Disclosure shock: Tata reviews top officer's link to ₹90 crore family wealth firm
Tata Trusts and Tata Sons are reviewing a report on disclosure lapses by company secretary Suprakash Mukhopadhyay regarding his family's wealth management firm, Divinion Advisory Services. The report, initiated by chairman N Chandrasekaran, found no intentional breach of conduct but noted disclosure failures related to Divinion's investments from Tata-linked individuals.
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The boards of Tata Trusts and Tata Sons will meet on Wednesday and Thursday to assess a report that acknowledges disclosure lapses by Tata Sons company secretary Suprakash Mukhopadhyay . The lapses are related to his association with Divinion Advisory Services , a wealth management firm owned by his family.The report was authorised by Tata Sons Chairman N Chandrasekaran after concerns were raised about whether Mukhopadhyay's link to Divinion could cause a conflict of interest with his responsibilities in the Tata group.Mehli Mistry, executive trustee at Tata Trusts, told The Times of India, 'I have complete faith and confidence in Chandra, the chairman of Tata Sons, to respond and handle such matters appropriately, as he deems fit and proper.'Three Tata Sons executives prepared the report. It found that Mukhopadhyay's actions "do not appear to be an intentional breach of the Tata code of conduct". But the report did say that he failed to disclose his role in helping Divinion seek or receive investments from former Tata employees and external parties connected with Tata Sons.According to Tata's code of conduct, conflicts of interest arise when an employee gains improper benefits for themselves or family members. If such a conflict is not disclosed and is later discovered by management, it may lead to disciplinary action. For listed companies, the Securities and Exchange Board of India (Sebi) can impose penalties for disclosure lapses.Some Tata executives told the report's authors that they had invested in Divinion after being approached by Mukhopadhyay's daughter through her father, without being aware of his link to the firm. The report was shared with all board members of Tata Sons.Although the matter remains internal to Tata Sons, the board of Tata Trusts is expected to be involved, given it is the largest shareholder in Tata Sons. It is unclear whether all board members have accepted the report's view that there was no deliberate breach of conduct.Mistry said that neither Mukhopadhyay nor his family had approached him for investments in Divinion. 'I, my family members or group companies have no investments in Divinion,' he added.Other trustees and Tata Sons board members did not comment on whether they had invested in the fund.Divinion was set up in December 2020 and now manages over ₹90 crore in assets. It is jointly owned by Mukhopadhyay's wife and two daughters. The company's management and board include several former Tata Group employees and related professionals.Chartered accountant T P Ostwal, who has had long-standing professional links with Tata firms, is a director of Divinion. His firm audited Divinion in FY21 and also audited Tata Sons in FY23 and FY24. Divinion's current auditor, KBJ & Associates, audited some TCS subsidiaries in FY24.Mukhopadhyay joined Tata in 1988 and retired in November 2024. He continues in his role on an extension and earned about ₹10.4 crore in FY24. The Divinion Foundation Trust, which is run by his family, received ₹10 lakh and ₹20 lakh in corporate social responsibility grants from Tata Investment Corporation in FY24 and FY25. Mukhopadhyay is a director at the company.(With TOI inputs)
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