Tata Trusts, Tata Sons board unaware of N Chandrasekaran family’s TVS link

Chandra told son not to do any business with Tata Group companies, had updated companies about the venture… it's the son’s private venture, says Tata official.

3 min readMumbaiUpdated: Sep 24, 2026 06:56 AM IST

The tie-up has followed the September 17, 2026 board meeting of Tata Sons where Srinivasan supported the decision to reappoint Chandrasekaran for another five years (PTI Photo)

Tata Trusts and Tata Sons board were kept in the dark about the business arrangement between the family of Tata Sons Chairman N Chandrasekaran and TVS Motor Company where Venu Srinivasan — also a director of the Tata Sons — is Chairman Emeritus, and part of the promoter family, according to a Tata Trusts spokesperson.

Tata Trusts has decided to “act appropriately” after “evaluating the nature of their institutional response” to this development.

The tie-up has followed the September 17, 2026 board meeting of Tata Sons where Srinivasan supported the decision to reappoint Chandrasekaran for another five years despite opposition from Trusts Chairman Noel Tata. This has raised the issue of conflict of interest in some quarters.

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“The Tata Trusts can confirm that no disclosures were made to the Trustees with regard to Hanno One Warehousing/Hanno Infra and TVS Motor by Srinivasan,” said a Tata Trusts spokesperson.

Tata Trusts indicated that Tata Sons board was also not informed about the decision.

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“We are given to understand that no such disclosures were made to the board of Tata Sons either but since the Trusts do not have independent access to proceedings of the board, apart from their Nominee Directors having access to board papers, we cannot definitively comment on this,” Tata Trusts said.

“If the allegations are proven to be true, the Trusts will evaluate the nature of their institutional response to these and act appropriately. We have nothing further to add at this stage,” it said.

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However, a top-level source in the Tata Group, who is close to Chandrasekaran, said it was a private venture by his (Chandrasekaran) son who returned from the US. “It has nothing to do with the Tata group. In fact, Chandrasekaran had told his son not to do any business with Tata group companies,” he said.

“Trustees of Tata Trusts are not required to disclose their business arrangements to Tata Trusts. In fact, Chandrasekaran had disclosed this matter to various Tata Group companies,” the Tata group source said, indicating that Srinivasan was not required to inform the Tata Trusts about his businesses.

Also Read | The rise of Noel Tata: How he emerged as power centre in Tata Group

In March 2025, Hanno One Warehousing Pvt Ltd was incorporated with the Tata Sons Chairman Chandrasekaran’s wife Lalitha Chandrasekaran and his son, Pranav Chandrasekaran, as its directors. The company entered into a land-lease arrangement with TVS Motor within months of its incorporation.

In June 2025, Hanno One took on lease approximately 17 acres of land belonging to TVS Motor at Uddanapalli village in Krishnagiri district of Tamil Nadu. The land was earmarked for the development of a large warehousing facility. The cost of construction and development stood at around Rs 106.3 crore.

George Mathew

George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More

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