Latest news with #Mukhopadhyay
Time of India
5 days ago
- Business
- Time of India
Tata Sons' top official gets clean chit for link with Rs 90-crore family firm
The Tata Sons board has cleared company secretary Suprakash Mukhopadhyay of any violation of the Tata code of conduct . This decision was taken on Thursday after the board reviewed an internal report on his involvement with Divinion , a financial services firm owned by his family. Sources familiar with the matter told The Times of India that the directors looked at the report in detail and accepted its findings. The report said that while Mukhopadhyay did not make the necessary disclosures to the right authority within Tata Sons, he had not intentionally broken the rules. Mukhopadhyay had come under scrutiny for either helping or trying to raise money from current and former Tata employees, as well as other people connected to Tata Sons. Tata Sons Chairman N Chandrasekaran had ordered the internal investigation after concerns were raised about a possible conflict of interest between Mukhopadhyay's connection to Divinion Advisory Services and his duties within the group. 'The board extensively discussed the report and ultimately gave Mukhopadhyay a clean chit,' sources told ToI. As per the Tata code of conduct, a conflict of interest happens when an employee gains unfair benefits for themselves or family members. If such a situation is not disclosed and later found out by management, it can result in disciplinary action. In the case of listed companies, the Securities and Exchange Board of India (Sebi) can also impose penalties for failing to disclose such matters. Some Tata executives told those writing the report that they had invested in Divinion after being approached by Mukhopadhyay's daughter through her father, ToI had reported. They said they were not aware of his link to the firm. The full report was shared with all Tata Sons board members. Live Events On Wednesday, the Tata Trusts board — which is the parent organisation of Tata Sons — had also discussed the report. It suggested that its nominated directors should take actions that are correct and fair. Divinion was set up in December 2020 and manages assets worth more than Rs 90 crore. The company is owned equally by Mukhopadhyay's wife and two daughters, each holding a 33.3% share. Divinion sponsors the Divinion Alternative India Fund (DAIF), which has launched a scheme named Divinion Dynamic Fund. The team running Divinion includes people who have worked in the Tata Group in the past or have long-standing links with it. Former TCS CFO S Mahalingam is one of Divinion's directors. Its CEO is Hormuz Bulsara, who used to be COO at Tata Asset Management. Chartered accountant T P Ostwal, whose firm has worked with Tata entities for years, is also on Divinion's board. His firm audited Divinion in FY21, and Tata Sons in FY23 and FY24. Another firm, KBJ & Associates, which audited Divinion for FY22 to FY24, also worked with some TCS subsidiaries in FY24. The Tata Sons board also reviewed the company's Q4 FY25 financial results at the same meeting. Economic Times WhatsApp channel )
Time of India
5 days ago
- Business
- Time of India
Tata Sons board gives senior executive clean chit over link with family co
MUMBAI: The board has exonerated company secretary Suprakash Mukhopadhyay of any breach of the Tata code of conduct. This comes after the board, on Thursday, reviewed an internal investigation report regarding his involvement and connection with Divinion, a financial services company owned by his family. Tired of too many ads? go ad free now The directors reviewed and accepted the report, which concluded Mukhopadhyay did not intentionally violate the code of conduct despite failing to make necessary disclosures to the appropriate authority within Tata Sons, sources familiar with the matter said. Mukhopadhyay faced scrutiny for facilitating or seeking investments from present and past Tata employees, and external parties associated with Tata Sons. , chairman of Tata Sons, had commissioned the report after concerns were raised about potential conflict of interest between Mukhopadhyay's connection to Divinion Advisory Services and his role within the group. "The board extensively discussed the report and ultimately gave Mukhopadhyay a clean chit," sources said. On Wednesday, the board of Tata Trusts, the parent of Tata Sons, also deliberated on the report and recommended that its nominated directors act in accordance with what is right. Divinion, established in Dec 2020, manages assets worth more than Rs 90 crore. Mukhopadhyay's wife and two daughters own 33.3% each in Divinion, which sponsors the Divinion Alternative India Fund. DAIF had launched a scheme called Divinion Dynamic Fund. The financial services firm's management team and board members include former employees and affiliated professionals. Former TCS CFO S Mahalingam serves as a director of Divinion, while former Tata Asset Management COO Hormuz Bulsara is the CEO. CA T P Ostwal, whose firm has had a long association with Tata entities, also sits on Divinion's board. 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. The Tata Sons board also reviewed the company's Q4 FY25 financial results, among other matters.
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Business Standard
6 days ago
- Business
- Business Standard
Tata Sons board accepts internal panel report on company secretary
Tata Sons Ltd.'s board today reviewed and accepted the findings of a three-member internal panel, which concluded that Company Secretary Suprakash Mukhopadhyay did not wilfully breach the group's code of conduct, nor did he seek personal gain at the company's expense, according to people familiar with the matter. Mukhopadhyay came under scrutiny for allegedly encouraging a former colleague to join or invest in Divinion Advisory, a wealth management firm linked to his wife and daughter. The firm includes several former Tata employees and is associated with professionals such as chartered accountant T. P. Ostwal, whose firm has previously worked with Tata Sons. Divinion's auditors have also served subsidiaries of Tata Consultancy Services. As per media reports, Mukhopadhyay had approached a few Tata officials to invest in the company. Following these allegations, Tata Sons constituted a committee to investigate the matter. The panel concluded that Mukhopadhyay, a Tata group veteran, did breach the Tata group's Code of Conduct, but that the violation was neither intentional nor aimed at making personal gains at the company's expense. Mukhopadhyay, who retired in November 2024, continues to serve on an extension. The report was discussed in detail at the board meeting today, and the panel's findings were accepted. The board also reviewed Tata Sons' financial results for the year ended March 2025, according to people familiar with the matter. Additionally, it was briefed on the upcoming initial public offering (IPO) of Tata Capital Ltd., its financial services subsidiary, which is scheduled for later this year. The meeting also covered Tata Sons' investment in the rights issue of Tata Projects Ltd., and included performance updates on key group companies, including Air India, Tata Digital, and other unlisted units.
Time of India
7 days ago
- Business
- Time of India
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. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 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 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 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 trustees and Tata Sons board members did not comment on whether they had invested in the 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 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 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)
Time of India
28-05-2025
- Business
- Time of India
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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
