Monday, July 16, 2018

Cyrus Mistry ‘miserably failed’ to prove AirAsia charge

Mumbai: The National Company Law Tribunal (NCLT) said former Tata Sons chairman Cyrus Mistry “miserably failed” to set up a case on the allegations of fraudulent transactions worth Rs 22 crore involving Tata Trusts chairman Ratan Tata and Trusts managing trustee R Venkataramanan in AirAsia.

“I can say that the petitioners miserably failed to at least set up a case basing on this allegation; all are abominably baseless allegations thrown at a reputed person/and not knowing what consequences follow when such scurrilous allegations are not supported by any material paper,” the NCLT order stated.

The NCLT bench said the petitioners went on to make a scurrilous statement, without a shred of paper, that Tata funded one terrorist through hawala transactions by diverting AirAsia India funds. Mistry’s family firms, that own 18.4% stake in Tata Sons, alleged that R Venkataramanan at the behest of Tata indulged in diversion of funds from AirAsia India, and when Mistry raised this issue, he was removed as executive chairman of the company.
16/07/18 Economic Times