Mumbai: R Venkataramanan, managing trustee of Tata Trusts, and S Ramadorai, former CEO of TCS, have exited budget carrier AirAsia India by selling their shares to Tata Sons. The duo has also stepped down from the board, ending their two-year association with the controversy-stricken airline.
After the share-purchase, Tata Sons, the holding company of the $111-billion Tata Group, has become the largest shareholder of AirAsia India with a 51% equity interest. The remaining 49% is held by Malaysia’s AirAsia.
Venkataramanan, who recently announced his departure from Tata Trusts, and Ramadorai held 1.5% and 0.5% stakes respectively in AirAsia India. Venkataramanan will be at Tata Trusts till March 31.
TOI had reported about the plan of the two to sell their stakes in AirAsia India in its September 6, 2018 edition.
Last year, Venkataramanan was named in a CBI investigation for trying to manipulate government policies to get an international licence for AirAsia India allegedly through corrupt means.
The changes in the shareholding structure are believed to be a function of the central investigative action and financial irregularity allegations against the airline. Additionally, AirAsia India has been hit by losses and employee exits.
23/03/19 Reeba Zachariah/Times of India
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After the share-purchase, Tata Sons, the holding company of the $111-billion Tata Group, has become the largest shareholder of AirAsia India with a 51% equity interest. The remaining 49% is held by Malaysia’s AirAsia.
Venkataramanan, who recently announced his departure from Tata Trusts, and Ramadorai held 1.5% and 0.5% stakes respectively in AirAsia India. Venkataramanan will be at Tata Trusts till March 31.
TOI had reported about the plan of the two to sell their stakes in AirAsia India in its September 6, 2018 edition.
Last year, Venkataramanan was named in a CBI investigation for trying to manipulate government policies to get an international licence for AirAsia India allegedly through corrupt means.
The changes in the shareholding structure are believed to be a function of the central investigative action and financial irregularity allegations against the airline. Additionally, AirAsia India has been hit by losses and employee exits.
23/03/19 Reeba Zachariah/Times of India
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