Tata Sons’ internal investigation has flagged serious disclosure failures by group company secretary Suprakash Mukhopadhyay, involving his family’s wealth management firm, Divinion, as per a news report.  

The report by a three-member committee, comprising Nupur Mallick, the head of Tata Sons human resources, Eruch N. Kapadia, a finance executive at Tata Sons, and Sidharth Sharma, the general counsel at Tata Group, identified lapses in transparency but stopped short of calling the breach deliberate.  

The committee noted that there were lapses in Mr. Mukhopadhyay’s part in making “adequate and timely disclosure.”   

Report Findings  

According to the committee’s report, the following issues were found:  

• Non-disclosure of Mukhopadhyay’s personal and familial links to Divinion.  

• Soliciting former Tata executives and external advisors to join or support the Divinion.  

• CSR-linked transactions between Tata entities and Divinion, including a grant from Tata Investment and a Tata STRIVE center at Divinion premises.  

These activities, as per the report, raised potential conflicts of interest under the Tata Code of Conduct.  

Despite the lapses, the committee concluded that there was no evidence of intent to profit personally or compromise Tata Sons’ interests. Findings reported that there appeared to be no intentional breach of the Tata Code of Conduct or “mala fide intent”. 

Governance experts like V. Balakrishnan, former CFO of Infosys, said a deeper probe might be warranted. 

CSR Funds Used for Family Property Deal  

The probe found that ₹20 lakh from Tata Investment’s CSR fund was used to buy a Kolkata property from Mukhopadhyay’s in-laws for Divinion’s use. He confirmed this in the committee’s inquiry, noting it was intended to build a school under the Divinion Foundation Trust.  

Ownership and Listing of Divinion  

The committee clarified that Divinion was incorrectly listed as a Tata Group company in 2022 by Tata Pension Management, due to its ties to Mukhopadhyay’s family. The process was later corrected in 2023 to exclude firms owned by relatives of Tata executives.  

Background and Corporate Context  

Mukhopadhyay, a long-time Tata employee, joined Tata Sons in 2017 after a stint at TCS under Chairman Chandrasekaran. His family’s firm, Divinion, has grown rapidly in recent years and manages a Sebi-registered investment fund.  

Tata Sons is the principal holding company of the Tata Group, owning stakes in 26 listed companies and generating over $165 billion in cumulative revenue by March 2024.  

Read More: Trent Share Price Falls as Revenue Growth Slows in Q4!

Conclusion  

The internal report outlines serious disclosure gaps by a senior executive but confirms no intent to mislead or gain personally. The board’s response will set the tone for Tata Sons’ governance culture.  

  

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing. 

As per Moneycontrol news report, in a significant move that could impact millions of retired workers in India, the central government is likely to raise the minimum pension under the Employees’ Pension Scheme (EPS) to ₹3,000 per month from the current ₹1,000, according to a senior government official quoted by Moneycontrol.

This development comes amid rising inflation and long-standing demands from pensioners for a revision in the minimum pension amount.

Government Plans to Revise EPS Pension Amid Fiscal Challenges

The Employees’ Pension Scheme, managed by the Employees’ Provident Fund Organisation (EPFO), is a key retirement benefit programme for employees in the organised sector. It is funded by a portion of the employer’s contribution to the Employees’ Provident Fund (EPF), where 8.33% is diverted to EPS and the remaining 3.67% stays with EPF.

As per the Moneycontrol report, the proposed increase in the minimum pension is likely to be implemented in the coming months. Previously, in 2020, the labour ministry had proposed an increase to ₹2,000 per month with budgetary support, but the finance ministry did not approve the plan.

During the 2025 pre-budget consultations, a delegation of EPS pensioners had urged Finance Minister Nirmala Sitharaman to raise the pension to ₹7,500 per month. However, they did not receive any formal assurance. The total corpus of the EPS is over ₹8 lakh crore, with about 7.85 million pensioners, including more than 3.66 million receiving the minimum pension of ₹1,000.

