?")
In October 2024, industrialist Ratan Tata passed away.
Since then, details of his will have been making the headlines sporadically.
Now, a report has revealed how Tata’s estate will be divided between his heirs.
While most of it has been given to charity, Tata has also included his family, friends, staff and pets.
Tata had no children.
The will also has a fascinating clause that may result in one of the beneficiaries potentially being cut out of it entirely.
But what do we know? Who gets what?
Let’s take a closer look:
What do we know?
As per New Indian Express, Tata’s wealth is estimated at Rs 10,000 crore.
As per Fortune, Tata wrote the will with the help of a number of top legal experts.
The will has 24 beneficiaries, as per The Times of India.
According to a report in Economic Times, Tata’s two half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy and Tata Trusts trustee Darius Khambata are among the executors of the will.
His friend Mehli Mistry is also said to be an executor of the will.
Tata has left most of his wealth to his philanthropic organisations – the Ratan Tata Endowment Foundation (RTEF) and the Ratan Tata Endowment Trust (RTET).
This share, valued at Rs 3,800 crore, comprises ordinary and preference shares of Tata Sons.
Tata also had shares in in TCS (Rs 826 crore), Tata Motors (Rs 101 crore), Tata Technologies ( Rs 64 crore), and Tata Capital ( Rs 36 crore) and non-Tata firms such as like Urbanclap, Mapmygenome, and Alcoa Corporation.
RTEF will get 70 per cent of the shares while the RTET will get the other 30 per cent.
According to his will, these shares cannot be sold or transferred – except to an existing Tata Sons shareholder.
Tata has given a third of his wealth – bank FDs, financial instruments, watches, and paintings – to his half-sisters.
This is estimated at Rs 800 crore.
Mohini M Dutta, an ex-Tata Group employee, has also been given a third of Tata assets.
As per The Times of India, Ratan Tata’s half-brother Jimmy will inherit his share in their property in Juhu – estimated to be worth around Rs 16 crore.
The rest of it will be divided between Noel Tata and Simone Tata.
“If any of the three chooses to take over any of my other assets like car, painting etc., its value to be determined by three values and taken out of public auction, and such value will be part of each one’s one-third share respectively,” the will states.
The newspaper reported that Tata’s Alibaug property worth Rs 6.16 crore and three guns including a .25 bore pistol would go to Mistry.
The will states that Mistry was “instrumental in making this property possible.”
As per New Indian Express, Tata’s cook Rajan Shaw and butler Subbiah have also been included in the will.
As has his dog Tito, a German Shepherd Tata adopted seven years ago.
Tito, who will be cared for by Tata’s long-time cook Shaw, will receive ‘unlimited care.’
As per Moneycontrol, Tata also left a corpus of a corpus of Rs 12 lakh for beloved pets – with Rs 30,000 to be doled out every three months.
Tata has also waived off any loans he had given.
This includes a loan to his Tata’s executive assistant Shantanu Naidu and an interest-free education loan to his neighbour Jake Malite.
Tata’s foreign assets include Rs 40 crore worth of property in Seychelles, along with bank accounts at Wells Fargo and Morgan Stanley, and shares in Alcoa Corp and Howmet Aerospace.
The asset list also includes 65 luxury watches from brands such as Bvlgari, Patek Philippe, Tissot and Audemars Piguet.
Tata’s land holdings in Seychelles are to be transferred to RNT Associates Singapore, with instructions to protect the interests of shareholders R Venkatraman and Patrick McGoldrick in RNT Associates India and Singapore.
No-contest clause
As per The Times of India, Tata’s will contains a no-contest clause. It states that anyone who challenges the will “shall forego all the rights or benefits” under it.
“I hereby direct that whosoever, contests or challenges this last will of mine in any manner, shall forego all the rights or benefits under my will and shall not get any legacy that I may have bequeathed to that person and he or she shall have no right whatsoever over any part of my estate,” the will states.
Tata signed the will on February 23, 2022.
According to the newspaper, Dutta has been locked in a quarrel with the executors of the will over the value of his inheritance.
“Challenging a will, that is questioning its validity, is different from seeking its interpretation, with the former triggering forfeiture,” a lawyer told the newspaper.
As per the newspaper, the executors of the will last month submitted a plea in the Bombay High Court asking that the will be probated.
According to the report, this could take up to six months.
With inputs from agencies
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