Daijiworld Media Network- Mumbai
Mumbai, May 28: In a development that has sparked serious internal scrutiny, the boards of Tata Trusts and Tata Sons are scheduled to meet this week—on Wednesday and Thursday respectively—to assess a report concerning disclosure lapses by Tata Sons' company secretary, Suprakash Mukhopadhyay, related to his family’s financial firm.
The report, commissioned by Tata Sons chairman N Chandrasekaran and prepared by three senior Tata executives, highlights Mukhopadhyay’s undisclosed ties to Divinion Advisory Services—a wealth management firm owned by his wife and two daughters. While the report clarifies that the lapse does not appear to be an "intentional breach" of the Tata code of conduct, it acknowledges that the executive failed to inform the conglomerate of his role in channeling or seeking investments from ex-Tata employees and individuals linked to the group.
Speaking to The Times of India, Tata Trusts' executive trustee Mehli Mistry expressed confidence in the Tata leadership. “I have complete faith in Chandra, the chairman of Tata Sons, to respond and handle such matters appropriately," he said, while clarifying that neither he nor his associates were approached by Mukhopadhyay or his family regarding investment in Divinion.
Insiders from Tata confirmed that several executives did invest in Divinion, having been contacted by Mukhopadhyay’s daughter through her father—without knowledge of his familial connection to the company. The Tata code of conduct explicitly states that employees must avoid conflicts of interest and disclose any relationship that may lead to personal benefit.
The matter holds considerable weight as Tata Trusts, being the largest stakeholder in Tata Sons, has significant influence in key decisions. However, it remains uncertain whether all board members have concurred with the report’s finding of “no intentional breach.”
Divinion, which was established in December 2020, currently manages assets exceeding Rs 90 crore. Notably, the firm’s board includes professionals with previous associations to Tata Group companies. Chartered accountant T P Ostwal, a long-time associate of Tata firms, serves as a director. His firm audited Divinion in FY21 and Tata Sons in FY23 and FY24. Another auditing firm, KBJ & Associates, also associated with TCS subsidiaries, audited Divinion during FY22-FY24.
Mukhopadhyay, who began his career with Tata in 1988 and retired in November 2024, is currently serving on an extension. He earned Rs 10.4 crore in FY24. It has also come to light that the Divinion Foundation Trust—run by his family—received CSR funding of Rs 10 lakh and Rs 20 lakh from Tata Investment Corporation in FY24 and FY25 respectively, where Mukhopadhyay serves as a director.
As the board meetings approach, eyes remain fixed on how Tata’s top brass will address the report’s findings and whether disciplinary action or policy revisions will follow—underscoring the group’s emphasis on transparency and ethical governance.