Lakshmi Venu and Mallika Srinivasan denied that a settlement of the Venu Srinivasan family's economic interests had been finalized. The denial came on Thursday, 29 September, in Chennai, directly countering recent media speculation. Their statement was issued as a joint response to reports that a division of assets had been completed.
In the joint statement, the pair clarified that no agreement on asset division had been reached. They distinguished this from the broader TVS family partition agreed in 2020, which involved valuation, discussions, and mutual consent. They emphasized that no comparable process had taken place within their branch. The statement underscored that management roles and trademark arrangements are not substitutes for an economic settlement.
Venu Srinivasan, quoted by Republic TV, said the businesses and assets were his, and he had the liberty to deal with them as he deemed fit. He added that he intended to give full ownership and control to the next generation while they were young and energetic. He explained that the separation was about ownership and control, not management.
The joint statement clarified that TAFE belongs to the Amalgamations Group, a separate family business group in which Mallika Srinivasan is a shareholder. It also stated that TAFE has no bearing on the economic settlement within the VS family. This clarification was made to separate the two business entities.
The parties maintain that the dispute concerns rightful economic ownership rather than management positions. The unresolved settlement could affect future corporate strategies and joint ventures.