- Mallika Srinivasan and Dr Lakshmi Venu address inaccuracies in TVS family feud coverage
- The 2020 TVS family partition was done with all relevant parties consulted, they say
- No agreement exists on dividing economic interests within the Venu Srinivasan family, the duo say
The statement from Mallika Srinivasan and Dr Lakshmi Venu follows recent media coverage about the family feud, which they believe contains inaccuracies and misleading impressions. Mallika Srinivasan and Dr Lakshmi Venu say that up until now they have avoided discussing private family matters publicly. They had hoped to resolve the dispute through dialogue within the family.
However, they say the current public narrative makes it necessary for them to clarify some of the facts. They explain that the larger TVS family partition, finalised in 2020, was carried out after consulting with all the relevant parties. They add that there is no similar process for valuation, discussion and agreement regarding the division of assets within the Venu Srinivasan family.
Therefore, no agreement has been reached to divide the family's economic interests. They state that the idea that all of the family's assets belong solely to one person who can then decide how they will be used by other family members has never been agreed to or accepted as a principle. Mallika Srinivasan and Dr Lakshmi Venu also note that managing businesses should not be confused with owning them.
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They say that managing businesses and holding leadership positions do not represent a division of family assets. These actions cannot replace the legitimate economic interests of individual family members. Mallika Srinivasan also stated separately that any reference to Tractors and Farm Equipment Ltd (TAFE) in relation to the Venu Srinivasan family's economic interests is incorrect. TAFE is a part of the Amalgamations Group, another family-run business group in which Mallika Srinivasan is a shareholder. TAFE has no relevance to the economic settlement of the Venu Srinivasan family.
Mallika Srinivasan adds that referring to her long-term involvement with TAFE as evidence of an equal division of economic interests is "fundamentally misleading". Mallika Srinivasan and Dr Lakshmi Venu stated that arrangements made by one party alone cannot be considered fair or consensual. For an arrangement to be fair, it must consider the legitimate economic interests of each party involved. It must also be based on a transparent valuation process, discussion and agreement. At the heart of this dispute is "the fair recognition of legitimate economic ownership", according to Mallika Srinivasan and Dr Lakshmi Venu.
This issue remains unresolved and is not related to management positions. This statement comes after media reports of disagreements among members of the TVS family regarding a memorandum of understanding signed in March 2024. The MoU deals with brand use and non-compete clauses in the succession plan for the TVS Group. Under the succession plan, Sudarshan Venu was expected to assume leadership of TVS Holdings and TVS Motor Company, while Lakshmi Venu was expected to eventually take over from Mallika Srinivasan as head of TAFE.
Mallika Srinivasan and Dr Lakshmi Venu emphasised that reaching an early, fair and amicable resolution would benefit the family, its businesses and all stakeholders. They reiterated their commitment to resolving this matter through collaborative dialogue, with dignity, grace and fairness.
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