Ongoing Economic Settlement Issues: Insights from Mallika and Lakshmi
CHENNAI: Lakshmi Venu and Mallika Srinivasan have clarified that the economic settlement within the Venu Srinivasan (VS) family is still unresolved. This statement comes in response to recent media reports suggesting that a division of assets had been completed. The duo emphasized that no agreement on the division of economic interests has been finalized.
In their joint statement, Lakshmi Venu and Mallika Srinivasan distinguished their situation from the broader TVS family partition, which was agreed upon in 2020. They noted that the earlier partition involved valuation, discussions, and mutual consent, none of which have occurred within their family branch. Venu Srinivasan, in a statement quoted by Republic TV, asserted that he had the liberty to manage the businesses and assets as he saw fit, with the intent of benefiting family members and the businesses.
Venu Srinivasan further explained that he aimed to empower the next generation with ownership and control. He mentioned that Lakshmi was tasked with growing the SCL business, while Sudarshan was responsible for the motor business. He insisted that the separation was conducted fairly and transparently, with the knowledge and consultation of family members.
Lakshmi Venu and Mallika Srinivasan disputed claims that the assets belonged solely to one individual with unilateral decision-making power. They stressed that management roles and arrangements regarding trademarks and brand usage should not replace an economic settlement. Their joint statement clarified that TAFE, which Mallika Srinivasan controls, is part of the Amalgamations Group and is not relevant to the economic settlement within the VS family. They concluded that the core issue remains the fair recognition of rightful economic ownership, which is still unresolved.
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