AirAsia shareholder unhappy with Tata over SIA venture

AirAsia says deal not violative of shareholder agreement according to reports.

AisAsia India SIA Tata Group Telestra Tradeplace

A day after the Tata group announced its joint venture withSingapore Airlines (SIA), there seems to be unhappiness among the shareholders of AirAsia.

Arun Bhatia, whose Telestra Tradeplace has a significant 21 per cent stake in AirAsia India, has reportedly accused the Tata group of being “unethical” by keeping him in the dark about the latter’s joint venture with Singapore Airlines.

Bhatia’s concerns, which he aired earlier, and AirAsia chief Tony Fernandes’ silence on the issue have raised apprehensions in many circles that all was not well between the three major shareholders of AirAsia (Malaysia’s AirAsia Bhd holds 49 per cent, the Tatas have 30 per cent) on the issue.

However, a top executive of AirAsia has reportedly “allayed all concerns” and said the Indian conglomerate had not violated any clause of the joint venture agreement.