N Chandrasekaran’s Family Business Link With TVS Motor Draws Governance Scrutiny In Tata Sons Dispute

Family members of Tata Sons chairman N Chandrasekaran have a business association with TVS Motor, according to a report by Mint, at a time when TVS chairman-emeritus Venu Srinivasan has supported Chandrasekaran’s continuation as chairman of the Tata group holding company.

Lalitha Chandrasekaran and her son Pranav are directors of Hanno One Warehousing Pvt Ltd, a company incorporated in March 2025, the report said, citing corporate records.

Hanno Infra LLP holds nearly the entire stake in Hanno One, with Lalitha representing the LLP, while Pranav holds one direct share.

TVS Motor lease deal under scrutiny

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

According to documents reviewed by Mint, HDFC Bank later offered Hanno One a Rs 60 crore construction loan against lease rights and the proposed structure.

The project was estimated to cost Rs 106.3 crore and was scheduled for completion in March 2027. Details of the lease agreement, including rental terms, have not been disclosed.

Tata Sons told Mint that Hanno One’s incorporation was disclosed in April 2025 to companies where Chandrasekaran serves as chairman. It said TVS Motor operates independently and has no business dealings with Tata group companies.

The company also said that a transaction between TVS Motor and an entity managed by Chandrasekaran’s son did not require disclosure to Tata Sons or other Tata companies.

Governance questions amid Tata Sons leadership dispute

TVS Motor and Pranav Chandrasekaran did not respond to Mint’s requests for comments. Tata Trusts said Srinivasan had not made any disclosure regarding the matter to its trustees and that it could not independently verify whether disclosures were made to the Tata Sons board.

The issue has gained attention because Srinivasan is vice-chairman of Tata Trusts and serves on Tata Sons’ nomination and remuneration committee, which reviews chairman-related matters.

On September 17, Srinivasan was among four Tata Sons directors who supported Chandrasekaran’s reappointment for another five-year term, 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.