Page 6 - :: Rashtradarpan Magazine - October 2021 - Edition 1 ::

of the forms. Pitts alerted the office of Air India’s life chase other domestic airlines making na- sive Panama papers leaked in 2016.
Fulton County District Attorney Fani circle – back to tionalisation of civil aviation complete. •The report also mentions that cricket legend
Willis to investigate as well as contact original owners Letter by late prime-minister to JRD TATA Sachin Tendulkar was among the individuals
the Secretary of State's Office, which is he government announced on Friday after catching him off-guard who asked for the liquidation of his offshore
doing its own investigation. "Elections Tthat the Tata Group won the bid to pur- entity after the Panama leak.
are the most important function of our chase national carrier Air India, the airline TATAS BACK TO AIRLINES •According to Guardian, the papers reveal
government," Pitts said. "We have com- founded by JRD Tata in 1932. Air India’s After India liberalised its economy in the that King of Jordan, Abdullah II, secretly
mitted to transparency and integrity."- ghar waapasi was announced just a week early 1990s, Tatas set up a joint venture with amassed $100 million worth of property in
Fulton County drew national attention short of its 89th birthday — October 15. the Singapore Airlines, which failed initially, the US and UK, including plush ocean view
in 2020. The June presidential prima- For the record, JRD Tata and Ratan Tata but in 2012, the two groups came together to mansions in Malibu.
ry saw technical difficulties and voters come from different branches of the Tata launch a domestic airline, the Vistara. ARVIND TIKU: India-born Arvind Tiku,
waiting in lines for hours. In November, family. But they shared a close relationship, The winning bid brings to the Tatas, a 100 51, ranked by Forbes in 2021 as the 18th
then-President Donald Trump claimed with Rata Tata describing JRD as “a father per cent stake in Air India and its low-cost richest in Singapore with a net worth of
there were illegal votes counted in Fulton arm, Air India Express as well as a 50 per $2.2 billion, has established The Sai Charan
County. Raffensberger has previously and brother to me”. cent stake in ground-handling company Air Investment Holding Trust in Singapore, of
Air India’s return to the Tata fold happened
called for Barron and the county's Reg- India SATS Airport Services Private Limited which Auctus Investments Ltd, a British Vir-
istration Chief Ralph Jones to be fired after 68 years of being a government com- (AISATS). gin Islands company, is the prime investment
pany. The Jawaharlal Nehru government had
immediately. Pitts countered, saying he This also brings to Tatas part of Air India’s holding vehicle with assets of $199.4 million,
believes Raffensperger wants the state taken over Air India through nationalisation debt. The government said as on August 31, show records of Trident Trust, a global cor-
to take over elections in Fulton County. in 1953. Back then, the government had paid Air India has a total debt of Rs 61,562 crore. porate services company headquartered in
"His ultimate goal is based on the provi- Rs 2.8 crore to Tata Group and took over a Tata takes over Rs 15,300 crore of the debt. BVI.
sions of Senate Bill 202, he would like to 100 per cent stake in the venture. He is not just another businessman. His busi-
take over the elections in Fulton County, THE BIRTH ness associates include LN Mittal, chairman
That is not going to happen, period," said JRD Tata spent his childhood in France in of the world’s largest steel and metal compa-
Pitts. Any Fulton County resident who the neighbourhood of Louis Blériot, the first ny, ArcelorMittal, and Timur Kulibaev, son-
has questions about their ballot or ap- person to undertake an international over- in-law of former President of Kazakhstan
plication can contact the Fulton County seas flight in 1907, when he crossed the En- Nursultan Nazarbayev.
Department of Registration & Elections glish Channel in a monoplane. Tiku set up The Sai Charan Trust in Channel
at 404-612-7030. Twenty years later, according to JRD Ta- Islands, Guernsey, in August 2011. The trust-
ta’s biographer RM Lala, he drew a sketch ee of Sai Charan Trust is Standard Chartered
Travelers in Atlanta of Charles Lindbergh, who had flown solo Trust (Guernsey) Limited. It’s a discretion-
across the Atlantic in 1927. This was when
frustrated by surge of JRD Tata’s fascination for flying took firm ary trust set up for estate planning of Tiku,
Southwest Airlines can- roots. who is also the ‘Settlor’ and ‘Ultimate Bene-
celations When Flying Club was opened in Mumbai ficial Owner.’
