MUMBAI: A potential dispute appears to be simmering over division of the Ratan Tata estate, with sources saying that one of the inheritors, Mohini Mohan Dutta, a former Tata group employee who shared a close bond with the late industrialist, now indicating that he expects a sizeable settlement. His demand is apparently at odds with estimates arrived at by the executors of Tata’s will.
As per Ratan Tata’s will, Dutta, 74, shall receive one-third of his residual estate, comprising bank deposits exceeding Rs 350 crore and proceeds from auctioning personal belongings such as paintings and watches. Ratan Tata’s half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy will receive the remaining two-thirds of the residual estate. The sisters also serve as executors of his will following his passing in October 2024. The industrialist’s primary assets, including shares in Tata and non-Tata firms, have been bequeathed to his two foundations.
Sources indicated that while Dutta has signalled his acceptance of one-third share of the residual estate, he expects his bequest to be worth about Rs 650 crore, which has raised eyebrows among certain Tata stakeholders. Formal valuation of Tata’s estate remains pending, but Dutta’s share is unlikely to be as high as Rs 650 crore, said sources. The will is yet to be probated in Bombay High Court. When TOI contacted Dutta, he declined to discuss his beneficiary status or related issues.
Tata stakeholders are concerned that while Ratan Tata’s family members like half-brother Noel Tata and his children do not find a mention in the will, brother Jimmy Tata shall receive a share of his property worth Rs 50 crore. Besides the half-sisters, Tata Trusts trustees Darius Khambata and Mehli Mistry are also executors of Ratan Tata’s will.
Dutta’s initial encounter with Ratan Tata occurred in Jamshedpur, fostering a strong connection. This association led to Ratan Tata backing his career and other business interests.
“We first met in Jamshedpur at the Dealers’ Hostel when Ratan Tata was 24. He helped me out and really built me up,” Dutta shared with journalists at Ratan Tata’s October 2024 funeral, noting their 60-year association.
Dutta started his career with Taj and later Tata Industries invested in Dutta’s entrepreneurial venture, Stallion Travel Agency. This agency was later merged with Taj’s travel division. Tata Capital subsequently acquired and sold the business to Thomas Cook (India). Now operating as TC Travel Services, Dutta continues as a director. He also received shares of Tata Group companies, including the IPO-bound Tata Capital.
Dutta positioned himself as the industrialist’s adopted son, according to old Tata guards. However, the will and codicil clarified that Ratan Tata never married nor adopted any children.
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