Amid reports of “differences” within the family of industrialist Venu Srinivasan — chairman emeritus of TVS Motor Company and TVS Holdings — over ownership and division of business assets, his wife, Mallika Srinivasan, and daughter, Lakshmi Venu, have said that no economic settlement has been reached to settle those said differences.
In a joint statement issued on Monday, Mallika Srinivasan and Lakshmi Venu said the dispute concerned the fair recognition of economic ownership rather than the allocation of management positions, and argued that the absence of a transparent process and an agreement among the family members meant that the division of their economic interests remained unresolved. “No economic settlement has been reached within the Venu Srinivasan family. Because they hoped to resolve the differences through discussions within the family, mallika Srinivasan and Lakshmi Venu said recent media coverage of the family dispute had created inaccurate and misleading impressions, adding that they had previously avoided discussing private family matters in public.
A joint statement from the two women said the 2020 division of the larger TVS family business did not itself constitute an economic settlement within the Venu Srinivasan family, and that portraying the current arrangements as a fair division of assets was misleading. The larger TVS family partition, agreed in 2020 and implemented subsequently, was undertaken through a process involving the relevant stakeholders,” Lakshmi Venu and Mallika Srinivasan said in the statement.
The disagreement reportedly became more pronounced in April last year, when TVS Holdings disclosed that Sudarshan Venu, Venu Srinivasan’s son and chairman and managing director of TVS Motor Company, had been named a significant beneficial owner.
