Mumbai: The trustees of Tata Trusts on Thursday reposed their faith in R. Venkataramanan, who is the non-executive director and a nominee of Tata Sons on the Board of Air Asia India.
The development comes after AirAsia India Director Venkataramanan was accused among other things of violating FDI norms in giving effective management to a foreign entity through FIPB clearance in 2013. Venkataramanan has denied the charges.
Tata Trusts hold a majority stake in Tata Sons. In turn, Tata Sons holds a 49 per cent stake in Air Asia India which is a public limited company.
According to a statement from Tata Trusts: “The trustees categorically reiterated that the reported investigations have nothing whatsoever to do with the affairs of any of the Tata Trusts and noted that papers and documents relating to the Trusts were neither seen nor called for by the investigators.”
The statement revealed that Venkataramanan’s office in the Trust’s office premises, was visited by the authorities and clarifications sought on some papers relating to Air Asia India, “some of which were taken by the authorities”.
As per the statement, the trustees expressed concern that “inaccurate and mischievous reports were carried by some media entities” to give an impression that the Tata Trusts’ offices were raided by the investigating authorities, which did not take place.
“The trustees reaffirmed their complete trust and continued support to Mr. Venkataramanan under whose executive leadership as Managing Trustee, the Tata Trusts have done, and are continuing to do, outstanding work across India,” the statement added.