Late Ratan Tata.
Credit: Reuters File Photo
The global business icon Ratan Tata, who passed away on October 9 at the age of 86, entrusted lawyer Darius Khambata, his close friend Mehli Mistry, as well as both his half-sisters, Shireen and Deanna Jejeebhoy, with the responsibility to execute his will.
Noel Tata, who is Ratan Tata’s half brother, has succeeded him as the chairman of Tata Trusts.
Ratan Tata’s close associate, Mehli Mistry, was a trustee on the board of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. Both of these trusts collectively hold around 52 per cent of Tata Sons, the Tata Group’s holding company, the report added. Collectively, the Tata Trusts hold 66 per cent stake in Tata Sons.
Mehli Mistry, also took care of Ratan Tata in recent times when he was not in the pink of his health. A first cousin of Late Cyrus Mistry, he also supported Ratan during the dispute surrounding the removal of Tata Sons chairman.
As per the Hurun India Rich List 2024 which was released in August 2024, in Tata Sons, late Ratan Tata held 0.83 per cent stake, and his net worth was Rs 7,900 crore. About Rs 16.71 lakh crore is the market value of Tata Sons’ stake in the group’s listed entities.
Ratan Tata always made sure that a significant part of his wealth goes to society and charity. According to a ET report, the details of his will were private.
Ratan Tata’s half-sisters, Shireen and Deanna Jejeebhoy, were daughters of his mother Soonoo from her second marriage to Sir Jamsetjee Jejeebhoy. An ex-Tata executive, as per the publication, also mentioned that late Ratan Tata was very close to both his sisters.
Shireen and Deanna have always been involved in philanthropy. Deanna Jejeebhoy earlier was a trustee on the board of the Ratan Tata Trust in the 1990s and early 2000s.
Last year, advocate Kambatta returned as a trustee at the two primary Tata Trusts after seven years. Kambatta earlier had quit the Tata Trusts in 2016.
A partner at Capstone Legal, Ashish Kumar Singh, said that the executor of the will is required to fulfill the last wishes of Ratan Tata, and should keep in mind the applicable laws.
Ashish told the publication, “It is also a settled principle of law that until the will is not executed, the executors have the responsibility to maintain the assets in the same manner as the deceased person would have, if they would have been alive.”
“Generally, the deceased person places the executor in a position to dispose of any assets which are not specifically mentioned in the will as per their discretion but if no such specific mention is done, then the assets are divided as per personal law of the deceased person,” he added.
Ratan Tata's personal investment vehicle, RNT Associates Pvt. Ltd, held Rs 186 crore worth investments until FY23. These investment figures represent the original acquisition cost and not the current market value, as there is a chance that it could have risen. RNT Associates had only two members, Ratan Tata and Mistry.
Mistry was inducted on the boards of two of the largest Tata Trusts in October 2022 and is on the boards of several companies of the M Pallonji Group, Breach Candy Hospital, the Tata Indian Institute of Social Skills and the Advanced Veterinary Care Foundation.
"I’ve not drafted Mr Ratan Tata’s will nor advised him on its contents. I saw his will for the first time after he passed away," advocate Darius Khambata further added.