In a recent ruling from the Bombay High Court, Justice Manish Pitale clarified the distribution of 'listed' and 'unlisted' shares belonging to the late industrialist Ratan Tata. These shares were not explicitly allocated in Tata's original Will. The court determined that these shares will be equally divided between the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust.These shares were not explicitly allocated in Tata's original Will.

The decision came after the passing away of a globally well-known industrialist and businessman, who passed away on 09th October 2024. He had executed a Will dated 23rd February 2022, and thereafter, he executed four Codicils dated 06th April 2022, 30th September 2022, 24th March 2023 and 22nd December 2023.

The court examined Clause A of paragraph 13 of the Will, which stipulates that the remaining assets of Tata’s estate should be divided equally between the specified charitable entities referenced in paragraph 5, along with the beneficiaries detailed in paragraph 8 of his Will.

Furthermore, the bench observed that if paragraph 13 of the fourth Codicil is considered in relation to the shares in question, it would permit the distribution of these shares to the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust. He emphasized that the overall intention of Tata was to direct a substantial part of his estate towards charitable purposes, thus influencing the proceedings' outcome.

The court noted that the existing provisions of the Will had not been explicitly altered or disregarded, leading to confusion regarding the outcomes for the listed and unlisted shares that were not fully addressed within the Will.

The executors raised concerns as to who would inherit these shares, given that Tata had not included them in bequests to any of his designated beneficiaries during his lifetime.

In his ruling, Justice Pitale clarified that the fourth Codicil only addresses the shares not otherwise specified in the original Will. He articulated that while the Codicils modify the original Will, they do not apply to other previously designated bequests.

The decision from the bench resolved the questioned distributions in line with the late Ratan Tata’s expressed wishes, prioritizing the equitable allocation of his estate among the identified charitable foundations.

Senior Advocate Aspi Chinoy along with Advocates Karl Tamboly, Anuj Desai, JN Mistry and Vijaya D Rao instructed by Mulla & Mulla & Craigie Blunt & Caroe appeared for the executors of the will.

Advocates Aditya Mehta, Rohan Dakshini and Shweta Jaydev instructed by Rashmikant and Partners represented Jamsheed Mehli Ponch, another executor.

Advocate Jai Munim instructed by Bachubhai Munim & Co. represented the Ratan Tata Endowment Foundation.

Senior Advocate PJ Pardiwalla along with Advocate Atul Jasnani appeared for Mohini M Dutta.

Case Title: Shireen Jamsetjee Jejeebhoy vs Jamsheed Mehli Poncha (Originating Summon (Lodging) 11394 of 2025)