Connect with us

Breaking

Tatas’ Air Asia deal involved Rs 22cr fraudulent payment : Mistry

Published

on

Mumbai, Oct 26 : In the high corporate drama between the sacked Chairman of Tata Sons, Cyrus P. Mistry and the company’s board of director, an element of fraud has emerged as a surprising fallout from the public fracas.

2-14

In an angry five-page letter sent to the board members and trustees, Mistry, who was removed without notice as Chairman of Tata Sons on Monday, said a fraudulent transaction of Rs 22 crore had emerged after forensic investigation into the Air Asia deal involving non-existent parties in India and Singapore.

cyrus-2

Tatas hold a majority stake in the joint venture Air Asia India which started its air operations in June 2014.

“Board members and trustees are also aware that in the case of Air Asia, eithical concerns have been raised with respect to certain transactions as well as the overall prevailing culture with the organization,” Mistry said in his letter where he called the board’s action against him “shocking” and “invalid”. A copy of the letter is with IANS.

He said that Executive Trustee and board member of Air Asia (R.) Venkatraman, considered these transactions “non-material” and it was only at the insistence of the independent directors, one of whom resigned, that an FIR was filed.

Mistry also implied that he was not fully on board with the decision on two aviation joint ventures, with Air Asia and Singapore Airlines, the latter one called Vistara. “He (Tata) had concluded negotiations to partner with Air Asia and wanted the proposal tabled at the forthcoming Tata Sons board meeeting. My pushback was hard but futile,” Mistry wrote.

A few months later, he wrote, “I was surprised to be confronted with a similar situation requiring me to execute a fait accompli JV with Singapore Airlines.”

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking

Bigg boss 13: Siddharth Shukla won, Asim first runnerup

Published

on

Continue Reading

Breaking

Delhi court convicts 19 persons in Bihar’s Muzaffarpur shelter home case

Published

on

New Delhi, 20 Jan : The Saket court in Delhi on Monday convicted 19 accused, including high-profile Brajesh Thakur, in connection with the alleged sexual and physical assaults on girl inmates at a shelter home in Bihar’s Muzaffarpur district.

Continue Reading

Breaking

Violence in JNU, masked goons attack students, teachers

Published

on

New Delhi, 5 Jan : Violence swept the Jawaharlal Nehru University on Sunday as several masked individuals, both male and female, thrashed students, including girls, and teachers inside the varsity campus with wooden and metal rods.

Shah takes stock of situation, orders probe

Union Home Minister Amit Shah on Sunday ordered the Delhi Police to take all necessary action to control the situation in the Jawaharlal Nehru University where widespread violence in the evening left many students, including girls, and teachers injured.

Priyanka Gandhi reaches AIIMS to meet injured JNU students

Congress General Secretary Priyanka Gandhi Vadra on Sunday reached All India Institute of Medical Sciences (AIIMS) to meet the students who were injured during the clash between the two groups inside the Jawaharlal Nehru University (JNU).

Fascists in control of our nation: Rahul

Congress leader Rahul Gandhi attacked the Central government over the violence that erupted in the Jawaharlal Nehru University (JNU) campus on Sunday.

Continue Reading

Trending Live

Advertisement

Latest Post

Big News

Advertisement

Sports

Advertisement

Entertainment

Trending