FIA drags Tata-Air Asia to Supreme Court

Cyrus Mistry said, "Tata Sons board and members and trustees are also aware that in the case of Air Asia, ethical concerns have raised with respect to certain transactions as well as the overall prevailing culture within the organization. A recent forensic investigation revealed fraudulent transaction of Rs 22 crore involving non-existent parties in India and Singapore."

FIA drags Tata-Air Asia to Supreme Court
FIA said to SC, “Fraud has been committed by Tata-Air Asia. The agreement was in violation of Directorate General of Civil Aviation, Government of India (DGCA) Rules, FDI policy.” Photo: Youtube
Written By: ZeeBiz WebTeam
Updated: Thu, Oct 27, 2016
03:47 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
NTLF 2020 edition to focus on entrepreneurship, trust in data in new decade NTLF 2020 edition to focus on entrepreneurship, trust in data in new decade
My family has always been a guardian of Tata Group: Cyrus Mistry My family has always been a guardian of Tata Group: Cyrus Mistry
NCLAT to clarify Tata-Mistry order had no aspersions on RoC NCLAT to clarify Tata-Mistry order had no aspersions on RoC
Tata Sons moves SC against NCLAT order on Cyrus Mistry Tata Sons moves SC against NCLAT order on Cyrus Mistry

The Federation of Indian Airlines (FIA) on Thursday moved Supreme Court against Tata Sons and TOny Ferrnandes-owned Air Asia.
 
FIA said to SC, “Fraud has been committed by Tata-Air Asia. The agreement was in violation of Directorate General of Civil Aviation, Government of India (DGCA) Rules, FDI policy.”

FIA is seeking revocation of approvals that were granted by government for functioning this airline. 

Although media surfaced earlier this year alleging that the airline is run by foreign parties. Air Asia and Tatas were quickly to rebuke these allegations. 

Moreover, Tata Sons' ex-chairman Cyrus Mistry in his letter to the board, wrote about a Rs 22 crore fraud in the airline. 

Cyrus Mistry said, "Tata Sons board and members and trustees are also aware that in the case of Air Asia, ethical concerns have raised with respect to certain transactions as well as the overall prevailing culture within the organization. A recent forensic investigation revealed fraudulent transaction of Rs 22 crore involving non-existent parties in India and Singapore."
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.