Following the death of Ratan Tata on October 9 at the age of 86, key details regarding the execution of his will have surfaced. According to individuals familiar with the matter, Tata, one of India’s most influential business leaders, named lawyer Darius Khambata, his close friend Mehli Mistry, and his half-sisters Shireen and Deanna Jejeebhoy as executors of his will.
These four individuals will now be responsible for carrying out Ratan Tata’s final wishes, including managing his vast wealth and extensive philanthropic commitments.
Ratan Tata’s Trusted Confidante
Mehli Mistry, one of the executors of Tata’s will, was a long-time confidante and close associate of Ratan Tata. He has been a trustee on the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, two of the Tata Group’s most prominent charitable organizations. These two trusts together hold about 52% of Tata Sons, the conglomerate’s holding company, while the broader Tata Trusts hold a 66% stake in the entity.
Mistry’s relationship with Ratan Tata went beyond business; he was personally involved in supporting Tata during his later years, especially when Tata’s health had declined. A cousin of the late Cyrus Mistry, Mehli Mistry’s unwavering loyalty to Ratan Tata became particularly evident during the corporate tussle over Cyrus Mistry’s removal as Tata Sons chairman.
In October 2022, Mistry was inducted into the boards of the two largest Tata Trusts, further cementing his role in the Tata legacy.
Legal Expertise Behind Tata’s Will
Another key figure named as an executor is Darius Khambata, a well-respected lawyer and advocate who played a critical role in drafting Ratan Tata’s will. Khambata had previously served as a trustee for the Tata Trusts but stepped down in 2016 due to professional commitments. However, he rejoined the trusts in 2023, resuming his duties as a trustee.
Khambata’s inclusion as one of the executors emphasizes Tata’s trust in his legal expertise and long-standing association with the Tata family. As an executor, Khambata will ensure that the execution of Tata’s will adheres to the applicable legal requirements, ensuring all assets and responsibilities are managed properly.
Half-Sisters Shireen and Deanna Jejeebhoy
Shireen and Deanna Jejeebhoy, Ratan Tata’s half-sisters, were also named as executors of his will. The two sisters are the daughters of Tata’s mother, Sooni, from her second marriage to Sir Jamsetjee Jejeebhoy. Both sisters have been actively involved in philanthropy over the years, continuing the family’s commitment to social causes.
Deanna, in particular, has been a key figure in the family’s charitable efforts, having served as a trustee of the Sir Ratan Tata Trust in the 1990s and early 2000s. Despite their relatively low public profiles, both Shireen and Deanna have maintained a close relationship with their brother, Ratan Tata, and will now play a pivotal role in managing his estate.
Ratan Tata’s Philanthropic Legacy
Ratan Tata’s fortune, estimated at Rs 7,900 crore according to the Hurun India Rich List 2024, is largely tied to his stake in Tata Sons, of which he held 0.83%. However, Tata was always committed to ensuring that a significant portion of his wealth would go toward charitable causes and societal welfare.
Nearly three-fourths of Tata’s wealth is tied to his holdings in Tata Sons, and he was a staunch advocate of giving back to society. His philanthropic ethos was closely aligned with the values of the Tata Group, which has long been known for its commitment to corporate social responsibility.
In addition to his involvement in the Tata Group, Ratan Tata had investments in nearly two dozen companies, including popular brands like Ola, Paytm, FirstCry, and Urban Company. These investments, made through his personal investment vehicle, RNT Associates Pvt Ltd, amounted to Rs 186 crore by FY23, although their market value is believed to have risen substantially since their initial acquisition.
Private Details of Tata’s Will
While the exact details of Ratan Tata’s will remain private, it is clear that his focus on philanthropy and social welfare will play a major role in the distribution of his estate. The executors of his will—Mistry, Khambata, and the Jejeebhoy sisters—will be tasked with fulfilling Tata’s final wishes in accordance with both his personal desires and legal obligations.
Legal expert Ashish Kumar Singh explained the role of an executor, stating, “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 were alive.”
Singh added that the executor is typically entrusted with the discretion to dispose of any assets not specifically mentioned in the will, but this must be done in accordance with the personal law applicable to the deceased.
Ratan Tata’s Relationship with Mehli Mistry
Mehli Mistry’s relationship with Ratan Tata was not only professional but deeply personal. In addition to serving on the boards of Tata charities, Mistry was one of the few people trusted by Tata in his later years. He often provided care and support to Tata during periods of ill health, showcasing a bond that transcended mere business dealings.
Mistry has also been involved in various sectors outside of the Tata Group, holding key roles in the M Pallonji Group, which is engaged in industries such as paints, logistics, and life insurance. In addition, he serves on the boards of Breach Candy Hospital, the Advanced Veterinary Care Foundation, and the Tata Indian Institute of Social Skills.
