Who will execute Ratan Tata's final wishes? Lawyer, friend, family chosen

At the time of his death, Ratan Tata had a 0.83 per cent stake in Tata Sons and a net worth of Rs 7,900 crore, according to the Hurun India Rich List 2024

Ratan Tata, who passed away on October 9 at the age of 86, named lawyer Darius Khambata and long-time associate Mehli Mistry as executors of his will. His half-sisters, Shireen and Deanna Jejeebhoy, were also appointed to carry out his final wishes, according to a report by The Economic Times.

Following Tata’s death, his half-brother, Noel Tata, assumed the role of chairman of Tata Trusts.

At the time of his death, Ratan Tata held a 0.83 per cent stake in Tata Sons and had a net worth of Rs 7,900 crore, according to the Hurun India Rich List 2024. He had always been committed to dedicating a significant portion of his wealth to charitable causes.

 

A large part of his wealth—nearly 75 per cent—was tied to his shares in Tata Sons. In addition to these holdings, he had invested in nearly two dozen companies, including Ola, Paytm, FirstCry, BlueStone, and Urban Company. Over time, Tata exited some of these investments. He owned a residence in Colaba, Mumbai, and a holiday home in Alibaug.

A look at Ratan Tata’s will executors

Mehli Mistry, a close confidante of Ratan Tata, serves as a trustee on the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. These trusts collectively hold around 52 per cent of Tata Sons, while Tata Trusts as a whole own 66 per cent of the company.

The market value of Tata Sons' holdings in the group’s listed companies is estimated at Rs 16.71 trillion.

Ratan Tata’s half-sisters, Shireen and Deanna Jejeebhoy, are the daughters of Soonoo Tata from her second marriage to Sir Jamsetjee Jejeebhoy. Both sisters have been actively involved in philanthropy. Deanna, in particular, served as a trustee on the board of the Ratan Tata Trust during the 1990s and early 2000s. Tata was known to share a close bond with his much younger siblings.

Darius Khambata, one of the executors, is believed to have assisted Ratan Tata in drafting his will. Khambata returned to his position as a trustee at the two main Tata Trusts last year, following a seven-year absence after resigning in 2016 due to professional obligations.

As executors, Khambata, Mistry, and the Jejeebhoys have the legal responsibility to carry out Tata’s final wishes, adhering to the applicable laws, the business daily added.

What is the role of will executors in asset management?

Executors are typically empowered to manage any unallocated assets with discretion unless otherwise specified in the will. In cases where no specific instructions are given, assets are divided according to the deceased’s personal law.

Ratan Tata’s personal investment company, RNT Associates Pvt Ltd, held investments valued at Rs 186 crore as of FY23, though this figure reflects their original acquisition cost and may have appreciated in value since. Mehli Mistry and Ratan Tata were the only two board members of RNT Associates.

Mehli Mistry, a first cousin of the late Cyrus Mistry, was a steadfast supporter of Ratan Tata during the controversy surrounding Cyrus Mistry’s removal as chairman of Tata Sons. In recent years, Mistry was closely involved in caring for Ratan Tata as his health declined.

In October 2022, Mistry was appointed to the boards of two major Tata Trusts. He also holds directorships in over a dozen companies under the M Pallonji Group, which operates across sectors including paints, logistics, shipping, and life insurance.

Mistry also serves on the boards of Breach Candy Hospital, the Advanced Veterinary Care Foundation, and the Tata Indian Institute of Social Skills.