Tata Sons' Probe Concludes Its Top Exec Failed to Disclose Info

A Tata Sons committee has concluded that group company secretary Suprakash Mukhopadhyay had failed to make the requisite disclosures about a wealth management firm run by his family members.

- Varun Sood & Satish John

A report of the three-member internal committee listed the lapses of Mukhopadhyay, a close aide to chairman Natarajan Chandrasekaran, but stopped short of terming Mukhopadhyay guilty, reasoning that his action was not deliberate. The report, which was submitted to Chandrasekaran last week, was shared by him with the other members of the nine-member Tata Sons board.

"Prima facie, there are lapses on Mr. Mukhopadhyay's part in making adequate and timely disclosure to the competent authority in Tata Sons about (a) his involvement and relationship with the activities of Divinion, (b) him making, or facilitating, solicitations of any kind from former employees of Tata companies (particularly where he held a position of authority and influence) or from any external advisors or professionals working for Tata Sons with whom he would have had other official engagements and interactions due to his role in the company, and (c) any transactions between Divinion and any Tata group entity of which he is a director/Trustee (e.g., the CSR (corporate social responsibility) grant from Tata Investment to the Divinion Trust or opening of the Tata STRIVE centre within the premises of Divinion Trust)," concluded the three-member committee.

"However, there does not appear to be any intentional breach of Tata Code of Conduct or mala fide intent on his part to make a personal gain by compromising the interests of his employer entity (Tata Sons) or of the relevant Tata Group entities named in the news reports," said the report.