Tata boards to study report on executive's disclosures on family co
TATA
MUMBAI: The boards of Tata Trusts and
Tata Sons
will convene on Wednesday and Thursday to evaluate, among other things, a report acknowledging disclosure lapses by Tata Sons company secretary Suprakash Mukhopadhyay about his involvement and association with a wealth management firm owned by his family.
The report, authorised by Tata Sons chairman
N Chandrasekaran
, follows concerns raised about Mukhopadhyay's connection to Divinion Advisory Services, potentially creating conflicts of interest with his role in the Tata system.
Tata Trusts' executive trustee Mehli Mistry told TOI, "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."
Prepared by three Tata Sons executives, the report has concluded that Mukhopadhyay's actions "do not appear to be an intentional breach of the Tata code of conduct". It, however, said Mukhopadhyay failed to inform Tata Sons about his role in facilitating or seeking investments for Divinion from former Tata employees and external parties associated with Tata Sons.
The code of conduct states that conflicts of interest arise when employees secure improper benefits for themselves or family members.
Non-disclosure of such conflicts, once discovered by management, could result in disciplinary actions. Listed companies face penalties from Sebi for disclosure failures.
Some Tata executives confirmed investing in Divinion after being approached by Mukhopadhyay's daughter through her father, without knowing his connection to the firm.
The report was shared with all Tata Sons board members. Though this is an internal Tata Sons matter, Tata Trusts as the largest stakeholder, has the heft to weigh in.
It is unclear if all directors have accepted the verdict of "no intentional breach".
Mistry said that neither Mukhopadhyay nor his family sought investments in Divinion from him. "I, my family members or group companies have no investments in Divinion." Other trustees and Tata Sons board members remained silent about their investment status in the fund.
Divinion, established in Dec 2020, manages assets worth more than Rs 90 crore.
It is owned equally by Mukhopadhyay's wife and two daughters. The firm's management team and board members include former Tata Group employees and affiliated professionals. CA T P Ostwal, whose firm has had a long association with Tata entities, is a director of Divinion. His firm audited Divinion in FY21 and Tata Sons in FY23 and FY24. KBJ & Associates, Divinion's auditor for FY22-FY24, worked with some TCS subsidiaries in FY24.
Mukhopadhyay began at Tata in 1988. He retired in Nov 2024 and is now on extension. In FY24, he earned about Rs 10.4 crore. His family's Divinion Foundation Trust received Rs 10 lakh and Rs 20 lakh in CSR grants from Tata Investment Corporation in FY24 and FY25. Mukhopadhyay is a director at the company.
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