Inflation, Parliamentary Concerns, and Financial Impact

The labour ministry is currently assessing the financial implications of raising the pension to ₹3,000. In FY24, the government spent ₹1,223 crore towards minimum pension payouts—an increase of 26% from ₹970 crore in FY23. Since September 2014, the central government has provided a grant-in-aid to cover the difference between the minimum pension of ₹1,000 and the actual pension if it is lower.

Nonetheless, the final decision and timeline remain uncertain due to the global economic climate and the Union Government’s fiscal targets.

Read More: EPFO Minimum Pension Hike: Will Govt Approve ₹7,500 Minimum Pension Demand?

Conclusion

The proposed revision of the minimum EPS pension to ₹3,000 reflects the government’s recognition of inflationary pressures and pensioners’ long-standing demands. However, budgetary constraints and policy considerations may influence the timing and scale of its implementation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

In response to weeks of mounting pressure from automakers, parts suppliers, and dealers, US President Donald Trump signed two directives designed to soften the blow of overlapping tariffs on the automotive sector. These measures come amid growing concern that steep and overlapping import duties could lead to higher car prices, disrupt production, and threaten jobs across the US automotive supply chain.

Avoiding the “Stacking Effect” on Tariffs

The first executive order, signed aboard Air Force One, seeks to address the issue of cumulative tariffs. Imported vehicles had previously been subjected to separate tariffs on aluminium and steel, in addition to import duties on the finished cars themselves. This stacking effect, Trump stated, could result in an “excessive” duty rate, undermining the policy’s intent to bolster US manufacturing without unduly penalising the industry.

The order explicitly states that multiple levies “should not all have a cumulative effect,” recognising that the total burden might overshoot the administration’s targeted economic goals.

New Measures for Imported Auto Parts

The second directive involves a proclamation adjusting the 25% tariff on imported auto parts, set to take effect from May 3. To offer some temporary relief, carmakers manufacturing and selling completed vehicles within the United States can now claim an offset. This offset amounts to up to 3.75% of the value of American-made vehicles and is intended to partially cushion the cost impact.

This offset, however, will reduce to 2.5% in one year’s time and be phased out completely the following year. The intention behind this sliding scale is to incentivise greater domestic production in the long run. Notably, this benefit applies only to vehicles manufactured after April 3.

Read More: Indian Auto Exporters May Face ₹2,700-4,500 Crore Hit from US Tariffs: ICRA. 

A Temporary Reprieve, Not a Full Retreat

While these moves mark a partial step back from the original tariff framework, they are largely viewed as temporary. The relief on components is particularly time-bound, reflecting the administration’s continued goal of reshoring manufacturing jobs and reducing dependency on imports.

Nonetheless, industry voices have cautioned that if tariffs remain high in the long term, they could backfire, deterring investment, raising costs, and ultimately reducing competitiveness.

Conclusion

Even as the executive actions provide short-term clarity and financial relief, questions linger among automakers. Many remain uncertain about the longer-term implications of the policy changes and whether additional layers of regulation or tariffs may emerge in the future.

While the measures may momentarily stabilise operations and pricing structures, automakers are still calling for more consistent trade policies that enable long-term planning and investment.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

India’s passenger vehicle (PV) industry is poised to reach a new milestone in FY26, with a projected cumulative volume of five million units across domestic and export markets, according to Crisil Ratings. This would mark the 4th year in a row of record-breaking sales. However, the annual growth rate is expected to moderate to 2–4%, a sharp contrast to the 25% surge seen in FY23 following the pandemic-induced pent-up demand.

Domestic Market Continues to Drive Volumes

In FY24, the domestic market contributed roughly 85% of total volumes, reaffirming its dominant position in the PV segment. Exports accounted for the remaining share. While India’s domestic appetite for vehicles continues to fuel the industry, Crisil notes a slowing pace of expansion, reflecting maturing demand and base effect pressures.

EV Segment Growth Slows Despite Launches and Cost Cuts

The electric vehicle (EV) segment, though a focal point for innovation and investment, has seen decelerated growth. EV penetration remains modest at 3–3.5%. Despite declining battery prices and several new model launches, adoption has been restrained by high upfront costs, limited charging infrastructure, and consumer concerns over driving range. This has confined EV demand largely to urban buyers looking for second cars.

