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The recent unsealing of Ratan Tata's will has sent ripples through India's business circles, primarily due to the unexpected inclusion of Mohini Mohan Dutta as a significant beneficiary. Dutta, a 74-year-old Jamshedpur-based entrepreneur and former Tata Group employee, is entitled to one-third of Tata's residual estate, a portion estimated to include over Rs 350 crore in bank deposits and proceeds from the sale of personal assets like paintings and timepieces. This substantial bequest has raised eyebrows, particularly considering Tata's known commitment to philanthropy and the fact that the majority of his assets, including company shares, were bequeathed to his charitable foundations. The remaining two-thirds of the estate will go to Tata's half-sisters, Shireen and Deanna Jejeebhoy, who are also executors of the will. However, the allocation to Dutta isn't without its complexities and disputes.
The core of the controversy stems from Dutta's claim. While acknowledging his one-third share as stipulated in the will, Dutta anticipates a bequest worth approximately Rs 650 crore – a figure significantly higher than current estimates based on the incomplete valuation of the estate. This discrepancy has caused concern amongst Tata stakeholders, prompting questions about the basis of Dutta's higher valuation. The will is currently awaiting probate in the Bombay High Court, and the final determination of the estate's value and Dutta's share remains pending judicial review. The precise nature of Dutta's relationship with Ratan Tata, which has been described as a close bond spanning decades, is also under scrutiny. Reports suggest a close, almost familial connection, with Dutta himself referring to Tata as an adopted father at Tata's funeral. However, official documents confirm that Tata never formally adopted anyone.
Dutta's professional journey, intertwined with the Tata Group, adds another layer to the narrative. His career began with the Taj Group, followed by the establishment of Stallion Travel Agency, which later merged with a Taj Group division. This venture eventually came under the umbrella of Tata Capital before being sold to Thomas Cook (India). Even now, Dutta maintains a directorial position at TC Travel Services (formerly the acquired business). He also holds investments in several Tata Group enterprises, including shares in the upcoming Tata Capital public listing. These long-standing ties and business dealings provide context to the close relationship between Dutta and Ratan Tata. However, the substantial inheritance, especially when compared to the bequests to other family members, is generating considerable debate. The will mentions Tata's half-brother, Jimmy Tata, receiving property worth Rs 50 crore, but other family members, including Noel Tata and his children, are not explicitly mentioned. This exclusion further fuels the discussion surrounding Dutta's comparatively large inheritance.
The fact that Tata's half-sisters, who are the executors along with Tata Trusts trustees Darius Khambata and Mehli Mistry, intend to donate their shares to charity further underscores the philanthropic nature of Tata's legacy. This commitment to charitable causes forms a stark contrast to the significant personal inheritance claimed by Dutta, leading to speculation and questions about the rationale behind the bequest. The situation highlights the complexities of managing a substantial estate and the potential for disputes even when the will's provisions appear clear. The outcome of the probate process in the Bombay High Court will likely offer clarity on the exact value of the estate and the final settlement received by Dutta, bringing a resolution to the ongoing discussions surrounding this unexpected inheritance. The case also raises broader questions about the balance between personal bequests and charitable giving in the wills of high-profile individuals with significant wealth and influence. The scrutiny of Dutta’s inheritance serves as a case study in the delicate interplay between personal relationships, business dealings, and the legal complexities surrounding the distribution of vast fortunes.