Venkataramanan getsTataSons board’sbacking
The board of directors of Tata Sons on Tuesday backed R Venkataramanan, the nominee director at Air Asia India, who along with several executives of the airline is being probed by the CBI for allegedly trying to manipulate government policies to get an international licence.
Giving a clean chit to Venkataramanan, the board said he would continue to represent the holding company as there “have been no findings of any wrongdoing on the part of its nominee director”.
The board meeting, held in London, was chaired by Tata Sons Chairman N Chandrasekaran, and all the 11 directors, including Harish Manwani, former global chief operating officer of Unilever who joined the board earlier this year as an independent director, were present. During the meeting, the Tata Sons board was updated on the Air Asia case. The company said the board was satisfied that the airline was cooperating fully with agencies investigating the matter.
The board was aware that prior audits and forensic reports “were initiated by Air Asia India on some of the issues being currently investigated and based on such reports, the board expressed its confidence in its nominee director on the board”, Tata Sons said. Tata Sons’ re-affirmation of faith in Venkataramanan comes within weeks of Tata Trusts expressing its support for him. Tata Trusts holds a majority stake in Tata Sons. The holding company of the Tata group holds a 49 per cent stake in Air Asia India, which is a public limited company.
“The trustees reaffirmed their complete trust and continued support to Venkataramanan under whose executive leadership as managing trustee, Tata Trusts have done, and are continuing to do, outstanding work across India,” Tata Trusts, the philanthropic body which controls 66 per cent in Tata Sons, had said in a statement on June 14.
Last month, the CBI indicted executives of Tata Sons and airline company AirAsia Bhd for allegedly trying to bribe government officials.