Ratan Tata, a role model for all the industrialists, left this world last year. His generosity toward employees, friends, and servants always became an example. His generosity has once again been proved through his bequest, as his will doesn’t forget servants, friends, pets, and philanthropy. Let’s explore the distribution of his bequest.
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Ratan Tata’s Will: Millennial Shantanu Naidu Secures Spot.
Ratan Tata’s will, dated February 23, 2022, highlights a remarkable distribution of his wealth worth ₹3,800 crore among philanthropy, associates, family, and servants. His legacy of generosity has once again been refreshed, lasting beyond his life.
Shantanu Naidu, an executive assistant and friend of Ratan Tata, gets a place in the bequest. Their friendship had become an example, erasing the age differences. Ratan Tata was 86 years old and Shantanu Naidu 30 years young, but they had a friendship like two young.
As per reports, Ratan Tata, in his bequest, waived off a ₹1 crore loan to his executive assistant Shantanu Naidu, extended to him for his MBA at Cornell University.
German Shepherd Finds Special Mention.
As Ratan Tata was an animal lover, he gave his pet Tito a special mention in his bequest. Mr. Ratan Tata allocated ₹12 lakh for the German Shepherd Tito. Every quarter, ₹30,000 will be spent. Reportedly, Ratan Tata’s pet, Tito, will remain under the observation of his cook, Rajan Shaw.
Ratan Tata’s Will: Philanthropy on the Top.
When words like Charity, Donation, and Philanthropy come, simultaneously, Mr. Ranan Tata also pops up. His charity, donation, and philanthropy habits last beyond his life. In his will, Ratan Tata has allocated a significant portion of his wealth for philanthropic purposes.
Reportedly, Ratan Tata has assets worth around ₹3,900 crore, including the largest asset, 3,368 shares in Tata Sons, which are valued at ₹1,684 crore. The Tata Sons Share will go to his two foundations, around 70% to the Ratan Tata Endowment Foundation (ETEF) and the rest to the Ratan Tata Endowment Trust (RTET).
Apart from Tata Sons, Rata had shares in TCS (₹826 crore), Tata Motors (₹101 crore), Tata Technologies (₹64 crore), and Tata Capital (₹36 crore), and in Non-Tata Companies like Urbanclap, Mapmygenome, and Alcoa Corporation. According to an Economic Times report, all these shares are equally bequeathed to RTEF and RTET.
₹800 Crore Distribution among Half Sisters, and..
Ratan Tata’s Financial properties, including bank FDs, financial instruments, watches, and paintings, are valued at ₹800 crore. Out of these properties, one-third is allocated to each half-sisters, Shireen Jejeebhoy, and Deanna Jejeebhoy.
The rest one-third is bequeathed to Mohini M. Dutta, a former Tata Group employee who was close to him. “If any of the three chooses to take over any of my other assets like car, painting, etc., its value to 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 respectively, “Reads the Will.
Friend Mehli Mistri Also Leverages The Bequest.
Times of India reported, Mehli Mistri, a fast friend of Ratan, has been bequeathed his Alibaug Property, that worth ₹6.16 crore, and his three guns. Ratan Tata collection worth ₹12 crore, includes 11 cars, 65 watches, 21 timepieces, and 52 pens. This collection will be distributed among beneficiaries.
Other Distribution.
According to Ratan Tata’s will, Tata’s half-brother Jimmy will inherit Tata’s share in the family property in Juhu, Mumbai, which is valued at around ₹16 crore, along with his jewellery. He reports not having any objection regarding his brother’s will.
RNT Associate Pte, a Singapore-registered fund, inherits Ratan Tata’s ₹85 lakh Seychelles Land. As per ToI, In the Ratan Tata’s will, executors are directed to distribute ₹15 lakh to domestic servants who were with for over seven years, and ₹1 lakh to part-time helpers and car cleaners.
His all the suits and clothing of various brands such as Dark, Polo, Brooks Brothers, Brioni Suits, Hermes Ties will be donated to NGOs to distribute them to needies.
Ratan Tata’s Will: A Clear-Cut Warning.
ToI reports, Ratan Tata’s will has a clear disclaimer for certain things to be followed. It contains a no-contest clause and restricts the sale of Tata Sons’ shares. The bequest warns, if anyone contests or challenges the will, they will lose all the rights of inheritance.
“I hereby direct that whosoever, contests or challenges this last will of mine in any manner, shall forego all the rights or benefits under my will and shall not get any legacy that I may have bequeathed to that person and he or she shall have no right whatsoever over any part of my estate, “the will reads, which was signed on Febraury 23, 2022.
Other Key Details Regarding Rata Tata’s Will.
According Economic Times report, April 18, 1996, was the first time when Ratan Tata made his first will, after five years becoming chairman of the Tata group. This will was amended in November 2009, and altemately “Last will” was signed on February 23, 2022, with a 4 subsequent amendment. Two witnesses Tata’s CA Dilip Thakkar, and Physician Porus Kapadia signed the will.
Reportedly, Ratan Tata’s will will be executed by his two-half sisters, Mistry, and Tata Trusts trustee Darius Khambata. Each of them have been bequeathed ₹5 lakh for their efforts in executing the will.
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