Sudarshan Venu, managing director of TVS Holdings, has been classified as a ‘significant beneficial owner’, kicking off the process of transfer of ownership of promoter shares in TVS Holdings — the promoter firm of TVS Motor Company, according to a regulatory filing by the company.
Sudarshan Venu is the son of Venu Srinivasan, chairman and non-executive director of the core investment company (formerly Sundaram-Clayton Ltd), and TAFE chairman and managing director Mallika Srinivasan.
According to an RoC filing, both Srinivasan and Sudarshan Venu are now ‘persons acting in concert and significant beneficial owners’ after an inter-se transfer between the promoters of the firm.
TVS Holdings owns 50.26 per cent of two and three-wheeler maker TVS Motor Company. Sudarshan Venu already leads TVS Motor as its managing director.
The latest development makes clearer the alignment of ownership and management of businesses between the children of Venu and Mallika Srinivasan and a continuation of a smooth execution of the succession planning initiated earlier.