Succession battle breaks out at TVS as camps disagree over business division, family MoU

Deep disagreements over inheritance have emerged between Venu and Mallika Srinivasan's children, leading to potential legal action. While Venu and son Sudarshan believe a family asset division occurred, Mallika and daughter Lakshmi disagree.

People close to Mallika said the family’s wealth is separate from management and that mediation can resolve differences.

Deep differences over inheritance have broken out between the children of Venu and Mallika Srinivasan, of the TVS Motor and Amalgamated business groups, respectively, with differing perceptions over whether or not a family settlement has been reached, and allegations that the couple’s daughter Lakshmi Venu has been left with a marginal share in her father’s assets. The matter, simmering for nearly 18 months now, has seen futile attempts at mediation and lawyers briefed in preparation for a potential legal battle. Advt

In the dispute, Venu Srinivasan and son Sudarshan are aligned, while wife and industrialist Mallika and daughter Lakshmi are seeking changes in how Srinivasan has divided his assets among his children. ET spoke with a number of family insiders and executives close to the situation to piece together the contours of the dispute. All spoke on the condition of anonymity. The family members declined comment. The central question revolves around whether or not the two companies entrusted to the next generation to manage—components and die casting business Sundaram Clayton to Lakshmi Venu and two- and three-wheeler powerhouse TVS Motor Company to Sudarshan — is also the line that divides the wealth.

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