TVS Family Dispute: Both Camps File Caveats in Chennai Courts

Mallika Srinivasan, chairman and managing director of Tractors and Farm Equipment Ltd (TAFE), and her daughter Lakshmi Venu said on Tuesday they want an amicable settlement of the TVS family dispute through transparent discussions. The statement came after family members filed caveats against one another in two Chennai courts. Eight caveats were filed on October 12 and 13, four each in the City Civil Court and the Commercial Court.

Venu Srinivasan, chairman emeritus of TVS Motor Company, and his son Sudarshan Venu are on one side. His wife, Mallika Srinivasan, and daughter Lakshmi Venu are on the other hand. In the Commercial Court, the caveats from Venu Srinivasan and Sudarshan Venu name Lakshmi Venu, while those from Mallika Srinivasan and Lakshmi Venu name Venu Srinivasan. In the City Civil Court, Venu Srinivasan also filed as trustee of VS Trust. A caveat is a defensive filing that requires a court to hear the filer before passing any order. No suit has been filed so far, and the caveats remain valid for 90 days.

The dispute is over the division of the family’s business interests. Venu Srinivasan has said a 2024 memorandum of understanding settled the split, with Lakshmi Venu to receive Sundaram-Clayton and Sudarshan Venu to receive TVS Motor. Mallika Srinivasan and Lakshmi Venu dispute that any economic settlement has been concluded and say the MoU covered only brand usage and non-compete terms. The caveats suggest both camps are preparing for possible court proceedings, even as the mother and daughter publicly favor talks.

With no suit filed, the next step depends on whether either side moves court or the family returns to negotiation. The caveats lapse after 90 days unless renewed.