NEW DELHI: Tata Trusts on Thursday got here out in give a boost to of its managing trustee R Venkataramanan, who is beneath investigation via the CBI for allegedly seeking to manipulate executive insurance policies through corrupt approach to get international licence for AirAsia India.
A blended assembly of the trustees of Tata Trusts was once held this afternoon and "reaffirmed their complete trust and continued support to Venkataramanan under whose executive leadership as Managing Trustee, the Tata Trusts have done, and are continuing to do, outstanding work across India."
In a remark, Tata Trusts stated its trustees also expressed concern over "inaccurate and mischievous reports" giving an impression that its workplaces have been raided via investigating government, "which did not take place".
The office of Venkataramanan, in his capacity as a Non-Executive Director and a nominee of Tata Sons on the Board of Air Asia India Limited, within the Trust office premises, was once visited via the government and clarifications sought on some papers in relation to Air Asia India, some of that have been taken via the government, Tata Trusts stated.
"The trustees categorically reiterated that the reported investigations have nothing whatsoever to do with the affairs of any of the Tata Trusts and noted that papers and documents relating to the Trusts were neither seen nor called for by the investigators," the remark stated.
Tata Sons holds 49 in line with cent in Air Asia India Ltd.
Last month, the CBI had registered a case against AirAsia Group CEO Tony Fernandes, Venkataramanan and other officials for allegedly seeking to manipulate executive insurance policies through corrupt approach to get international licence.
The investigating agency has alleged that Venkataramanan was once lobbying within the executive to secure necessary approvals, some of them through "non-transparent means", together with the then Foreign Investment Promotion Board (FIPB) clearance, no-objection certificates and the try for elimination or modification of five/20 rule.
The norm -- which required native airways to be in operation for a minimum of five years and a minimum fleet of 20 planes in order to get started overseas operations -- was once carried out away with in 2016. Now, best the fleet requirement of 20 aircraft is in drive, making it more uncomplicated for new gamers reminiscent of AirAsia India and Vistara to begin international flights.
Venkataramanan had, then again, denied the allegations saying he was once wrongly named as an accused in case as he had "little or no role to play" as a non-executive director on the airline, at the same time as he blamed "revenge legal action" via former Tata Group chief Cyrus Mistry for the accusations.
"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 had stated in a remark. RKL MR MR
A blended assembly of the trustees of Tata Trusts was once held this afternoon and "reaffirmed their complete trust and continued support to Venkataramanan under whose executive leadership as Managing Trustee, the Tata Trusts have done, and are continuing to do, outstanding work across India."
In a remark, Tata Trusts stated its trustees also expressed concern over "inaccurate and mischievous reports" giving an impression that its workplaces have been raided via investigating government, "which did not take place".
The office of Venkataramanan, in his capacity as a Non-Executive Director and a nominee of Tata Sons on the Board of Air Asia India Limited, within the Trust office premises, was once visited via the government and clarifications sought on some papers in relation to Air Asia India, some of that have been taken via the government, Tata Trusts stated.
"The trustees categorically reiterated that the reported investigations have nothing whatsoever to do with the affairs of any of the Tata Trusts and noted that papers and documents relating to the Trusts were neither seen nor called for by the investigators," the remark stated.
Tata Sons holds 49 in line with cent in Air Asia India Ltd.
Last month, the CBI had registered a case against AirAsia Group CEO Tony Fernandes, Venkataramanan and other officials for allegedly seeking to manipulate executive insurance policies through corrupt approach to get international licence.
The investigating agency has alleged that Venkataramanan was once lobbying within the executive to secure necessary approvals, some of them through "non-transparent means", together with the then Foreign Investment Promotion Board (FIPB) clearance, no-objection certificates and the try for elimination or modification of five/20 rule.
The norm -- which required native airways to be in operation for a minimum of five years and a minimum fleet of 20 planes in order to get started overseas operations -- was once carried out away with in 2016. Now, best the fleet requirement of 20 aircraft is in drive, making it more uncomplicated for new gamers reminiscent of AirAsia India and Vistara to begin international flights.
Venkataramanan had, then again, denied the allegations saying he was once wrongly named as an accused in case as he had "little or no role to play" as a non-executive director on the airline, at the same time as he blamed "revenge legal action" via former Tata Group chief Cyrus Mistry for the accusations.
"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 had stated in a remark. RKL MR MR
Air Asia India probe: Tata Trusts backs R Venkataramanan
![Air Asia India probe: Tata Trusts backs R Venkataramanan]()
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June 15, 2018
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