Delhi HC notice on AirAsia violations & seeking forensic report on financial bungling in Tata

Delhi High Court allows audit of forensic report and details of payoff amounts in AirAsia deal

More trouble for Ratan Tata in the AirAsia payoffs
More trouble for Ratan Tata in the AirAsia payoffs

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]F[/dropcap]riday’s Delhi HC notice to AirAsia violations and seeking forensic report on Tata Group’s financial bungling are expected to create a nightmare for Ratan Tata. The existence of internal forensic report on financial bungling was revealed by none other than Cyrus Mistry and in his letter he mentioned how Rs. 22 crores ($3.3 million) was paid to non-existent entities in India and abroad in connection with fraudulent AirAsia operations. The Enforcement Directorate has been already probing on this dubious flow of Rs. 22 crores ($3.3 million) to non-existing entities and BJP leader Subramanian Swamy had already raised this matter with ED Chief Karnal Singh.

…Cyrus Mistry’s recent revelations have blown the lid off the case.

Apart from seeking the Director General of Civil Aviation (DGCA) to check the illegalities in the joint venture between AirAsia Berhad and Tata Sons, the Delhi HC Bench headed by Chief Justice G Rohini and Justice Pradeep Nandrajog had also allowed Subramanian Swamy’s petition to seek the forensic report and details of this dubious Rs. 22 crore ($3.3 million) payouts.

The Federation of Indian Airlines (FIA) and Swamy has been fighting on the illegalities of AirAsia approval during UPA regime for the past three years and Cyrus Mistry’s recent revelations have blown the lid off the case.

Swamy’s plea for impleading of R Venkataramanan, Managing Trustee of the Sir Dorabji Tata Trust and a member of the Board of AirAsia India Pvt Ltd was also allowed by the Delhi High Court.

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]H[/dropcap]igh Court’s intervention on the Rs.22 crore fund diversion to non-existent entities are going to be a big blow to Ratan Tata, as Mistry had already said these illegal payments were paid due to the pressure of Tata. In the internal forensic report on financial transactions, Mistry’s team had unearthed the original beneficiaries of this dubious payment. Tata insiders say that the 400 page forensic report on the financial bungling reveals the murky deals of fund flow on several deals of the Tata Group concerns, happened at the instance of none other than Ratan Tata.

The investigation has unearthed the real beneficiaries of each and every doubtful cash flow from the Tata group companies.

Tata insiders say the forensic investigation was ordered by Cyrus Mistry and it was conducted by a well known professional agency. The investigation has unearthed the real beneficiaries of each and every doubtful cash flow from the Tata group companies.

It is expected that after Niira Radia tapes, this expose of the 400 page forensic report on financial bungling is going to affect Ratan Tata and the image of his coteries. This would force the law enforcement agencies to apply FEMA and PMLA violations in the end. The High Court’s intervention would force the agencies to do it. Last heard is Cyrus Mistry is in the mood of happy to help the Enforcement Directorate to expose the “intolerant” Ratan Tata. In this battle of wits, it is reliably learnt that Corporate Samurai Nusli Wadia is also supporting Cyrus Mistry.

Note:
1. The conversion rate used in this article is 1 USD = 66.67 Rupees.
2. Text in Blue points to additional data on the topic.

LEAVE A REPLY

Please enter your comment!
Please enter your name here