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Tata Trusts' reposes faith in Venkataramanan, says its offices not raided

IANS  |  Mumbai 

The trustees of Trusts on Thursday reposed their faith in R. Venkataramanan, who is the and a nominee of Sons on the Board of Air Asia

The development comes after was accused among other things of violating FDI norms in giving effective management to a foreign entity through FIPB clearance in 2013. has denied the charges.

Trusts hold a majority stake in In turn, holds a 49 per cent stake in Air Asia 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. under whose executive leadership as Managing Trustee, the Tata Trusts have done, and are continuing to do, outstanding work across India," the statement added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 20:02 IST