The TVS family dispute has intensified with Mallika Srinivasan questioning the valuation of TVS Emerald, the group's real estate business, which was sold to Vee Ess Trading Private Limited for ₹485.85 crore in December 2024. According to Moneycontrol, Mallika believes she was not fully informed about the business's economic potential and has questioned whether the transaction adequately reflected its fair value. However, TVS Holdings has described the transaction as being conducted at arm's length, supported by a valuation report, with auditors examining relevant documents and approvals. The business's growth potential has brought the transaction under scrutiny, with Mallika and Lakshmi maintaining that arrangements involving trademarks, brand usage and non-compete obligations should not be mistaken for a settlement of economic ownership.
According to PTI citing TVS Holdings' annual report, the family and promoter group holds a 74.45% stake in TVS Holdings. Of this, Venu Srinivasan holds 66.55% through VS Trust. TVS Holdings, in turn, holds a 56% stake in TVS Motor Company. As reported by ET, TVS Motor had a market capitalisation of approximately ₹1.83 lakh crore as of October 8, 2026, compared with around ₹24,000 crore for Sundaram-Clayton. These figures explain the importance of the holding company's ownership arrangements, though they do not represent Sudarshan Venu's individual direct shareholding in TVS Motor.
TVS Credit Services, operating within TVS Motor's corporate structure, has become another contentious issue as of March 2026, with TVS Motor holding approximately 80.76% of the lender on a fully diluted basis. Mallika and Lakshmi are understood to believe that the value of unlisted businesses and their future growth prospects must be considered when determining an equitable distribution of family wealth. According to Moneycontrol, Mallika has initiated a private valuation exercise to assess the underlying worth of the businesses, though no mutually agreed valuation or economic settlement has been concluded. In a joint statement, Mallika and Lakshmi emphasized that "No agreement dividing these economic interests has been concluded" and argued that arrangements involving trademarks, brand usage and non-compete obligations should not be mistaken for a settlement of economic ownership.
The current dispute emerges from a complex restructuring process that began in 2021 when the vast TVS group was split among various family members. According to recent analysis, Sundaram Clayton Ltd and TVS Motor Ltd accrued to Venu Srinivasan's family due to their higher valuations, with Venu Srinivasan taking a ₹1,600 crore loan through VS Investments P Ltd to compensate other family members. The restructuring culminated in August 2023 with a ₹2,346.92 crore cash infusion from Sundaram Clayton to help fund loan repayments. Notably, Lakshmi Venu exited TVS Holdings in August 2023, and the MoU dated March 20-21, 2024 specified business boundaries but may have inadvertently signaled her exclusion from TVS Motor interests. The exclusion of other family members from key holdings has become a central issue in the current dispute, with questions raised about whether the daughter missed reading the writing on the wall regarding her diminishing stake in the group.
