MUMBAI: The Tata Sons board has exonerated company secretary Suprakash Mukhopadhyay of any breach of the Tata code of conduct. This comes after the board, on Thursday, reviewed an internal investigation report regarding his involvement and connection with Divinion, a financial services company owned by his family. The directors reviewed and accepted the report, which concluded Mukhopadhyay did not intentionally violate the code of conduct despite failing to make necessary disclosures to the appropriate authority within Tata Sons, sources familiar with the matter said. Mukhopadhyay faced scrutiny for facilitating or seeking investments from present and past Tata employees, and external parties associated with Tata Sons. N Chandrasekaran, chairman of Tata Sons, had commissioned the report after concerns were raised about potential conflict of interest between Mukhopadhyay’s connection to Divinion Advisory Services and his role within the group. “The board extensively discussed the report and ultimately gave Mukhopadhyay a clean chit,” sources said. On Wednesday, the board of Tata Trusts, the parent of Tata Sons, also deliberated on the report and recommended that its nominated directors act in accordance with what is right.Divinion, established in Dec 2020, manages assets worth more than Rs 90 crore. Mukhopadhyay’s wife and two daughters own 33.3% each in Divinion, which sponsors the Divinion Alternative India Fund. DAIF had launched a scheme called Divinion Dynamic Fund. The financial services firm’s management team and board members include former Tata Group employees and affiliated professionals. Former TCS CFO S Mahalingam serves as a director of Divinion, while former Tata Asset Management COO Hormuz Bulsara is the CEO. CA T P Ostwal, whose firm has had a long association with Tata entities, also sits on Divinion’s board. His firm audited Divinion in FY21 and Tata Sons in FY23 and FY24. KBJ & Associates, Divinion’s auditor for FY22-FY24, worked with some TCS subsidiaries in FY24. The Tata Sons board also reviewed the company’s Q4 FY25 financial results, among other matters.
