TROUBLED FLIGHT

February 2013

Malaysia’s AirAsia Berhad says it has approached the FIPB for a proposed JV with Tata Sons and Arun Bhatia of Telestra Tradeplace. AirAsia would hold 49 per cent stake in the JV, Tata Group 30 per cent and Bhatia 21 per cent

July 2013

BJP leader Subramanian Swamy moves the Supreme Court to quash the clearance given to AirAsia India. In a PIL, Swamy terms the clearance illegal and says several issues related to foreign control and policy had been overlooked in granting it

January 2015

Tata launches Vistara in a tie-up with Singapore Airlines, and garners a market share of 3.8 per cent as on September 2017

December 2016

Cyrus Mistry, who was ousted as Tata Sons chairman in October 2016, moves the National Company Law Tribunal against his former employer. He alleges that no due diligence was done before finalising the AirAsia deal, flags discrepancies in the management of AirAsia India

June 2018

AirAsia’s operating loss more than doubles to Rs 97 crore in the first quarter of 2018 on higher aircraft fuel expenses as well as aircraft maintenance costs

July 2018

NCLT dismisses Mistry’s petition. He then moves the National Company Law Appellate Tribunal (NCLAT), where his plea is being heard