Former Tata Sons Chairman Cyrus Mistry on Thursday alleged that the case filed by the CBI related to Air Asia raises grave public concerns over the credibility of R Venkataramanan, the trustee of Tata Trusts.

“It is well documented that R Venkataramanan was intimately involved in the affairs of AirAsia India right from its inception. He has had many roles including that of Executive Assistant to Ratan Tata at the time of the formation of the company, Tata Sons’ nominee on the board, as well as that of a shareholder with a 1.5 per cent stake in the company. Therefore, his weak excuse that he was only a non-executive director without any responsibility is totally without any merit,” Mistry said.

The CBI on Monday booked Tony Fernandes, Group CEO at AirAsia along with R Venkataramanan stating that public servants from the Civil Aviation Ministry and FIPB entered into a criminal conspiracy with Venkataramanan, Fernandes, and AirAsia India executives Tharumalingam Kanalingam, Rajendra Dubey with the intent to help AirAsia lndia to expedite the approval process and change in aviation policies to suit AirAsia India.

The CBI also said that Venkataramanan lobbied to get all approvals, including FIPB clearances and amendment/removal of existing 5/20 rule, for AirAsia India to get an international flying permit. Venkataramanan in a statement on Wednesday called the CBI allegations a smear campaign by Cyrus Mistry and said as non-executive director of AirAsia India, he had ‘little to no role to play’ in operational matters in the airline.

“It is commonly known that the present accusations against Air Asia India find their root in baseless allegations made by Cyrus P Mistry and the Shapoor Pallonji Group against Tata Trusts Trustees (me included) and Tata Sons in his ‘revenge’ legal actions,” Venkataramanan said.

“E-mails purportedly written by me have been circulated in the media in the context of the issue of 5/20 in the aviation sector. This has been a much debated policy matter and AirAsia India was one of the many airlines that had formally sought a review of this policy.”

Responding to the comments made about him by Venkataramanan, Mistry said: “This ridiculous attempt to question the independence of the CBI and to cloak his alleged misadventures by using my name is treated with the contempt it deserves. His alleged actions, which are today under investigation, raise grave public concerns over his credibility and ability to be the custodian of India’s largest public charitable trust.”

He also said the board of Tata Sons and the Tata Trustees need to concern themselves over the decline in governance standards at AirAsia India that this ‘shameful case reveals’.

“The Group and its employees deserve better. The actions or lack thereof that the Board of Tata Sons and the Tata Trustees may take, will define their commitment to upholding the value system enshrined by the Group’s Founders,” Mistry said.

“R Venkataramanan, as the Managing Trustee of the Tata Trusts, should know better than to drag the name of such a remarkable institution into an investigation by the CBI over his alleged personal integrity and alleged corrupt business dealings,” Mistry said.

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