Tata Sons chairman N Chandrasekaran and TVS Motor chairman Venu Srinivasan did not disclose a second business project involving Chandrasekaran’s family-owned Hanno One Warehousing to the Tata Sons board, according to a report by Mint.
The latest arrangement involves a proposed ₹330-crore industrial park at Immavu industrial area near Mysuru in Karnataka. The Karnataka Industrial Areas Development Board has allotted land to Hanno One for the project, according to company records and government documents cited in the report.
Second business link between Hanno One and TVS Motor
Hanno One is owned by Chandrasekaran’s wife Lalitha and son Pranav. The Karnataka development is the second known business connection between the family-owned company and TVS Motor.
In 2025, TVS Motor leased about 17 acres near its manufacturing facility in Hosur, Tamil Nadu, to Hanno One for a warehouse project. HDFC Bank later provided financing for construction at the site, according to the Mint report.
The latest project has drawn attention because Srinivasan is a Tata Trusts nominee on the Tata Sons board. He also supported Chandrasekaran’s reappointment as Tata Sons chairman for another five-year term in September.
Questions over disclosure requirements
Tata Sons has previously maintained that transactions involving Hanno One did not require consideration or approval by its board, Mint reported. Hanno One is also not considered a related party of TVS Motor under the applicable statutory framework because Chandrasekaran is not a director of the automaker, according to the report.
However, the Tata Code of Conduct sets broader requirements for disclosures. It requires executive directors to report actual or potential conflicts involving transactions that could provide an unfair benefit to themselves, family members or close associates.
The latest development therefore puts renewed focus on the disclosure obligations applicable to Tata Sons executives and the governance framework governing business relationships involving their family members.
