MUMBAI: A wealth management firm owned by the family of a senior Tata Sons executive, was erroneously listed as a Tata group company, Tata Pension Management said. In Aug 2022, when Tata Pension began operations, Divinion Advisory Services, owned by Suprakash Mukhopadhyay’s wife and two daughters, was included as one of 471 Tata group companies. Mukhopadhyay serves as company secretary of Tata Sons and works closely with chairman N Chandrasekaran.
Tata Pension is sponsored by Tata Asset Management, where Mukhopadhyay is a director. Tata Pension’s subsequent disclosures in 2023 and 2024 do not mention Divinion, but only refer to Mukhopadhyay in his capacity as company secretary, Mint reported. “Divinion is not part of the Tata group. It appeared under a disclosure of Tata Pension Fund, dated Aug 2022, which is erroneous, and we will be correcting the list,” Tata Pension CEO Kurian Jose told Mint.
Mukhopadhyay is also a director of Tata Investment Corporation, which along with Tata Sons, are sponsors of Tata Asset Management. Tata Investment’s FY24 report revealed a Rs 10-lakh CSR contribution to Divinion Foundation Trust, where Mukhopadhyay’s family serve as trustees.
“There is no business relationship between Tata group of companies and Divinion Advisory Services,” a Tata Sons spokesperson told TOI. Mukhopadhyay, Mint reported, approached former Tata group executives for investments in Divinion, which manages assets exceeding Rs 90 crore.
Tata Sons code of conduct prohibits employees from deriving improper benefits personally or for any family member by making or influencing decisions relating to any transaction. It could not be ascertained if Mukhopadhyay disclosed his family’s ownership in Divinion to Tata Sons board, which comprises nominee directors of Tata Trusts. A Tata Sons executive said Mukhopadhyay has not violated the company’s code of conduct.