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Tatas’ Air Asia deal involved Rs 22cr fraudulent payment : Mistry

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Mumbai, Oct 26 : In the high corporate drama between the sacked Chairman of Tata Sons, Cyrus P. Mistry and the company’s board of director, an element of fraud has emerged as a surprising fallout from the public fracas.

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In an angry five-page letter sent to the board members and trustees, Mistry, who was removed without notice as Chairman of Tata Sons on Monday, said a fraudulent transaction of Rs 22 crore had emerged after forensic investigation into the Air Asia deal involving non-existent parties in India and Singapore.

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Tatas hold a majority stake in the joint venture Air Asia India which started its air operations in June 2014.

“Board members and trustees are also aware that in the case of Air Asia, eithical concerns have been raised with respect to certain transactions as well as the overall prevailing culture with the organization,” Mistry said in his letter where he called the board’s action against him “shocking” and “invalid”. A copy of the letter is with IANS.

He said that Executive Trustee and board member of Air Asia (R.) Venkatraman, considered these transactions “non-material” and it was only at the insistence of the independent directors, one of whom resigned, that an FIR was filed.

Mistry also implied that he was not fully on board with the decision on two aviation joint ventures, with Air Asia and Singapore Airlines, the latter one called Vistara. “He (Tata) had concluded negotiations to partner with Air Asia and wanted the proposal tabled at the forthcoming Tata Sons board meeeting. My pushback was hard but futile,” Mistry wrote.

A few months later, he wrote, “I was surprised to be confronted with a similar situation requiring me to execute a fait accompli JV with Singapore Airlines.”

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PDP chief Mehbooba Mufti released from detention after 14 months

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

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Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

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Swimming pools for training of sportspersons to open with SOP from Oct 15

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SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

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Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

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