Ratan Tata news: According to the Hurun India Rich List 2024, published in August, the late Ratan Tata held a 0.83 per cent stake in Tata Sons, with an estimated net worth of Rs 7,900 crore.
Ratan Tata news: Ratan Tata, the man with a golden heart, passed away on October 9, at Mumbai’s Breach Candy Hospital. Born on December 28, 1937, Ratan Tata was the Chairman of Ratan Tata Trust and Dorabji Tata Trust, two of the largest private-sector-promoted philanthropic trusts in India. He was the Chairman of Tata Sons, the holding company of the Tata Group, from 1991 until his retirement in 2012. Then he was appointed Chairman Emeritus of Tata Sons. The 86-year-old man was honoured with the country’s second-highest civilian award, the Padma Vibhushan, in 2008.
Tata Trusts, in an official statement, has already confirmed the appointment of Noel Naval Tata as its new chairman after the demise of Ratan Tata, who served as esteemed chairman of Tata Group for decades and Chairman of the trust.
Big update on Ratan Tata Rs 7900 crore property, these people to….
According to The Economics Times report, the famous industrialist, Ratan Tata, who passed away at the age of 86, entrusted the execution of his will to lawyer Darius Khambata, his longtime friend Mehli Mistry, and his half-sisters, Shireen and Deanna Jejeebhoy.
Ratan Tata’s close associate, Mehli Mistry, served as a trustee on the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. According to reports, these two trusts together hold approximately 52 percent of Tata Sons, the holding company of the Tata Group. In total, the Tata Trusts collectively hold a 66 percent stake in Tata Sons.
Mehli Mistry, a close associate of Ratan Tata, played a key role in caring for him in his later years, especially when his health began to decline. A first cousin of the late Cyrus Mistry, Mehli also supported Ratan Tata during the turbulent period following the removal of Tata Sons’ chairman.
According to the Hurun India Rich List 2024, published in August, the late Ratan Tata held a 0.83 per cent stake in Tata Sons, with an estimated net worth of Rs 7,900 crore. The market value of Tata Sons’ stake in the group’s listed entities is about Rs 16.71 lakh crore. Throughout his life, Ratan Tata ensured that a significant portion of his wealth went to charitable causes, although the details of his will have remained private.
Ratan Tata’s half-sisters, Shireen and Deanna Jejeebhoy, were the daughters of his mother Soonoo from her second marriage to Sir Jamsetjee Jejeebhoy. According to the report, Ratan Tata was very close to both his sisters, who have been active in philanthropy. Deanna Jejeebhoy served as a trustee on the board of the Ratan Tata Trust in the 1990s and early 2000s.
Lawyer Darius Khambata, who had quit the Tata Trusts in 2016, returned as a trustee in 2022. He has clarified that he did not draft Ratan Tata’s will, nor was he involved in advising on its contents, and saw it for the first time after Tata’s passing.
Ashish Kumar Singh, a partner at Capstone Legal, explained that the executor of a will must carry out the deceased’s last wishes in accordance with applicable laws. Until the will is executed, executors are responsible for maintaining the deceased person’s assets as they would have done. If assets are not specifically mentioned in the will, they are usually divided according to the personal laws of the deceased.
Ashish Kumar Singh, a partner at Capstone Legal was quoted as saying to The Economics Times, “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.” He said, “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.”
Advocate Darius Khambata stated, “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.”
Ratan Tata’s personal investment vehicle, RNT Associates Pvt. Ltd, held Rs 186 crore in investments until FY23. This figure represents the acquisition cost, which could have increased in market value. RNT Associates had only two members: Ratan Tata and Mehli Mistry.
Mehli Mistry also serves on the boards of the largest Tata Trusts and various organizations such as Breach Candy Hospital, the Tata Indian Institute of Social Skills, and the Advanced Veterinary Care Foundation.