TVS Motor Company Chairman Emeritus Venu Srinivasan has said the division of his assets was carried out fairly and transparently, amid a simmering family feud over the distribution of assets and control of businesses.
In a statement, Srinivasan said the bifurcation was undertaken “openly, transparently, with the knowledge of and after careful consultation with my family”.
Under a memorandum of understanding (MoU) signed in 2024, his son Sudarshan Venu was designated to lead the flagship TVS Motor Company and TVS Holdings. His daughter Lakshmi Venu is associated with Sundaram-Clayton Ltd (SCL), while Mallika Srinivasan heads Tractors and Farm Equipment Ltd (TAFE), part of the Amalgamations Group.
The statement came after Mallika Srinivasan and her daughter Lakshmi Venu said on Monday that “no economic settlement has reached within the family”. Mallika also emphasised that the Amalgamations Group is separate from the TVS Group and alleged that her daughter had not received her due benefits in the 2024 asset bifurcation.
Responding to the claims, Srinivasan said the businesses and assets belonged to him and that he had the liberty to deal with them as he deemed fit, keeping in mind the interests of his family members and the businesses.
“It is with this intent that I carried out a separation between Lakshmi and Sudarshan,” he said.
Explaining the division, Srinivasan said Lakshmi was entrusted with taking forward and growing the SCL business, while Sudarshan was given the responsibility of expanding the motor business.
“The separation was always about ownership and control,” he said, adding that both children “were given a fair share on which they were and are free to build”.
Several formalities were completed between 2014 and 2024 to divide Srinivasan’s assets, culminating in a final MoU signed by the family on March 20, 2024.
Srinivasan said the process was conducted transparently and after consultation with family members. It was “accepted, implemented, and concluded after taking into account their views and interests”, he said.
The mother-daughter duo, meanwhile, called for an early, fair and amicable resolution in the interests of the family, its businesses and all stakeholders.
“We remain committed to resolving these matters through constructive dialogue, with dignity, grace and equity,” their statement said.