In order take TVS Motor Company to a new high and to concentrate on the two- and three-wheeler businesses fully, Sudarshan Venu, son of Venu Srinivasan of TVS Motor, has decided to exit Sundaram-Clayton — the holding company of TVS Motor as well a leading auto components manufacturer in India — with immediate effect. Lakshmi Venu, Venu Srinivasan’s daughter, is currently managing director of the company.
In a communication to the stock exchanges on Monday, Sundaram-Clayton said that Sudarshan Venu has relinquished his position as joint managing director of the company with immediate effect (March 11, 2019) as he will not be able to give sufficient time to manage day-to-day affairs of the company.
Sudharshan Venu, who was elevated as joint managing director of the company back in September 2014 for a five-year period, could not complete his tenure fully. He would, however, continue to serve as non-executive and non-independent director, liable to retire by rotation, which would be valuable and support to the company considering his experience in automotive industry.
In a related development, the board has reappointed Venu Srinivasan as the managing director of the company for a further period of five years, effective May 23.
Earlier, Sudarshan Venu joined Sundaram-Clayton as an additional director as part of succession plan; he was the fourth-generation scion of the TVS group to join the family business. He is currently joint managing director of TVS Motor too.
Sudarshan Venu is a graduate with honours at the US-based Jerome Fisher Program in Management and Technology at the University of Pennsylvania. He also obtained a Bachelor of Science degree in Mechanical Engineering from the School of Engineering and Bachelor of Science in Economics, both from the Wharton School, University of Pennsylvania. Sudarshan Venu completed his masters in international technology management from Warwick manufacturing group, an academic department at the university of Warwick in the UK.
SCL, part of the over $7-billion TVS group, has two manufacturing divisions- foundry ( die-casting) and automotive products. It also acts an investment arm for the group holding major stakes in a host of subsidiaries like TVS Motor. For the third quarter ended December 2018, Sundaram-Clayton reported a profit of `50.28 crore on a total income of `524.70 crore.