The execution of Ratan Tata's will has taken an unexpected turn. The transfer of 3,368 Tata Sons shares mentioned in Ratan Tata's will have hit a roadblock
after a fresh dispute over the ownership of 833 shares has emerged. Reportedly a complaint challenging the ownership of 833 shares, transferred from the Navajbai Ratan Tata Trust to Naval Tata in 1989, has led to an investigation by the Maharashtra charity commissioner. Until this probe concludes, the executors of Ratan Tata's will won't be able to transfer the shares to the Ratan Tata Endowment Foundation and Ratan Tata Endowment Trust. However, Tata Trust has maintained that the transfer of 833 Tata Sons shares in 1989 was lawful, properly documented and approved by the Tata Sons board. Executor Mehli Mistry has also reportedly stated the wishes of Ratan Tata's will be carried out in accordance with the law and that he was unaware of any illegality. The situation has left the four executors of Ratan Tata’s will, his half-sisters Shireen and Deanna Jejeebhoy, lawyer Darius Khambata and long-time confidant Mehli Mistry unable to proceed with the transfer of 3,368 Tata Sons shares to the Ratan Tata Endowment Foundation (RTEF) and the Ratan Tata Endowment Trust (RTET) till this probe on the ownership of 833 shares is resolved. However, the disputed shares are only one part of Ratan Tata’s estimated Rs 10,000 crore estate. Most other parts of the estate, including personal assets and investments, are not part of this dispute, such as fixed deposits, artworks, watches and properties. The transfer of the Tata Sons shares remain on hold at the moment, awaiting the regulator’s final decision and this has not only added fresh uncertainty to the transfer of shares that were in fact intended for philanthropic foundations but also to one of India’s most closely watched inheritance plans.
