1 day Ago By Moneycontrol
Industrialist Ratan Tata, who passed away in October 2024, has left a legacy of generosity and philanthropy, ensuring that his estate benefits not only charitable causes but also his close associates, staff, and even his pets. According to his will dated February 23, 2022, the bulk of his wealth, including Rs 3,800 crore worth of shares in Tata Sons, was allocated to the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust for philanthropic purposes. However, he also made significant provisions for his long-time staff, family members, friends, and even his beloved pets.
Tata bequeathed nearly Rs 3.5 crore to his household staff and office employees. He waived off personal loans given to his staff and even a neighbour and directed his executors to distribute Rs 15 lakh to domestic servants who had been with him for over seven years, in proportion to their years of service.
Additionally, Rs 1 lakh was allocated to part-time helpers and car cleaners. Several staff members received individual bequests, including: Rajan Shaw (Cook) – Just over Rs 1 crore, including a loan waiver of Rs 51 lakh Subbaiah Konar (Butler) – Rs 66 lakh, including a loan waiver of Rs 36 lakh Delnaz Gilder (Secretary) – Rs 10 lakh Raju Leon (Driver) – Rs 1.5 lakh, along with a Rs 18-lakh loan waiver Hoshi D Malesara (Tata Trusts Consultant) – Rs 5 lakh Devendar Katamollu (Alibaug Bungalow Caretaker) – Rs 2 lakh Deepti Divakaran (Personal Assistant) – Rs 1.
5 lakh Gopal Singh (Peon) – Rs 50,000 Pandurang Gurav (Peon) – Rs 50,000 Sarfaraz Deshmukh (Helper) – Rs 2-lakh loan waiver Tata explicitly directed in his will: "I direct my executors that they shall not take any steps to recover the loans (from Shaw, Konar, and Raju Leon) and the same shall not be considered as owing to my estate. I direct that the amount of the loan shall be considered a bequest from me to the concerned servants/drivers." In addition to waiving off loans to his staff, Tata forgave a Rs 1 crore loan extended to his executive assistant, Shantanu Naidu, for his MBA studies at Cornell University.
He also waived off a Rs 23.7-lakh loan given to his neighbour, Jake Malite, for his MBA at Warwick Business School, UK. Malite, who currently resides in Switzerland, was formerly associated with American aerospace manufacturer Pratt & Whitney, as per a LinkedIn post from the previous year.
A well-known animal lover, Tata ensured that his German shepherd, Tito, would be taken care of. His will allocated Rs 12 lakh for the dog’s care, with Rs 30,000 to be disbursed quarterly. Tito will remain under the care of cook Rajan Shaw, who also received a substantial inheritance.
Tata also instructed that all his clothing be donated to NGOs for distribution to the underprivileged. Known for his refined taste in fashion, Tata’s wardrobe included brands like Daks, Polo, Brooks Brothers, Brioni suits, and Hermes ties. While a large portion of Tata’s estate went to philanthropy, he did not forget his family and friends.
One-third of his residual estate, excluding shares and immovable properties, was bequeathed to former Taj employee Mohini Dutta. His half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, will each receive one-third of his residual estate. His close friend, Mehli Mistry, was left his Alibaug bungalow, as well as three guns, including a .
25-bore pistol. Tata noted that Mistry was "instrumental in making this property possible" and hoped it would bring back pleasant memories. His Seychelles land worth Rs 85 lakh was bequeathed to RNT Associates, a Singapore-registered fund, whose shareholders include former Tata Trusts managing trustee R Venkatraman and former Tata Technologies CEO Patrick McGoldrick.
Tata’s will contained a strict "no-contest" clause, ensuring that any beneficiary who challenges the will forfeits all rights and benefits. "He or she shall have no right whatsoever over any part of my estate," the will stated, as reported by The Times of India. The will is being executed by: Shireen Jejeebhoy (Half-sister) Deanna Jejeebhoy (Half-sister) Mehli Mistry (Close friend) Darius Khambata (Tata Trusts trustee) Each executor will receive Rs 5 lakh as appreciation for their efforts in executing the will.
His personal collection of 65 luxury watches, featuring brands like Bvlgari, Patek Philippe, Tissot, and Audemars Piguet, was also included in the bequests..
