No contest clause, Rs 3,900 worth estate, Tata Sons shares: All you need to know about Ratan Tata's will

Ratan Tata, the global business icon who passed away last year entrusted, lawyer Darius Khambata, his close friend Mehli Mistry, as well as both his half-sisters, Shireen and Deanna Jejeebhoy, with the responsibility to execute his will.

As per a report by The Times of India, Tata's will mentions a 'no contest clause', which means whoever challenges the will, will lose the inheritance.

"I hereby direct that whosoever, contests or challenges this last will of mine in any manner, shall forego all the rights or benefits under my will and shall not get any legacy that I may have bequeathed to that person and he or she shall have no right whatsoever over any part of my estate," the will stated, as reported by the publication.

Recently, the executers or Tata's will filed a petition in Bombay High Court to probate it. The total assets' value is said to be around Rs 3,900 crore.

Former confidant Mohini Dutta, and his foundations Ratan Tata Endowment Trust and Ratan Tata Endowment Foundation, have also been listed in the will.

The Tata Sons stake will be given to Ratan Tata Endowment Trust and Ratan Tata Endowment Foundation, with 70 per cent going to the latter.

As per a previous report by TOI, Dutta is entitled to one-third of the residual estate, which includes over Rs 350 crore in bank deposits and proceeds from selling personal items like paintings and timepieces.

The remaining two-thirds will go to Ratan Tata’s half-sisters, Shireen and Deanna Jejeebhoy, who are also the will's executors.

As per the report now, Dutta has been at odds with the will executers over the value he has been given.

A lawyer stated that Dutta can "file originating summons with the court to interpret tatas will. However, as mentioned earlier, the will has a no contest clause in it, due to which Dutta can only seek "legal interpretation".

The lawyer further said that doing so, Dutta will not have to forgo any share, as this will not be considered as challenging the validity in the will.

"Challenging a will, that is questioning its validity, is different from seeking its interpretation, with the former triggering forfeiture," the lawyer noted as reported by TOI.

Additionally, Jimmy Tata has filed a NOC. He will be getting shares in the family property in Juhu which amounts Rs 16 crore, and the jewellry too.

Dutta's two half-sisters will also inherit one third of the estate, also including Rs 385 crore worth of bank deposits.

"If any of the three chooses to take over any of my other assets like car, painting, etc, its value to be determined by three values and taken out of public auction, and such value will be part of each one's one third share respectively," the will stated, as reported by the publication.

Apart from this, Tata's 11 cars, 65 watches, 21 timepieces and 52 pens are said be of worth Rs 12 crores. Tata's friend Mehli Mistry will be inheriting his property in Alibaug which is worth Rs 6.16 crore.