Will the Ministry of Civil Aviation seek a change in the shareholder agreement between Tata Sons, AirAsia BhD and Telestra Tradeplace?
A case against this three way joint venture, which runs AirAsia India, is being heard by the courts after BJP MP Subramanian Swamy raised several objections over the incorporation of the airline earlier this year.
Swamy has questioned whether substantial ownership and effective control of AirAsia India is in Indian hands since there is no clear Indian majority shareholder, the Indian shareholding is split between two companies.
This may prompt the ministry to seek a change in the shareholder agreement now, a source privy to developments told Firstbiz.
If the ministry does seek a change in the shareholder agreement for AirAsia, this would clearly point to a procedural lapse on its part while vetting the airline's applications. We tried to reach key ministry officials for this story but they remained unavailable.
28/11/14 Sindhu Bhattacharya/FirstBiz
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A case against this three way joint venture, which runs AirAsia India, is being heard by the courts after BJP MP Subramanian Swamy raised several objections over the incorporation of the airline earlier this year.
Swamy has questioned whether substantial ownership and effective control of AirAsia India is in Indian hands since there is no clear Indian majority shareholder, the Indian shareholding is split between two companies.
This may prompt the ministry to seek a change in the shareholder agreement now, a source privy to developments told Firstbiz.
If the ministry does seek a change in the shareholder agreement for AirAsia, this would clearly point to a procedural lapse on its part while vetting the airline's applications. We tried to reach key ministry officials for this story but they remained unavailable.
28/11/14 Sindhu Bhattacharya/FirstBiz
