Why Is Mohini Mohan Dutta Suddenly in the Spotlight? Ratan Tata’s Mysterious Heir
Interest in Mohini Mohan Dutta, a 74 year old businesswoman from Jamshedpur who is expected to receive a sizable share of the industrialist’s remaining assets has increased since the recent disclosure of Ratan Tata’s will.
A third of Tata’s remaining wealth including bank accounts above Rs 350 crore (40 Million Dollars) and the proceeds from the sale of personal property like watches and paintings will go to Dutta under the terms of the will.
Tata’s half-sisters, Shireen and Deanna Jejeebhoy who are also the will’s executors will receive the remaining two-thirds. Tata’s two charity organisations now own the majority of his assets including his stock in both Tata and non-Tata businesses.
When Dutta and Ratan Tata first met at the Dealer’s Hostel in Jamshedpur in the early 1960s, their relationship began. Tata was just starting his career at the Tata Group and was 24 years old at the time. The two became good friends and Dutta attributes his career path in large part to Tata.
Dutta once said that “We first met in Jamshedpur at the Dealer’s Hostel when Ratan Tata was 24. He helped me out and really built me up.”
Prior to starting Stallion Travel Agency, Dutta’s career started with the Taj Group. When Stallion Travel and Taj Services, a part of the Taj Group amalgamated in 2013, Dutta owned 80% of the company and Tata Industries owned the remaining 20%.
Later, Tata Capital purchased the company which was then sold to Thomas Cook (India). Dutta is currently a director of TC Travel Services in addition to his investments in other Tata Group companies including shares in the soon to be listed Tata Capital,
Sources suggest that there may be disagreements about how to divide the estate even with the will’s explicit provisions. Although Dutta admits to having a one third ownership, he has indicated that he might get up to Rs650 crore, a sum that has alarmed Tata stockholders. The Bombay High Court is anticipated to supervise the probate procedure and the estate’s ultimate valuation has not yet been established.
It’s interesting to note that Noel Tata and his kids among other Tata family members are not listed in the will. However, Jimmy Tata, Tata’s brother has been left property valued at ₹50 crore.
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