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Tata Sons Ltd.’s board today reviewed and accepted the findings of a three-member internal panel, which concluded that Company Secretary Suprakash Mukhopadhyay did not wilfully breach the group’s code of conduct, nor did he seek personal gain at the company’s expense, according to people familiar with the matter.
Mukhopadhyay came under scrutiny for allegedly encouraging a former colleague to join or invest in Divinion Advisory, a wealth management firm linked to his wife and daughter. The firm includes several former Tata employees and is associated with professionals such as chartered accountant T. P. Ostwal, whose firm has previously worked with Tata Sons. Divinion’s auditors have also served subsidiaries of Tata Consultancy Services. As per media reports, Mukhopadhyay had approached a few Tata officials to invest in the company.
Following these allegations, Tata Sons constituted a committee to investigate the matter. The panel concluded that Mukhopadhyay, a Tata group veteran, did breach the Tata group’s Code of Conduct, but that the violation was neither intentional nor aimed at making personal gains at the company’s expense.
Mukhopadhyay, who retired in November 2024, continues to serve on an extension. The report was discussed in detail at the board meeting today, and the panel’s findings were accepted.
The board also reviewed Tata Sons’ financial results for the year ended March 2025, according to people familiar with the matter. Additionally, it was briefed on the upcoming initial public offering (IPO) of Tata Capital Ltd., its financial services subsidiary, which is scheduled for later this year.
The meeting also covered Tata Sons’ investment in the rights issue of Tata Projects Ltd., and included performance updates on key group companies, including Air India, Tata Digital, and other unlisted units.
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