TMI Blog2023 (3) TMI 705X X X X Extracts X X X X X X X X Extracts X X X X ..... 12.08.2020, Talace Pvt. Ltd. was incorporated as 100% wholly owned subsidiary of Tata Sons Pvt. Ltd. which holds 100% shares of Air India Ltd. Material on record further discloses that vide an Order dated 11.07.2019, the Central Bureau of Investigation (CBI) was impleaded as Respondent No.6 in the writ petition and the CBI was directed to file the Status Report in a sealed cover. Similarly, this Court vide Order dated 23.01.2020, permitted the Petitioner to implead Enforcement Directorate (ED), Ministry of Finance as Respondent No.8 and the ED was also directed to file the Status Report in a sealed cover. Status Reports in sealed covers have been filed before this Court and this Court has perused the Status Reports. In view of the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nomic Affairs, Government of India approving M/s Air Asia Investment Ltd. (a Malaysian Company) to incorporate a new Joint Venture Company with foreign equity of 49% amounting to USD 15 Million (Rs. 80,98,27,500/- approx) and the balance 51% equity share was to be held in the ratio of 30% by M/s Tata Sons Ltd. and 21% by M/s Telestra Trade Pvt. Ltd. The relevant portion of the said decision reads as under:- 5. The approval is for M/s Air Asia Investment Ltd., Malaysia to incorporate a new Joint Venture company with a foreign equity of 49% amounting to US $ 15 million (Rs.80,98,27,500/- approx). The balance 51% equity is held in the ratio of 30% and 21% by M/s Tata Sons Ltd. And M/s Telestra Trade place Pvt. Respectively. The cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with DGCA Guidelines dated 01.03.2013 or from granting any approval for foreign investment by a foreign airlines in a greenfield airline project; d) Issue a writ of Mandamus or any other writ or direction of similar nature to direct the respondent authorities to define the terms substantial ownership and effective control as they are vital part of the applicable policy to prevent arbitrariness and illegality in decision making process. e) Issue a writ of Mandamus or any other writ or direction of similar nature to the Central Bureau of Investigation to investigate into the role and functioning of the Respondents Nos. 1 2 leading to the Impugned Decision in contravention of executive policy of the Government of India, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment Ltd. owned 49% of the shares, Telestra Tradeplace Pvt. Ltd. owned 21% of the shares and Tata Sons Ltd. owned 30% of the shares. 7. It is stated that as the consequence of the disinvestment of shareholding of Telestra Tradeplace Pvt. Ltd., the shareholding of Air Asia Investment Ltd. was further revised and Tata Sons Ltd. held 49% and Air Asia Investment Ltd. held 49%; two individuals, namely, Mr. R Venkatraman and Mr. S. Ramadorai held 1.50% and 0.50% respectively. 8. It is stated that in March, 2019, the shareholding of Air Asia Pvt. Ltd. was further revised with Tata Sons Ltd. obtaining 51% and Air Asia Investment Ltd. holding 49%. The shareholding structure of Air Asia (India) Pvt. Ltd. was again revised in December, 2020, as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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