Editor’s Note
The passing of Ratan Tata in 2024 revealed the profound depth of a legacy defined not by wealth, but by humility and humanity. His final will, allocating the majority of his personal fortune to charity, stands as a powerful testament to a life lived for others. This article reflects on the values that made him an icon far beyond the boardroom.
Ratan Tata is a name not confined to the world of business but one that also rules the hearts of people. The former Chairman of the Tata Group built numerous business empires during his lifetime, but his life’s simplicity and human values set him apart. Following his passing in October 2024, his Last Will and Testament once again proved that he was not just an industrialist but a true human being.
Ratan Tata changed his will twice during his lifetime—first in 1996 and again in 2009. However, in his final will written on February 23, 2022, he took care of not only his family but also the needy in society.
Ratan Tata made it clear in his will that the shares of Tata Sons Private Limited held by him would never be sold or transferred. These shares will remain under a Section 8 company named the “Ratan Tata Foundation,” and the income from them will be spent only on social service activities.
According to his will, the income from these shares will be used for the following purposes:
– Education of poor and orphaned children
– Assisting needy students through scholarships
– Supporting old age homes and orphanages
– Financial aid for people battling serious illnesses
– Donations for the care of stray dogs and other animals on the streets
How sensitive Ratan Tata was towards his employees is clearly reflected in his will. He also made special arrangements for drivers, domestic servants, part-time cleaners, and other staff.
According to his will:
– Debts of three domestic servants were forgiven.
– Servants who worked for more than seven years will receive up to ₹15 lakhs.
– Drivers and other employees will receive up to ₹2 lakhs, with each individual eligible for a maximum of ₹50,000.
– The housekeeper and her family will receive ₹40 lakhs, another housekeeper will receive ₹20 lakhs, and his driver will receive ₹1.50 lakhs.
– The housekeeper at his bungalow in Alibaug will also receive ₹2 lakhs.
Ratan Tata not only took care of his current employees but also left ₹50,000 each for two peons who were no longer in his employment.
Ratan Tata was always sensitive towards animals. His will also made special provisions for pets.
– If any pet was alive at the time of his death, ₹12 lakhs were set aside for its care.
– Each pet would receive ₹30,000 per quarter.
– If the animals passed away, the remaining funds would be donated to charity.
According to Ratan Tata’s will:
– One-third of his share assets will be given to his three sisters—Shirin Jejeebhoy, Diana Jejeebhoy, and Mohini Datta.
– If any sister had passed away before his death, her assets would go to her children.
– His collection of jewelry and silverware will be given to his brother Jimmy Naval Tata and his sisters.
– A quarter share of the Juhu bungalow was given to his brother Jimmy Naval Tata.
– The Alibaug bungalow was entrusted to his close friend Mehli Mistry, because Mehli played a key role in purchasing this property.
– All his household items (TV, AC, computer, crystal pieces) will be sold, and the proceeds will be divided among his sisters.
– Books will either be given to his sisters or donated to a library.
– Cars, paintings, and other artworks will be sold in the market, and the earnings will be given to charity.
– Clothes will be given to an NGO for distribution among the poor.
– His watches, pens, cufflinks, and mobile phone will be given to the names recorded in his will.
Ratan Tata possessed three licensed weapons:
– Colt 25 Bore Pistol
– 12 Bore DBBL Gun
– 22 Pistol Hi Standard