NEW DELHI: Tata Trusts' R Venkataramanan on Wednesday mentioned he has been wrongly named as an accused within the CBI case in opposition to AirAsia India as he had "little or no role to play" as a non-executive director on the airline, whilst he blamed "revenge legal action" via former Tata Group leader Cyrus Mistry for the accusations.
The finances provider is majority-owned via Tatas and Venkataramanan has round 1.5 in keeping with cent shareholding within the three way partnership with AirAsia Berhad.
"In my capacity as non-executive director of Air Asia India Limited, I have been wrongly named as an accused by the CBI on operational matters where I had little or no role to play," he mentioned in a remark.
The CBI has registered a case in opposition to AirAsia Group CEO Tony Fernandes, Venkataramanan and other officials for allegedly looking to manipulate executive insurance policies through corrupt means to get world licence.
"It is commonly known that the present accusations qua Air Asia India find their root in baseless allegations made by Cyrus P Mistry and the Shapoor Pallonji Group against Tata Trusts Trustees (me included) and Tata Sons in his 'revenge' legal actions," the remark mentioned.
Venkataramanan could also be the managing trustee of the Sir Dorabji Tata Trust and is answerable for management and oversight of all the Tata Trusts, as in keeping with Tata Trusts website.
Emphasising that every one allegations of wrongdoing or illegality in opposition to him are baseless, Venkataramanan mentioned these motivated allegations are a part of the smear marketing campaign run to discredit him and the work being done via the Tata Trusts, which give a contribution Rs 1,200 crore every yr to philanthropic activities.
"Despite, Cyrus Mistry and his company's efforts to discredit the Trusts, we resolve to enhance the quality of life of our people," he noted.
After a sour fallout with Tata Sons and Ratan Tata, Cyrus Mistry was once ousted as the gang chairman in late 2016. After his ouster, Mistry had flagged more than a few governanace issues on the team, together with alleged wrongdoings at AirAsia India.
Since then, Mistry and Tatas are locked in a acrimonious criminal combat over more than a few issues.
The CBI has alleged that Venkataramanan was once lobbying within the executive to safe mandatory approvals, a few of them through "non-transparent means", together with the then Foreign Investment Promotion Board (FIPB) clearance, no-objection certificate and the strive for removing or modification of 5/20 rule.
The norm -- which required native airlines to be in operation for no less than five years and a minimum fleet of 20 planes so as to start out of the country operations -- was once done away with in 2016. Now, best the fleet requirement of 20 airplane is in drive, making it more uncomplicated for new avid gamers akin to AirAsia India and Vistara to commence world flights.
Referring to the emails purportedly written via him within the context of the problem of 5/20 norm within the aviation sector, Venkataramanan mentioned this has been a far debated policy topic and that "Air Asia India was one of the many airlines that had formally sought a review of this policy".
The finances provider is majority-owned via Tatas and Venkataramanan has round 1.5 in keeping with cent shareholding within the three way partnership with AirAsia Berhad.
"In my capacity as non-executive director of Air Asia India Limited, I have been wrongly named as an accused by the CBI on operational matters where I had little or no role to play," he mentioned in a remark.
The CBI has registered a case in opposition to AirAsia Group CEO Tony Fernandes, Venkataramanan and other officials for allegedly looking to manipulate executive insurance policies through corrupt means to get world licence.
"It is commonly known that the present accusations qua Air Asia India find their root in baseless allegations made by Cyrus P Mistry and the Shapoor Pallonji Group against Tata Trusts Trustees (me included) and Tata Sons in his 'revenge' legal actions," the remark mentioned.
Venkataramanan could also be the managing trustee of the Sir Dorabji Tata Trust and is answerable for management and oversight of all the Tata Trusts, as in keeping with Tata Trusts website.
Emphasising that every one allegations of wrongdoing or illegality in opposition to him are baseless, Venkataramanan mentioned these motivated allegations are a part of the smear marketing campaign run to discredit him and the work being done via the Tata Trusts, which give a contribution Rs 1,200 crore every yr to philanthropic activities.
"Despite, Cyrus Mistry and his company's efforts to discredit the Trusts, we resolve to enhance the quality of life of our people," he noted.
After a sour fallout with Tata Sons and Ratan Tata, Cyrus Mistry was once ousted as the gang chairman in late 2016. After his ouster, Mistry had flagged more than a few governanace issues on the team, together with alleged wrongdoings at AirAsia India.
Since then, Mistry and Tatas are locked in a acrimonious criminal combat over more than a few issues.
The CBI has alleged that Venkataramanan was once lobbying within the executive to safe mandatory approvals, a few of them through "non-transparent means", together with the then Foreign Investment Promotion Board (FIPB) clearance, no-objection certificate and the strive for removing or modification of 5/20 rule.
The norm -- which required native airlines to be in operation for no less than five years and a minimum fleet of 20 planes so as to start out of the country operations -- was once done away with in 2016. Now, best the fleet requirement of 20 airplane is in drive, making it more uncomplicated for new avid gamers akin to AirAsia India and Vistara to commence world flights.
Referring to the emails purportedly written via him within the context of the problem of 5/20 norm within the aviation sector, Venkataramanan mentioned this has been a far debated policy topic and that "Air Asia India was one of the many airlines that had formally sought a review of this policy".
AirAsia case: Tata Trusts head says allegations baseless, blames Mistry
![AirAsia case: Tata Trusts head says allegations baseless, blames Mistry]()
Reviewed by Kailash
on
May 30, 2018
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