A dispute over the division of family assets has reportedly emerged in the family of TVS Motor chairman emeritus Venu Srinivasan and industrialist Mallika Srinivasan. The disagreement centres on how the family’s wealth should be divided between their children, Lakshmi Venu and Sudarshan Venu, with the two sides differing over whether a settlement has been reached, reported The Economic Times.
The dispute has continued for nearly 18 months, with mediation attempts failing and preparations under way for a possible legal battle. Venu and Sudarshan are aligned on one side, while Mallika and Lakshmi are seeking changes to the division of assets, the report said, citing sources familiar with the matter.
The main point of disagreement is whether assigning businesses to the next generation also settles the ownership of family wealth.
Lakshmi manages Sundaram Clayton (SCL), which operates in the components and die-casting business. Sudarshan heads TVS Motor Company and TVS Holdings.
The disagreement has brought attention to a memorandum of understanding (MoU) signed by the four family members on March 21, 2024.
According to report, people close to Venu and Sudarshan say the MoU formalised the division of family assets, with Lakshmi set to receive SCL and Sudarshan TVS Motor.
However, sources close to Mallika and Lakshmi maintain that the agreement dealt only with the use of the family brand and non-compete clauses, and did not settle ownership of the assets.
The disagreement has intensified as the market values of the two businesses have moved further apart, the report said.
TVS Motor had a market capitalisation of Rs 1.83 lakh crore at Thursday’s close, compared with Rs 24,000 crore for SCL. TVS Motor’s market value has risen nearly fourfold in three years.
In April 2025, stock exchanges were informed that Sudarshan had become a beneficial owner in TVS Holdings, which owns a 50.26% stake in TVS Motor.
People close to Lakshmi told that she sought clarification about the transfer but received no response. They argue that responsibility for managing a business does not automatically translate into ownership, the report mentioned.
Those aligned with Venu and Sudarshan say the arrangement followed a 2020 settlement among four branches of the TVS family, which separated their holding structures.
They maintain that the subsequent understanding was based on valuations and has been implemented.
Mallika’s side disputes that any economic settlement covering the siblings’ assets was concluded. It maintains that both children continue to have equal rights over Venu’s family wealth, according to the report.
The latest disagreement follows tensions at Sundaram Clayton earlier this year, when Venu assumed the chairmanship and took on a larger governance role, while Lakshmi continued to focus on the business.