Tata Sons Exec's Kin Own firm once listed as a group enterprise

Copyright © HT Digital Streams Limit all rights reserved. Companies Tata Sons, the most important holding of the Tata Group, owns shares in 26 listed companies. (Reuters) Summary Tata Sons are owned 65.9% by Tata Trusts, 12.87% with half a dozen Tata group companies, and 18.4% by the Mistrry family. In 2022, a Tata group enterprise owned a business owned by the family members of a Tata Sons executive and managed by retired group managers as a group firm, before removing the reference a year later. Divinion Advisory Services Pvt. Ltd. was founded in 2022 by the daughter of Suprakash Mukhopadhyay, Tata Sons’ group secretary and a close assistance to chairman Natarajan Chandrasekaran. In 2022, Tata Pension Management Ltd Divinion listed as one of 473 ‘Tata Group and Bonsor’ businesses. Tata pension management is supported by Tata Asset Management Ltd, where Mukhopadhyay is a director. If contacted, Tata pension management said the disclosure was made by accident. “Divinion Advisory Services is not part of the TATA group and not sponsored by the Tata Pension Fund. Divinion Advisory Services appears under a disclosure of the Tata Pension Fund, dated 2022, which is wrong, and we will correct the list at the earliest,” said Kurian Jose, CEO of Tata Fund. The subsequent revelations of Tata Pension in 2023 and 2024 do not mention Divinion, but only mention Mukhopadhyay in his role as secretary of the company. A former Tata Group CEO said Mukhopadhyay, 61, contacted him to join or invest in Divinion. “Mukho (Mukhopadhyay) reached out to me a few months ago and asked how I should look to join the Divinion or invest in Divinion because they promise to give me some X yields,” a former Tata executive said on condition of anonymity. “I told him that I did not give money to the country’s best fund managers, and that I did not agree to put my money.” Tata Sons says none of the group businesses have business transactions with Divinion. Read also | N. Chandrase Caran changed Tata Capital. Now the company is preparing for an IPO “We want to make it clear that there was no business relationship between any of the Tata group businesses and the Divinion advisory services,” a spokeswoman for Tata Sons said. “In addition, Tata Pension Management Ltd or any other TATA business is not a sponsor of Divinion Advisory Services.” In 2022, the spokesman did not comment on Tata Pension Management that Divinion listed as part of the Tata group. The spokesman did not comment or Mukhopadhyay announced to the Tata Boys Council that his family members owned a wealth management company, and whether his help of former Tata group workers was a battle of the Tata code of behavior. According to the Tata Code of Conduct, a conflict of interest is for an employee of the TATA group, when an employee “is able to obtain an improper benefit, in person or for any family member or for any person in a close personal relationship by making or influencing decisions regarding any transaction.” However, a Tata CEO, on condition of anonymity, said Mukhopadhyay made all revelations, without explaining whether he was looking for approval from the Tata Sons Council. Read it | Can Flash ‘Neu’ live in the SuperApp dreams of the Tata group? According to Divinion’s submission to the Ministry of Corporate Affairs, Mukhopadhyay’s daughter Sheemoyee and Mother Paromita owned 50% each of the company when it was founded. In FY24, Shreineandini, the youngest daughter of Suprakash, joined as a shareholder. Paromita, Sheemoyee and Shreenandini owned 100% of the Divinion at the end of March 2024. Sheemoyee resigned as CEO in June 2023 and in March 2024. According to the latest share ownership information, Paromita, jointly with her daughters, owned 33.34%, while each of the Substers, jointly owned with the other sister. Divinion appointed Hormuz Bulsara, former chief operating officer of Tata Asset Management as CEO in August 2023. S. Maingam, former CFO of Tata Consultancy Services Ltd, joined his board in August 2022, and is one of his three directors. Adil Burjor Busha, a former director at Tata Pension Management, was appointed CFO in October last year. Inquiries by e -mail to Mukhopadhyay and Shemoyee became unanswered. Tata Sons, the main holding company of the TATA group, owns shares in 26 listed companies, including Tata Motors Ltd, Tata Steel Ltd and Tata Consultancy Services Ltd, and cumulatively had more than $ 165 billion in revenue at the end of 2024. 18.4% by the Mistribility. “Good principles of corporate governance require the undivided attention of KMPs (key management staff) to their businesses and any external involvement, whether directly or indirectly, approved by the council,” says V. Balakrishnan, a former Infosys Ltd CFO and founder of Exfinity Ventures, a vendor fund. “It has to do with the full dedication of KMP to the employer and the protection of the brand due to involvement in non -approved activities.” Read also | Tata Motors is considering new ICE models as EV adoption delayed, competition strengthened in 2021, Divinion Advisory Services set up Divinion Alternative India Fund, a Sebi-registered alternative Indian fund. This fund invests in stocks. Divinion revenue jumped from £ 40.9 lakh in 2023 to £ 1.94 crore in 2024. It reported a net profit of £ 43.72 Lakh last year compared to a loss of £ 1,630 in 2023. Mukhopadhyay joined the Tata group in 1988 before moving to Tata Sons in 2000. Chandrase caran took over as COO. After TCS was sent as CEO between 2009 and February 2017, Chandrasekaran was entrusted as chairman of Tata Sons. The first CEO of Chandrase Caran selected from the Tata group was Mukhopadhyay, who joined Tata Sons in April 2017. And read | Tata Motors says it is confident to maintain EV leadership. Can it? Catch all the corporate news and updates on live currency. Download the Mint News app to get daily market updates and live business news. More Topics #Tata Group Mint Special