Ratan Tata, who passed away on October 9 at 86 years of age, appointed lawyer Darius Khambata and long-time associate Mehli Mistry as executors of his will, alongside his half-sisters, Shireen and Deanna Jejeebhoy. Following his death, his half-brother Noel Tata took over as chairman of Tata Trusts.
At the time of his passing, Ratan Tata held a 0.83% stake in Tata Sons and had an estimated net worth of Rs 7,900 crore, according to the Hurun India Rich List 2024. He was committed to donating a significant portion of his wealth to charitable causes.
Approximately 75% of his wealth was tied to his shares in Tata Sons. Beyond these holdings, he invested in various companies, including Ola, Paytm, FirstCry, BlueStone, and Urban Company, although he had exited some investments over time. Ratan Tata owned a residence in Colaba, Mumbai, as well as a holiday home in Alibaug.
Executors of Ratan Tata's Will
Mehli Mistry, a close confidant of Ratan Tata, serves as a trustee for both the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which together hold around 52% of Tata Sons. The overall market value of Tata Sons' holdings in listed companies is estimated at Rs 16.71 trillion.
Ratan Tata's half-sisters, Shireen and Deanna Jejeebhoy, are daughters of Soonoo Tata from her second marriage to Sir Jamsetjee Jejeebhoy. Both sisters have been actively involved in philanthropic efforts; Deanna previously served as a trustee on the board of the Ratan Tata Trust during the 1990s and early 2000s. Ratan Tata shared a close bond with his younger siblings.
Darius Khambata played a crucial role in assisting Ratan Tata with drafting his will. After resigning from the trusts in 2016 due to professional commitments, he returned last year as a trustee.
Role of Will Executors
The executors are tasked with fulfilling Ratan Tata's final wishes while adhering to applicable laws. They have the authority to manage any unallocated assets unless specified otherwise in the will. If no specific instructions are given, assets are divided according to personal law.
Ratan Tata’s personal investment vehicle, RNT Associates Pvt Ltd, held investments worth Rs 186 crore as of FY23. This figure reflects their original acquisition cost and may have appreciated since then. Mistry and Ratan Tata were the only two board members of RNT Associates.
Mehli Mistry is also known for being a steadfast supporter of Ratan Tata during controversies surrounding Cyrus Mistry’s removal as chairman of Tata Sons. In recent years, he 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 and holds directorships in several companies under the M Pallonji Group, which operates across various sectors including
paints, logistics, and life insurance.
The passing of Ratan Tata has initiated discussions about succession within the Tata Trusts, which are among India's largest public charitable foundations and hold significant stakes in the $165 billion Tata Group. With no designated successor named by Ratan Tata, trustees will need to elect a new chairman from within their ranks.