(then Bombay) in 1929, JRD Tata enrolled Auctus Investments, the BVI company in-
and logged long hours to master the art and corporated in February 2013, owns the
science of flying aircraft. investment portfolio kept with Standard
Three years on, JRD Tata founded Tata Avia- Chartered Bank’s branches in Hong Kong
tion Service in 1932 with an investment of Rs and Singapore. This includes cash accounts,
2 lakh and piloted the first flight of Air India, bonds, equities, and mutual funds, valued
outhwest Airlines is blaming the then called Tata Air Mail. at $199.7 million. Auctus Investments is the
Sweather for a surge of flight cancel- It was a cargo flight. It soon became a prof- Open letter by Ratan Tata welcoming their sole shareholder in several companies, in-
lations throughout the weekend. The it-making venture. In five years, Tata Air own airlines back cluding two BVI companies, Starlet Group
airline issued an advisory on Satur- Mail’s profit rose from Rs 60,000 in 1933 to Holdings Inc and Swift Ventures Assets Ltd.
day10/09/2021 afternoon. The airline Rs 6 lakh in 1937. Pandora Papers: These two BVI companies have been set up
said affected passengers that need to Involvement of the rich, primarily to own real estate assets and bank
re-book can view self-service options powerful and political accounts in the United Kingdom, and the
by checking their flight status online ‘beneficial owner’ for both is The Sai Charan
or reaching out to customer service. Trust. Starlet, the documents show, owns a
The airline's issues affected travelers at $34.7 million property in London, and Swift
airports across the U.S. Other domes- a $1.9 million property, again in London.
tic airlines were not experiencing the LALIT GOYAL: Observing that “builders
same wave of flight cancelations. Flight only understand the colour of money or a
Aware showed Sunday more than jail term,” the Supreme Court bench of Jus-
1,000 flights Southwest flights were tices DY Chandrachud and MR Shah held in
canceled in the U.S. The flight-tracking contempt an IREO Group company on Au-
site showed on Sunday morning the he "Pandora Papers" investigation in- gust 19 for failing to comply with its order
only canceled arrivals and departures Tvolving 600 journalists from dozens of directing refund of money to a homebuyer.
at Hartsfield-Jackson Atlanta Interna- media, including The Washington Post and Many homebuyers, having lost hope of
tional Airport were Southwest Airlines The Guardian, is based on the leak of some getting their apartments, are approaching
flights. 11.9 million documents from 14 financial courts, seeking possession or refund. So
Ronda Devins, a Southwest Airlines services companies worldwide. are marquee foreign investors such as Axon
passenger, said she was trying to get Here's what we know so far: Capital and Children’s Fund Foundation in
back home to Houston on Sunday. •The documents have exposed over 300 In- courts overseas for returns on hundreds of
She didn't get much information from TATA-GOVERNMENT dians, including those accused of economic millions of dollars pumped into the group’s
Southwest Airlines employees. "These COLLABORATION offenses, former members of Parliament, projects. The IREO Group flagship IREO
poor people at the desk here are not Independence changed Tata’s relation with and those under the radar of investigation Private Limited is reeling in losses — Rs 500
to blame, but they have to handle the the government. Tata Group, in October agencies. crore in 2018-19.
problem," she said. Devins said her 1947, gave a proposal to the government to •According to a report by the Indian Express, But group co-founder Lalit Goyal, whose
need to get home wasn't as urgent as float Air-India International. which was part of the consortium, busi- sister is married to BJP leader Sudhanshu
some of the people she waited in line The government was to hold a 49 per cent nessman Anil Ambani has 18 asset holding Mittal, had moved assets, investments, and
with. stake in the Air India venture with a provi- offshore companies despite declaring bank- shareholdings, worth an estimated $77 mil-
Anthony Campbell from Phenix City, sion of acquiring an additional two per cent ruptcy in a UK court. lion, to an offshore trust structure which in-
Alabama, was frustrated he didn't re- stake in the company. Tatas were to have 25 •Biocon promoter Kiran Mazumder Shaw's cluded four entities registered in the British
ceive any prior notice. "My flight was per cent and the rest was to be owned by the husband allegedly set up a trust with keys to Virgin Islands much before the group got
going to MD Anderson (Cancer Cen- public. The proposal got the Nehru govern- a person who Sebi banned for insider trad- into trouble, reveal internal documents of
ter) for cancer treatment," he said. ment’s approval within weeks. ing. Trident Trust, a global corporate services
"Now I'm in a dilemma. They're going Yet, five years after Tata allowed the govern- •Also, fugitive Nirav Modi's sister set up a company.
to delay my treatment. They could have ment to own a 49 per cent stake, the Nehru trust just a month before the diamantaire According to these documents, Goyal — his
notified everybody so we could make government decided to nationalise Air India. fled the country. residence address is mentioned as Marina
arrangements." According to the air- JRD Tata was taken by surprise and was “in- •Key persons indicted in the controversial Bay Residences, 18 Marina Boulevard, #45-
line, there were air traffic control issues dignant at the manner in which the govern- AgustaWestland helicopter deal and their 08, Singapore — had set up the Oak Veneer
caused by bad weather on Friday. That ment had treated the air transport industry”. offshore networks and alleged money flows. Trust in tax haven Guernsey with Standard
led to flight delays and cancelations In 1953, the government paid Rs 2.8 crore The Express report added that several indi- Chartered Trust (Guernsey) Ltd as a trustee.
throughout the weekend. to purchase the rest of Air India’s stock. The viduals who owned offshore entities opted to Trident Trust documents which show Lalit
government paid another Rs 3 crore to pur- reorganize their foreign assets after the mas- Goyal as the Beneficial Owner of Turquoise
Waters Worldwide Limited.
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