MUMBAI: Mohini Mohan Dutta , a confidant of Ratan Tata and an erstwhile director at the Taj hotels group , has consented to the terms of the late industrialist’s will, which left him one-third of Tata’s residual estate valued at around Rs 588 crore.
His consent expedites the process for the will’s executors to obtain a probate from the Bombay High Court . Dutta, 77, was the only one among the two dozen beneficiaries of Tata’s Rs 3,900-crore estate who questioned the value of his bequest.
The remaining two-thirds of Tata’s residual estate (excluding shares and immovable properties) will go to his half-sisters, Shireen Jejeebhoy, 72, and Deanna Jejeebhoy, 70, who are also the executors of the will.
Though Dutta initially disagreed with the executors, he was unable to challenge the will due to a no-contest clause in it. Any beneficiary who disputes the will stands to lose all rights. When contacted, Dutta declined to comment.
The executors filed a petition to probate the will on March 27. The court recently directed them to issue a public notice and invite objections from non-consenting legal heirs. The executors also filed originating summons on April 9 to move the process forward (see graphic).
Dutta is the only non-Tata family member to be bequeathed such a large share of the estate. He wanted to inspect some precious articles left to him, like a Ganesh idol, but was denied access to Tata’s Halekai residence in Colaba, said a source. Tata’s assets are under the supervision of the executors, the source added.
Once the court probates Tata’s will, Dutta will not have to pay any estate tax as the receipt of a bequest is not taxable in India.
Dutta and Tata had a relationship that extended over six decades. They first met at the Dealers Hostel in Jamshedpur when Dutta was 13 and Tata was 25, according to the former. Subsequently, Dutta relocated to Mumbai, residing at Tata’s Bakhtawar residence in Colaba. Dutta acknowledged that Tata “really built me up”.
Dutta began his career at Taj’s travel desk. He then founded Stallion Travel Services in 1986 with funding from Tata Industries. Stallion’s memorandum of association, reviewed by TOI, showed Dutta’s residential address as Bakhtawar. During that period, Tata companies were directed to utilise Stallion for their travel arrangements.
In 2006, Stallion was merged with a Taj subsidiary and Dutta became a director of the merged entity, Inditravel. He was one of Taj’s top earning executives. In 2015, the travel services business was transferred to Tata Capital, which then sold it to Thomas Cook India in 2017. Dutta retained his board position until 2019, when the business was merged into Thomas Cook.
His consent expedites the process for the will’s executors to obtain a probate from the Bombay High Court . Dutta, 77, was the only one among the two dozen beneficiaries of Tata’s Rs 3,900-crore estate who questioned the value of his bequest.
The remaining two-thirds of Tata’s residual estate (excluding shares and immovable properties) will go to his half-sisters, Shireen Jejeebhoy, 72, and Deanna Jejeebhoy, 70, who are also the executors of the will.
Though Dutta initially disagreed with the executors, he was unable to challenge the will due to a no-contest clause in it. Any beneficiary who disputes the will stands to lose all rights. When contacted, Dutta declined to comment.
The executors filed a petition to probate the will on March 27. The court recently directed them to issue a public notice and invite objections from non-consenting legal heirs. The executors also filed originating summons on April 9 to move the process forward (see graphic).
Dutta is the only non-Tata family member to be bequeathed such a large share of the estate. He wanted to inspect some precious articles left to him, like a Ganesh idol, but was denied access to Tata’s Halekai residence in Colaba, said a source. Tata’s assets are under the supervision of the executors, the source added.
Once the court probates Tata’s will, Dutta will not have to pay any estate tax as the receipt of a bequest is not taxable in India.
Dutta and Tata had a relationship that extended over six decades. They first met at the Dealers Hostel in Jamshedpur when Dutta was 13 and Tata was 25, according to the former. Subsequently, Dutta relocated to Mumbai, residing at Tata’s Bakhtawar residence in Colaba. Dutta acknowledged that Tata “really built me up”.
Dutta began his career at Taj’s travel desk. He then founded Stallion Travel Services in 1986 with funding from Tata Industries. Stallion’s memorandum of association, reviewed by TOI, showed Dutta’s residential address as Bakhtawar. During that period, Tata companies were directed to utilise Stallion for their travel arrangements.
In 2006, Stallion was merged with a Taj subsidiary and Dutta became a director of the merged entity, Inditravel. He was one of Taj’s top earning executives. In 2015, the travel services business was transferred to Tata Capital, which then sold it to Thomas Cook India in 2017. Dutta retained his board position until 2019, when the business was merged into Thomas Cook.
You may also like
Israeli police arrest three Palestinians working without permits
Watch: Army shows debris of Pakistani missiles downed by India's air defence systems
"Pakistan's credibility is very low, its delegation will have no impact on international platforms": Defence expert
6 hospitalised after e-rickshaw charging sparks fire in Delhi's Shahdra building
Alia Bhatt shares a glimpse from her 'pool boot camp'
