Tata boards to check report on govt’s disclosures on household co

MUMBAI: The boards of Tata Trusts and Tata Sons will convene on Wednesday and Thursday to judge, amongst different issues, a report acknowledging disclosure lapses by Tata Sons firm secretary Suprakash Mukhopadhyay about his involvement and affiliation with a wealth administration agency owned by his household. The report, authorised by Tata Sons chairman N Chandrasekaran, follows issues raised about Mukhopadhyay’s connection to Divinion Advisory Companies, probably creating conflicts of curiosity together with his position within the Tata system.Tata Trusts’ govt trustee Mehli Mistry informed TOI, “I’ve full religion and confidence in Chandra, the chairman of Tata Sons, to reply and deal with such issues appropriately, as he deems match and correct.”Ready by three Tata Sons executives, the report has concluded that Mukhopadhyay’s actions “don’t seem like an intentional breach of the Tata code of conduct”. It, nevertheless, stated Mukhopadhyay failed to tell Tata Sons about his position in facilitating or looking for investments for Divinion from former Tata staff and exterior events related to Tata Sons. The code of conduct states that conflicts of curiosity come up when staff safe improper advantages for themselves or members of the family. Non-disclosure of such conflicts, as soon as found by administration, may lead to disciplinary actions. Listed firms face penalties from Sebi for disclosure failures.Some Tata executives confirmed investing in Divinion after being approached by Mukhopadhyay’s daughter by way of her father, with out figuring out his connection to the agency. The report was shared with all Tata Sons board members. Although that is an inside Tata Sons matter, Tata Trusts as the most important stakeholder, has the heft to weigh in. It’s unclear if all administrators have accepted the decision of “no intentional breach”.Mistry stated that neither Mukhopadhyay nor his household sought investments in Divinion from him. “I, my members of the family or group firms don’t have any investments in Divinion.” Different trustees and Tata Sons board members remained silent about their funding standing within the fund.Divinion, established in Dec 2020, manages belongings price greater than Rs 90 crore. It’s owned equally by Mukhopadhyay’s spouse and two daughters. The agency’s administration group and board members embrace former Tata Group staff and affiliated professionals. CA T P Ostwal, whose agency has had a protracted affiliation with Tata entities, is a director of Divinion. His agency audited Divinion in FY21 and Tata Sons in FY23 and FY24. KBJ & Associates, Divinion’s auditor for FY22-FY24, labored with some TCS subsidiaries in FY24. Mukhopadhyay started at Tata in 1988. He retired in Nov 2024 and is now on extension. In FY24, he earned about Rs 10.4 crore. His household’s Divinion Basis Belief obtained Rs 10 lakh and Rs 20 lakh in CSR grants from Tata Funding Company in FY24 and FY25. Mukhopadhyay is a director on the firm.