Find the weak links

in your portfolio by Vishal Malkan

Internal red-flags being raised saw a sharp rise in Tata Group companies even before the board room governance battle started at Tata Sons. These escalations led to over 12,000 whistleblower complaints being filed within the group companies since FY22 when N Chandrasekaran took over as Tata Sons Chairman for the second term, data compiled by Moneycontrol showed.

The growth in the number of whistleblower complaints has been very steep, especially in the last three years, as 80% of the total complaints received since FY22 have been received between FY24 and FY26. The total number of complaints hit a new high of 3,500 in FY26, data showed. The group companies saw 3,111 complaints in FY25, 2,496 in FY24. For FY23 and FY22, the number stood at 1,668 and 1,323 respectively.

This data is based on the disclosures made by the Tata Group companies in their annual reports. Under the disclosure rules, companies are mandated to disclose the number of complaints received. The data considered by Moneycontrol includes complaints filed by employees, vendors and other stakeholders.

However, it does not include complaints made by investors which often pertain to share related issues like not receiving bonus or incorrect details in share certificates etc. The data also doesn’t include the consumer complaints.

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