MUMBAI: A wealth management firm linked to a senior executive at Tata Sons has been mistakenly categorized as part of the Tata group. The firm in question, Divinion Advisory Services, is owned by the wife and two daughters of Suprakash Mukhopadhyay, who serves as the company secretary for Tata Sons and works closely alongside the group chairman, N. Chandrasekaran. This misclassification first came to light when Tata Pension Management, which began its operations in August 2022, inadvertently listed Divinion among the 471 Tata group companies.

Tata Pension is backed by Tata Asset Management, where Mukhopadhyay holds a directorial position. However, in disclosures made in 2023 and 2024, Tata Pension has not included Divinion in its listings, opting instead to reference Mukhopadhyay solely in his capacity as the company secretary, according to a report by Mint.

The CEO of Tata Pension, Kurian Jose, clarified the situation, stating, Divinion is not part of the Tata group. It appeared under a disclosure of the Tata Pension Fund dated August 2022, which is erroneous, and we will be correcting the list. This statement aims to rectify the misunderstanding and reaffirm the boundaries of the Tata group.

Furthermore, Mukhopadhyay is also a director at Tata Investment Corporation. This corporation, along with Tata Sons, is a sponsor of Tata Asset Management. The fiscal report for Tata Investment for the year 2024 disclosed a contribution of Rs 10 lakh to the Divinion Foundation Trust, where Mukhopadhyay's family members serve as trustees. This connection raises questions about potential conflicts of interest.

A spokesperson for Tata Sons made it clear that there is no business relationship between the Tata group of companies and Divinion Advisory Services. This assertion is intended to distance the group from any implications that might suggest favoritism or improper conduct.

In addition to the misclassification, Mint reported that Mukhopadhyay had approached former Tata group executives seeking investments in Divinion, which currently manages assets totaling over Rs 90 crore. Such actions could raise eyebrows regarding adherence to corporate governance norms.

According to the Tata Sons code of conduct, employees are expressly prohibited from obtaining improper personal benefits for themselves or their family members through their influence in decision-making processes. It remains unclear whether Mukhopadhyay disclosed his familys ownership stake in Divinion to the Tata Sons board, which consists of nominee directors from Tata Trusts. However, a Tata Sons executive stated that Mukhopadhyay has not violated the company's code of conduct.