25 March 2024 – The family members of TVS Motor Company Limited’s Chairman Emeritus and Managing Director, Venu Srinivasan, have reached a noncompete agreement regarding the use of the TVS trademark in several business areas, including the two-wheeler, car aftermarket, and tractor businesses. TVS Motor said in exchange papers on Saturday that Sudarshan Venu, Managing Director, has consented not to use the TVS name, among other things, in the production and delivery of magnesium and aluminium die castings for original equipment manufacturers (OEMs) and the aftermarket.
Mallika Srinivasan and Lakshmi Venu have reached an agreement to refrain from using certain trademarks, such as TVS, in the financial services, real estate, and two—and three-wheeler vehicle industries.
The documents said that while the parties are members of the promoter and promoter group, the corporation is not a party to the MOU. The statement said, “This MOU does not impact the Company’s ability to continue its business as currently conducted today, nor does it in any way negatively impact the Company’s business.”
Conclusion
The parties and other members of the TVS family completed a family settlement documenting the oral agreements made between family members as well as other agreements and understandings among different family groups within the larger TVS family and individuals under their control (past, present, and future).
