The TVS family feud has reached Chennai courts with both sides filing mutual caveats amid an ongoing wealth dispute over TVS Motor assets. According to CNBC TV18, Venu Srinivasan, Mallika Srinivasan, and their children have filed 8 caveats - 4 each in the City Civil Court and Commercial Court in Chennai on October 12 and 13. The filings split the family into competing legal camps, with caveats filed by Venu Srinivasan and Sudarshan Venu naming Lakshmi Venu, while those filed by Mallika Srinivasan and Lakshmi Venu name Venu Srinivasan. A caveat is a defensive filing under Section 148A of the Code of Civil Procedure, valid for 90 days, and requires the court to hear that party before passing any order on an application against it.
Lakshmi Venu and Mallika Srinivasan, the two key figures in the ongoing TVS family dispute, have issued a joint statement seeking to resolve their differences through dialogue and transparent discussions. According to reports from ET Now, the statement represents a significant development in the ongoing family saga that has been unfolding in the Indian automotive sector. The joint initiative comes as both parties appear to be seeking a resolution to their public disagreements. In their latest statement to CNBC TV18, both parties have reiterated their desire for an amicable resolution through transparent discussions and dialogue, emphasizing their commitment to collaborative approaches.
The joint statement and court filings come amid an ongoing family dispute involving the TVS Group, one of India's prominent automotive companies. As reported by ET Now, the statement represents a notable development in what has been described as a TVS Family Saga that has been generating significant attention in the Indian business community. The dispute has been unfolding in the public domain, with both parties maintaining their positions through various media platforms. The latest developments show the family has split into competing legal camps, with both sides preparing for possible litigation in the ongoing dispute over the division of family wealth.
At the center of the dispute is a memorandum of understanding signed by the 4 family members on March 21, 2024, which formalized the division of assets between Lakshmi Venu and Sudarshan Venu. According to CNBC TV18, people close to Venu Srinivasan and Sudarshan Venu say the MoU formalized the division with Lakshmi Venu to receive Sundaram-Clayton and Sudarshan Venu to receive TVS Motor. However, Mallika Srinivasan and Lakshmi Venu dispute that any economic settlement covering the siblings' assets has been concluded, claiming the MoU was limited to brand usage and non-compete terms. Their position is that both children have equal rights over the family's wealth, and that any resolution should be based on valuation, discussion and agreement.
The dispute involves key family members with significant stakes in the TVS Group companies. Venu Srinivasan is the grandson of TVS Group founder T. V. Sundaram Iyengar and serves as chairman emeritus of TVS Motor Company and TVS Holdings. Sudarshan Venu is chairman and managing director of TVS Motor Company and managing director of TVS Holdings. Lakshmi Venu is vice-chairperson of TAFE and managing director of Sundaram-Clayton, while Mallika Srinivasan is chairperson and managing director of TAFE. According to exchange filings, Lakshmi Venu holds 0.82% of TVS Holdings directly, and Mallika Srinivasan holds 0.29%.
