MUMBAI: Is there a connection between Divinion Advisory Services, a wealth management firm owned by Suprakash Mukhopadhyay‘s family, and the Tata Group? Mukhopadhyay serves as company secretary of Tata Sons and works closely with chairman N Chandrasekaran.
Tata Pension Management initially listed Divinion as one of 471 Tata Group companies when it began operations in August 2022. However, subsequent disclosures in 2023 and 2024 only mentioned Mukhopadhyay’s role as company secretary, Mint reported.
Mukhopadhyay is a director of Tata Asset Management, which sponsors Tata Pension. He is also a director of Tata Investment, which along with Tata Sons, are sponsors of Tata Asset Management. He retired from Tata Sons in November 2024 at age 60, following company policy, but continues on extension.
Tata Investment’s FY24 report revealed a Rs 10 lakh CSR contribution to Divinion Foundation Trust, where Mukhopadhyay serves as a trustee.
Both Tata Pension and Tata Sons told Mint that Divinion is not affiliated with the Tata Group. Tata Pension acknowledged its August 2022 disclosure was incorrect and would be amended. Tata Sons said no group companies conduct business with Divinion, and neither Tata Pension nor other Tata entities sponsor Divinion.
Divinion’s leadership includes former Tata Group executives: Hormuz Bulsara (ex-Tata Asset COO) as CEO and Adil Busha (former Tata Pension director) as CFO. Its board comprises S Mahalingam, former TCS CFO, and TP Ostwal, whose firm audits Tata Sons and assists Tata Trusts with income tax matters.
Divinion’s ownership is equally divided among Mukhopadhyay’s wife Paromita and daughters Shreemoyee and Shreenandini (33.34% each). Shreemoyee worked at Divinion, where she started a long-short hedge fund, before pursuing an MBA at Wharton in August 2023, showed her profile on the Wharton website. While Shreenandini works with Darius Khambata’s chambers, a Tata Trusts trustee.
Mukhopadhyay, reported Mint, approached former Tata executives for investments in Divinion, which manages assets exceeding Rs 90 crore.
Tata Sons’ spokesperson did not address whether Mukhopadhyay disclosed his family’s ownership in the wealth management firm and if seeking help from former Tata employees violated the company’s code of conduct. The Tata Sons board includes three Tata Trusts nominees, the largest shareholder of the company.
The code prohibits employees and directors from deriving improper benefits personally or for any family member by making or influencing decisions relating to any transaction.
In May 2024, Divinion Advisory, Divinion Alternative Fund, CEO Bulsara, and vice president Sandip Basu (former Tata Steel treasurer) settled a securities law violation case with Sebi for Rs 11.25 lakh. The move followed after Sebi accused the four of violating its AIF regulations.
