CHENNAI: Lakshmi Venu and Mallika Srinivasan have said the economic settlement within the Venu Srinivasan (VS) family remains unresolved, disputing suggestions that a division of assets has been completed.In a joint statement issued amid recent media reports, Lakshmi Venu and Mallika Srinivasan, daughter and wife of Venu Srinivasan, respectively, said no agreement on the division of economic interests had been concluded.They distinguished this from the broader TVS family partition, agreed upon in 2020 and implemented subsequently, which involved valuation, discussions and mutual consent. They said no comparable process had taken place within their family branch.According to a statement by Venu Srinivasan, quoted by Republic TV: “The businesses and assets were mine, and I had the full liberty to deal with them as I deemed fit, keeping in mind the best interests of the family members as well as the businesses. I had always believed that the next generation should be given full ownership and control while they are young and have the energy and ideas to build their enterprises. It is with this intent that I carried out a separation between Lakshmi and Sudarshan.”His statement also said: “Lakshmi was given to take forward and grow the SCL business, and Sudarshan was given to take forward and grow the motor business. The separation was always about ownership and control.“The separation was on a fair basis at the time it was done, keeping several factors in mind, including the fact that Mallika Srinivasan, who controls TAFE, had made clear her intention to pass on ownership and control of TAFE to Lakshmi, who is already involved in its management as its vice-chairman. It was carried out openly, transparently, with the knowledge of and after careful consultation with my family.”Lakshmi Venu and Mallika Srinivasan disputed the suggestion that the assets belonged exclusively to one individual who could decide their distribution unilaterally. They also maintained that management roles and arrangements concerning trademarks, brand usage and non-compete obligations should not be treated as substitutes for an economic settlement.Clarifying TAFE’s position, the joint statement by the duo said the company belongs to the Amalgamations Group, a separate family business group in which Mallika Srinivasan is a shareholder, and has no bearing on the economic settlement within the VS family.“The fundamental issue is not about management positions, which have been compensated appropriately and commensurately. It is about the fair recognition of rightful economic ownership, which remains unresolved,” the statement said.
