Ratan Tata, who passed away on October 9 at the age of 86, appointed four individuals to execute his will. His trusted lawyer, Darius Khambata, long-time associate Mehli Mistry, and his half-sisters, Shireen and Deanna Jejeebhoy, were chosen to carry out his final wishes.

After Tata’s passing, his half-brother, Noel Tata, took over as the chairman of Tata Trusts. At the time of his death, Ratan Tata held a 0.83% stake in Tata Sons and had a net worth of Rs 7,900 crore. He was well-known for dedicating much of his wealth to charitable causes, with nearly 75% of his wealth linked to his shares in Tata Sons. Apart from these holdings, he had invested in several companies, including Ola, Paytm, FirstCry, BlueStone, and Urban Company. While he exited some of these investments over time, he owned properties in Colaba, Mumbai, and a holiday home in Alibaug.

The Executors of Ratan Tata’s Will
Mehli Mistry, a close confidante of Ratan Tata, serves as a trustee on the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which collectively hold around 52% of Tata Sons. Tata Trusts as a whole own 66% of the company. Ratan Tata’s half-sisters, Shireen and Deanna Jejeebhoy, are also involved in philanthropy, with Deanna having served as a trustee on the Ratan Tata Trust board in the 1990s and early 2000s.

Darius Khambata, another key executor, is believed to have assisted in drafting Tata’s will. Khambata rejoined the Tata Trusts last year after stepping down in 2016 due to other professional responsibilities.

As executors, Khambata, Mistry, and the Jejeebhoys are responsible for ensuring that Ratan Tata’s final wishes are fulfilled according to the law.

The Role of Executors in Asset Management
Executors are typically responsible for managing unallocated assets, with the freedom to handle them unless specific instructions are provided in the will. If no instructions are outlined, the assets are divided according to the personal law of the deceased.

Ratan Tata’s personal investment company, RNT Associates Pvt Ltd, held assets valued at Rs 186 crore as of FY23, though their current value may have appreciated. Mehli Mistry and Ratan Tata were the only two board members of RNT Associates. Mistry, a cousin of the late Cyrus Mistry, stood by Ratan Tata during the controversy surrounding Cyrus Mistry’s removal as chairman of Tata Sons.

Mistry remains actively involved with the Tata Trusts and holds directorships in various companies under the M Pallonji Group, which operates in sectors such as logistics, paints, shipping, and life insurance. Additionally, he is on the boards of Breach Candy Hospital, the Advanced Veterinary Care Foundation, and the Tata Indian Institute of Social Skills.

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