Premium EVs Enter Market, but Impact May Be Limited

While premium global players such as Tesla are expected to enter the Indian market, their influence on the overall segment is likely to be constrained by steep import duties. The premium vehicle segment itself comprises less than 10% of the overall PV market, further minimising their disruptive potential in the near term.

Rural Demand May Rebound in FY26

The rural market, which had been under stress, is expected to witness a revival supported by forecasts of an above-normal monsoon and potential interest rate cuts. This recovery is likely to aid demand for entry-level cars, which remain a crucial segment for volume-based growth.

Export Growth to Slow Amid Global Headwinds

Crisil forecasts export growth to taper to 5–7% in FY26, owing to macroeconomic challenges and a possible tariff imposition of 25% by the United States. However, the impact of such tariffs is expected to be minimal. Indian automakers may explore alternative markets such as Mexico, the Gulf region, and South Africa to diversify export destinations and maintain momentum.

Read More: Passenger Vehicle Sales Dip 10% in February Amid Slowing Demand. 

Conclusion

While growth in India’s PV industry is expected to slow compared to earlier post-pandemic years, the overall outlook remains steady. Factors such as a robust UV pipeline, recovering rural sentiment, and efforts to address EV adoption barriers will shape the industry’s trajectory in FY26. The sector’s long-term evolution towards premium offerings and market diversification also signals structural transformation beyond cyclical trends.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

According to the news report, India stands to save an estimated ₹14,70,673 crore (US$ 173 billion) between 2025 and 2034 by replacing its reliance on imported thermal coal with domestically generated renewable energy. According to a recent report by Climate Risk Horizons, achieving this would require the country to add 50 gigawatts (GW) of renewable energy capacity annually—a target that aligns with the government’s existing energy goals.

Annual Addition of 50 GW Could End Coal Imports by 2029

The report highlights that by sustaining the pace of 50 GW of renewable capacity addition each year, India could completely eliminate thermal coal imports by 2029. Between 2025 and 2029 alone, this transition could result in foreign exchange savings worth ₹5,61,066 crore (US$ 66 billion), reducing the country’s vulnerability to volatile international coal prices and currency fluctuations.

Read More: India Surpasses Germany to Become World’s 3rd Largest Wind and Solar Energy Producer in 2024. 

India’s Current Dependence on Coal Imports

In FY24, India imported 206 million tonnes of thermal coal—around 20% of its total consumption—at a cost of ₹1,78,521 crore (US$ 21 billion). Over the past decade, thermal coal imports have increased by 58%, while their value has surged 124%, driven largely by global price volatility and a weakening rupee.

Risks of Imported Coal: Financial and Physical

The report underlines the risks tied to coal import dependency, ranging from geopolitical instability to natural disasters that can disrupt supply chains. Furthermore, the volatility of global energy prices imposes financial stress on power producers and end consumers. As India continues to grow, such vulnerabilities could only intensify unless addressed proactively.

Rising Power Demand Driven by Growth and Climate

India’s electricity demand is projected to rise significantly due to rapid urbanisation, industrial development, and the increasing use of electric vehicles and appliances. Per capita electricity consumption rose from 957 kWh in 2013 to 1,331 kWh in 2022. Climate change is also playing a role, with rising temperatures and frequent heatwaves pushing electricity usage higher during peak seasons.

Government’s Green Energy Target: 500 GW by 2030

To respond to these challenges and reduce its carbon footprint, India has committed to reaching 500 GW of non-fossil fuel energy capacity by 2030. The strategy includes adding 50 GW of renewable capacity annually until 2027-28. With 151 GW of solar and wind capacity already installed, along with hydro and biogas contributions, India is making steady progress toward its energy transformation.

Conclusion

The findings from Climate Risk Horizons make a compelling case: India’s transition to renewables is not only essential for sustainability but also makes strong financial sense. Reducing dependence on coal imports could buffer the economy against global shocks and redirect substantial capital into domestic development. With political will and continued investment, India is poised to reshape its energy future while securing massive long-term savings.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.