Business · Companies · 2 hrs ago
TVS family members file eight caveats amid ownership dispute
Four members of the Srinivasan family filed eight caveats in two courts in Chennai as an ownership dispute over TVS Group businesses continues.
Venu Srinivasan and his son Sudarshan are on one side, while his wife Mallika and daughter Lakshmi are on the other.
The caveats require courts to hear a party before ruling on a petition brought by the opposing side.
A 2024 family agreement gave Venu and Sudarshan control of TVS Holdings, while Venu and Lakshmi control Sundaram-Clayton.
Mallika disputes that the agreement settled ownership, saying it dealt with business management, non-compete terms and use of the TVS brand.
She says no economic settlement has been reached and both children’s interests should be recognized fairly.
The family says it wants an amicable resolution, but the court filings show the ownership dispute remains active.
Four members of the TVS family filed a total of eight caveats in two Chennai courts amid a dispute over ownership of the group’s businesses.
The filings were made by TVS Motor chairman-emeritus Venu Srinivasan, his wife Mallika Srinivasan, and their children Sudarshan and Lakshmi.
The caveats require a court to hear the party who filed one before making an order on a petition by the opposing party.
Venu and Sudarshan are on one side of the dispute, while Mallika and Lakshmi are on the other.
Mallika and Lakshmi have said they want an amicable resolution through transparent discussions and dialogue.
- Who
- Venu Srinivasan, Mallika Srinivasan, Sudarshan Venu and Lakshmi Venu.
- What
- The four family members filed a total of eight caveats in two Chennai courts amid an ownership dispute.
- When
- The first filings were made on 12 October; Lakshmi filed another caveat the next day.
- Where
- Two courts in Chennai, including the City Civil Court and the Commercial Court.
- Why
- The filings ensure a party is heard before a court makes an order on a petition by the opposing party, amid a dispute over ownership of TVS Group businesses.
Venu Srinivasan and Sudarshan Venu
Mallika Srinivasan and Lakshmi Venu
Meaning of the 2024 agreement
Venu Srinivasan and Sudarshan Venu
The agreement gave Venu and Sudarshan control of TVS Holdings, the main holding company of TVS Motor, and control of other businesses.
Mallika Srinivasan and Lakshmi Venu
Mallika says the agreement concerned business management, non-compete clauses and brand use, and did not divide ownership among the children.
Settlement
Venu Srinivasan and Sudarshan Venu
Not stated.
Mallika Srinivasan and Lakshmi Venu
Mallika says no economic settlement has taken place in the family and both children’s legitimate economic interests should be recognized fairly and equitably.
The wider TVS business was divided between Venu Srinivasan and his cousins.
Venu Srinivasan and family members signed another family agreement covering control of businesses.
Mint reported that Mallika and Lakshmi were seeking a fair settlement over TVS Group assets.
Venu and Mallika filed caveats, and all four family members filed caveats in the Commercial Court.
Lakshmi filed a caveat in the City Civil Court; Mallika told Mint that no economic settlement had taken place in the family.
- Caveats
- Eight filed in two Chennai courts
- Family members
- Venu Srinivasan, Mallika Srinivasan, Sudarshan Venu and Lakshmi Venu
- First filing date
- 12 October
- Next filing date
- 13 October
- TVS Group age
- 115 years
What people are saying
No economic settlement has taken place within the Venu Srinivasan family
I do believe that the legitimate economic interests of both children must be recognized fairly and equitably
As stated earlier in their joint statement, Dr Lakshmi Venu and Mallika Srinivasan reiterate their desire for an amicable resolution through transparent discussions and dialogue
Every effort is being made to resolve this amicably. But both sides need to be open to settling