The business relationship between the family of Tata Sons chairman N. Chandrasekaran and TVS Motor Co. has come under scrutiny after documents showed that a company run by Chandrasekaran’s wife and son had entered into a transaction with the automaker.
The development comes at a sensitive time for Tata Sons, as TVS Motor chairman-emeritus Venu Srinivasan recently cast a key board vote supporting Chandrasekaran’s reappointment for another five-year term. Srinivasan is also a vice-chairman of Tata Trusts and a member of Tata Sons’ Nomination and Remuneration Committee, which reviews the chairman’s performance.
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According to the report, neither Srinivasan nor Chandrasekaran disclosed the external business relationship to the Tata Sons board. An executive aware of the matter said this could potentially raise issues under the Tata Code of Conduct. Tata Sons, however, said the incorporation of the family-owned company had been disclosed and that there was no requirement to disclose the specific transaction.
Corporate records show that Chandrasekaran’s wife, Lalitha, and son, Pranav, are directors of Hanno One Warehousing Pvt. Ltd., a company established in March 2025. Hanno Infra LLP owns 99.99% of Hanno One, while Pranav owns one share directly.
Three months after Hanno One was incorporated, TVS Motor leased 17 acres of farmland in Uddanapalli village in Tamil Nadu’s Krishnagiri district to the company, according to state registration records. HDFC Bank subsequently offered Hanno One a ₹60 crore construction loan, with the company’s lease rights and the planned building serving as security.
The project involves a proposed 3.3 lakh sq. ft. warehouse, with the term sheet estimating its cost at ₹106.3 crore. The warehouse is scheduled for completion by March 2027. The financial details of Hanno One and Hanno Infra were not available in the report.
Tata Sons said Hanno One was incorporated by Chandrasekaran’s wife and son and that the company’s formation was disclosed in April 2025 to all companies where Chandrasekaran serves as chairman. The company also said TVS Motor is an independent listed entity and has no dealings with the Tata Group.
Tata Trusts, meanwhile, said Srinivasan had not made a disclosure to its trustees regarding the transaction. It added that it understood no such disclosure had been made to the Tata Sons board, although the Trusts could not independently verify board proceedings.
The issue has emerged amid a wider dispute at Tata Sons. Four directors, including Srinivasan, supported Chandrasekaran’s third five-year term despite opposition from Tata Trusts chairman Noel Tata. Tata Trusts owns 65.9% of Tata Sons.
Corporate governance experts cited in the report have raised questions about the arrangement, particularly because Srinivasan sits on the committee responsible for evaluating Chandrasekaran’s performance. They said comprehensive disclosure would be important in determining whether the circumstances created a conflict-of-interest concern.
TVS Motor and Pranav Chandrasekaran did not respond to requests for comment, according to the report.
