Thursday, December 22, 2016

Did Ratan Tata, AirAsia support global terrorist Malakotipour?

In a petition filed with the National Company Law Tribunal, Cyrus Investments and Sterling Investment Corp, investment companies of the Shapoorji Pallonji Group have accused Tata Sons and Ratan Tata for having dealings with Hamid Reza Malakotipour, an alleged sanctioned global terrorist.

The Economics Times reported the findings on December 4. Reportedly, the petitioners said, "Hence, acting upon the instructions of respondent 2 (Ratan Tata), the Tata group in its dealings with AirAsia have indirectly been financers of terrorism and respondent 2 (Tata), by his acts has caused irreparable harm to the age old image of the Tata group in addition to breaching the trust of not only the shareholders of the Tata group but also its employees."

However, a spokesperson for Tata Sons quashed the allegations against Tata Sons and Ratan Tata baseless. "Each one of them will be responded to and proved incorrect," he said.

Tata Sons and Malaysian carrier AirAsia Berhad each own 49% in the airline. The remaining 2% is owned by chairman Ramadorai and Director R Venkataramanan.
22/12/16 Business Standard