In a significant development concerning the estate of the late industrialist Ratan Tata, Mohini Mohan Dutta, a long-time confidant and former director at the Taj Hotels group, has formally consented to the terms of Tata’s will. Dutta is set to inherit one-third of Tata’s residual estate, valued at approximately ₹588 crore.
A Lifelong Association
Dutta’s association with Ratan Tata spans over six decades, beginning when Dutta was 13 and Tata was 25. Mohini Mohan Dutta and Ratan Tata relationship evolved from mentorship to close friendship, with Dutta eventually residing at Tata’s Bakhtawar residence in Colaba, Mumbai. Mohini Mohan Dutta started his career at the Taj’s travel desk and later founded Stallion Travel Services in 1986 with funding from Tata Industries.
Estate Distribution Details
Ratan Tata’s will designates the remaining two-thirds of his residual estate to his half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, who also serve as the executors of the will. The estate is valued at ₹3,900 crore, excluding shares and real estate. The Bombay High Court’s probate procedure is accelerated by Mohini Mohan Dutta’s approval.
Initial Disagreements and Legal Proceedings
Initially, Dutta questioned the valuation of his bequest and sought to inspect certain items, including a Ganesh idol, but was denied access to Tata’s Halekai residence. However, a no-contest clause in the will prevented him from legally challenging its terms. The executors filed a petition to probate the will on March 27, and the court has directed them to issue a public notice inviting objections from non-consenting legal heirs.
Tax Implications
Under current Indian law, bequests received through a will are not subject to estate tax. As a result, Dutta will not be forced to pay inheritance taxes during the probate of the will.
Dutta’s agreement to the will demonstrates how close he is to Ratan Tata on personal and professional levels. This breakthrough is a critical step in carrying out Tata’s final intentions as the probate procedure progresses.
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