MUMBAI:“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,” reads Ratan Tata’s will dated February 23, 2022.
The late industrialist’s will names at least two dozen beneficiaries, including brother Jimmy Tata, two half-sisters, Shireen Jejeebhoy and Deanna Jeejeebhoy, former confidant Mohini Dutta, and his foundations, Ratan Tata Endowment Foundation (RTEF) and Ratan Tata Endowment Trust (RTET).
Last week, the executors of RNT’s will filed a petition with the Bombay high court to probate it, a copy of which is in TOI’s possession. They estimate the value of his estate, including movable and immovable assets in India and abroad at roughly Rs 3,900 crore, which is a very conservative figure. This is largely due to RNT’s biggest asset, his 3,368 shares in Tata Sons, the holding company of the $165 billion Tata Group, being estimated at a book value of Rs 1,684 crore.
The Tata Sons stake will go to his two foundations, with 70% going to RTEF and the rest to RTET. In his will, he has said his Tata Sons shares cannot be sold or transferred except to an existing shareholder of the company.
Dutta, to whom RNT has bequeathed one-third of his residual estate (excluding his shares in Tata & non-Tata companies, and houses), has been at odds with the executors of the will over the value of his bequest.
He can file an originating summons with the court to interpret the late industrialist’s will, said a lawyer. However, in the light of RNT’s explicit instruction that any beneficiary who contests it will forfeit their rights or benefits in the estate, Dutta can only seek a legal interpretation. This will not be considered as challenging its validity, so he would not have to forego his share under the no-contest clause.
“Challenging a will, that is questioning its validity, is different from seeking its interpretation, with the former triggering forfeiture,” said the lawyer.
RNT had first made his will on April 18, 1996, five years after he became the chairman of the Tata Group. He amended it in November 2009. Both wills were revoked, and the “last will” was made on February 23, 2022. Thereafter, he made changes to it four times. The will has been signed by two witnesses, his CA Dilip Thakkar and physician Porus Kapadia.
Jimmy, who will inherit RNT’s share in their family property in Juhu, Mumbai, worth Rs 16 crore, as well as his jewellery, has filed a no-objection certificate with the court regarding his elder brother’s will. RNT, a bachelor, died in October 2024, and had no children. The Indian Succession Act, as applicable to Parsis, recognizes full siblings in the hierarchy of heirs over half-siblings.
RNT had inherited one-fourth share of the Juhu property, a ground plus one floor bungalow, from his father Naval Tata. Jimmy, his half-brother Noel Tata and his step-mother Simone Tata own 25% each of the property.
Apart from Dutta, his two half-sisters will each get one-third of his residual estate, including bank deposits worth Rs 385 crore. “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,” reads Ratan Tata’s will.
RNT’s 11 cars, 65 watches comprising brands like Chopard, Patek Philippe, Bvlgari, and Tiffany, 21 timepieces, 52 pens of brands like Cartier, Sheaffer and Mont Blanc, paintings, and curios are estimated to be about Rs 12 crore.
RNT has bequeathed his Alibaug property worth Rs 6.16 crore and his three guns to his friend Mehli Mistry, as reported by TOI earlier.
Apart from Tata Sons, RNT also owned shares in Tata operating companies such as TCS (worth Rs 826 crore), Tata Motors (Rs 101 crore), Tata Technologies (Rs 64 crore), and Tata Capital (Rs 36 crore) and in non-Tata companies such as Urbanclap, Mapmygenome, and US-based Alcoa Corporation. These stocks have been bequeathed equally to RTEF and RTET.
RNT’s Seychelles land worth Rs 85 lakh has been bequeathed to RNT Associates Pte, a Singapore-registered fund, whose shareholders include former managing trustee of Tata Trusts R Venkatraman and former Tata Technologies CEO Patrick McGoldrick. In his will, RNT said: “It is my wish that the interest of R Venkatraman and Patrick McGoldrick in RNT Associates, India, and in RNT Associates Pte, Singapore, be protected as shareholders of both companies and be allowed to continue as shareholders as long as they desire to be associates.”
RNT’s two half-sisters, Mistry, and Tata Trusts trustee Darius Khambata are the four executors of his will. They have been bequeathed Rs 5 lakh each as an appreciation amount for devoting their time and effort to execute the will.
