N Chandrasekaran family’s TVS Motor business link puts spotlight on disclosure at Tata Sons: Report

The latest market report highlights that Family members of Tata Sons chairman N Chandrasekaran have a business relationship with TVS Motor, whose chairman-emeritus Venu Srinivasan recently backed Chandrasekaran for another term at Tata Sons, according to an investigation by Mint.

Chandrasekaran’s wife Lalitha and son Pranav are directors of Hanno One Warehousing Pvt Ltd, which was incorporated in March 2025, Mint noted, citing Ministry of Corporate Affairs and state registration records.

Hanno Infra LLP owns 99.99% of Hanno One, with Lalitha signing on behalf of the LLP, while Pranav owns one share directly, according to the report.

Three months after the firm was incorporated, TVS Motor leased 17 acres of farmland in Tamil Nadu’s Krishnagiri district to Hanno One for a warehouse project.

In November 2025, HDFC Bank offered Hanno One a Rs 60 crore construction loan backed by its lease rights and the proposed building, according to a term sheet reviewed by Mint. The document estimated the cost of the 3.3 lakh sq ft project at Rs 106.3 crore, with completion scheduled for March 2027. The terms of the TVS Motor lease, including rent, are not public.

Tata Sons told Mint that the incorporation of Hanno One had been disclosed in April 2025 to all firms where Chandrasekaran serves as chairman.

It stated TVS Motor is an independent listed firm with no dealings with Tata Group firms and maintained that a transaction between TVS Motor and a firm run by Chandrasekaran’s son did not require disclosure to Tata Sons or other Tata firms.

TVS Motor and Pranav Chandrasekaran did not respond to Mint’s requests for comment.

Tata Trusts separately told Mint that Srinivasan had made no such disclosure to its trustees. It stated it could not independently confirm whether disclosures had been made to the Tata Sons board and further noted that it would evaluate the nature of its institutional response if the noted allegations were established.

The offering has drawn attention because Srinivasan is vice-chairman of Tata Trusts and a member of Tata Sons’ nomination and remuneration committee, which evaluates the chairman’s performance and remuneration.

On September 17, Srinivasan was among four Tata Sons directors who backed another five-year term for Chandrasekaran, while Tata Trusts chairman Noel Tata opposed the proposal.

The Tata Code of Conduct requires executive directors to disclose actual or potential conflicts involving themselves or immediate family members.

Moneycontrol has independently sought comments from Tata Sons and TVS Motor. Responses are awaited.