Ratan Tata will: Charity gets most share, Shantanu Naidu's loan waived off

Ratan Tata's stake in Tata Sons will go to his two foundations, with 70 per cent going to RTEF and the remaining to RTET, according to news reports

Late industrialist Ratan Tata has left a majority of his total wealth, estimated at ₹3,800 crore, to Ratan Tata Endowment Foundation (RTEF) and Ratan Tata Endowment Trust (RTET) for charitable and philanthropic purposes.

 

According to a report in The Economic Times, the share from Tata’s wealth will also comprise ordinary and preference shares of Tata Sons and other assets. Tata, who died in October 2024, has also left one-third of his other financial properties, including fixed deposits (FDs) in banks, financial instruments, and physical assets like watches and paintings, to his two half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, the value of which is estimated at ₹800 crore.

 

 

Mohini M Dutta, a former confidant of the late industrialist, also gets a mention in his will along with at least two dozen beneficiaries, including Jimmy Tata (brother), half sisters, Shantanu Naidu (executive assistant to Ratan Tata), and his pets.

 

Dutta will be receiving one-third of Tata’s residual estate, excluding his shares in Tata and non-Tata companies and houses, along with his two half-sisters. According to his will, “If any of the three chooses to take over any of my other assets like car, painting, etc, its value will be determined by the three values and taken out of public auction, and such value will be part of each one’s one-third share.”

 

Here’s a list of who gets what

Jimmy Tata, will be receiving silver articles and some of the jewellery. He would also own half of the ownership rights of the late industrialist’ Juhu property, which he had inherited from his father, Naval Tata, the remainder of which will be shared by Noel and Simone Tata.

 

Tata’s stake in Tata Sons will go to his two foundations, with 70 per cent going to RTEF and the remaining to RTET, according to a Times of India report.

 

A corpus of ₹12 lakh would be created for his pets, each of whom would be getting ₹30,000 every quarter. His will also mention that Shantanu Naidu’s and neighbour Jake Malite’s loans would be waived off.

 

The Tata group patriarch prepared his ‘last’ will on February 23, 2022. Before it, he made two wills, first in April 1996 and then in November 2009. In his last will, Ratan Tata noted that his shares in Tata Sons cannot be sold or transferred except to an existing shareholder of the company.

 

Tata’s Seychelles land valued at ₹85 lakh has been given to RNT Associates Pte, a Singapore-registered fund. He also stated that the interests of R Venkatraman and Patrick McGoldrick as shareholders in RNT Associates India and RNT Associates Singapore should be protected.

 

His Alibaug bungalow has been passed on to Mehli Mistry, who was instrumental in making this property possible. Mistry will also be getting Tata’s three guns.

 

According to The Times of India, RNT’s two half-sisters, Mistry and Tata Trusts trustee Darius Khambata, are the executors of Ratan Tata's will and will be given ₹5 lakh each as an appreciation amount to execute the will.

 

No-contest clause 

Last week, the executors of Tata’s will filed a petition in the Bombay High Court to probate it (a legal process where the court validates the will of the deceased after confirming its authenticity and allowing the executor to manage the property as stated in the will). 

Dutta has been at odds with the executors of the will over the value of his bequest. However, Tata in his will mentioned that anybody who will contest or challenge his last will, will forgo all rights and benefits and will not be getting any legacy and they will have no right over any part of his estate.