Earlier reports suggested that the Tata group, which owns 51 per cent stake in Air Asia India, is in talks to buy out AirAsia Berhad's stake in the loss-making joint venture.
Neither Tata Sons
nor the Mistry family commented on the matter.
The total investment made in the airline venture is around Rs 1,255 crore while the total losses are around Rs 2,130 crore.
Some of the shareholders also raised issues of major losses in telecom and Tata Steel's European businesses.
These were among the issues raised by Cyrus Mistry after he was removed in October 2016 as Tata Sons
The AGM assumes significance as the Supreme Court is all set to hear the appeals filed by the Tata group
and the Mistry family against each other. The Mistry family is demanding a board seat and removal of veto powers to Tata Trusts directors. Tata Trusts owns 66 per cent stake in Tata Sons.
The auditor of Tata Sons also raised the issue of Air Asia India. It said the Air Asia (India) Limited has accumulated losses and its net worth has been fully eroded.
Air Asia (India) Limited has incurred a net loss during the current and previous year and Air Asia (India) Limited’s current liabilities exceeded its current assets as at the balance sheet date by Rs 1,208.89 crore. These conditions and events indicate existence of material uncertainty that may cast a significant doubt on Air Asia (India)’s ability to continue as a going concern, the auditor said.
In FY20, Chandra took home Rs 58 cr
Tata Sons management, including Chairman N Chandrasekaran and Executive Director Saurabh Agrawal, have taken a cut in the bonuses. While Chandrasekaran took home remuneration of Rs 58.34 crore, Agrawal’s total remuneration was Rs 15.77 crore.