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<a href="http://www.businessinsider.in/searchresult.cms?query=Ankur+Khanna&amp;sortorder=effectivedate">Ankur Khanna</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=AirAsia&amp;sortorder=effectivedate">AirAsia</a> India's Chief Financial Officer has resigned almost after 10 months of joining the airlines. Earlier, he was summoned by the <a href="http://www.businessinsider.in/searchresult.cms?query=Enforcement+Directorate&amp;sortorder=effectivedate">Enforcement Directorate</a> (ED) in connection to alleged financial wrongdoing at the airline under its earlier head. 
 
"He is serving a three month notice period currently," a person close to the development, told ET. 
 The rumours of Khanna stepping down have been around since December. Khanna's name hasn't featured in any allegations of financial bungling or management issues at <keyword id="1583080" type="COMPANY" weightage="20" keywordseo="AirAsia-India">AirAsia India</keyword>. A senior official at the ED confirmed he was summoned solely because of his position as finance chief at the airline. 
 
According to Khanna’s <a href="http://www.businessinsider.in/searchresult.cms?query=Linkedin&amp;sortorder=effectivedate">Linkedin</a> profile, he joined <keyword id="6358246" type="COMPANY" weightage="100" keywordseo="AirAsia">AirAsia</keyword> India in April, 2016. Prior to that, he was the regional finance director at <keyword id="43747" type="COMPANY" weightage="20" keywordseo="Air-France">Air France</keyword> where he had been since 1999. 
 In two years of operations, AirAsia India has lost or replaced about 10 top executives which includes CEO <keyword id="1674460" type="UNKNOWN" weightage="20" keywordseo="Mittu-Chandilya">Mittu Chandilya</keyword>, chief financial officer Vijay Gopalan and commercial director Gaurav Rathore, apart from the heads of flight operations, operations control, HR, cabin crew, security, group operations and corporate quality.

AirAsia’s CFO Ankur Khanna quits

<keyword id="1583080" type="COMPANY" weightage="20" keywordseo="AirAsia-India">AirAsia India</keyword> is conducting an internal investigation after <keyword id="3821099" type="UNKNOWN" weightage="20" keywordseo="ex-tata-sons">ex-Tata Sons</keyword> chairman <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> raised red flags over functioning of the airline. During investigations, it surfaced that senior executives of AirAsia had complained to the company board and <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword> about serious lapses in business practices time and again, but no actions were taken. 
 
AirAsia executives highlighted few complaints, saying AirAsia was being "run" by Malaysian parent AirAsia Bhd, in contravention of FDI rules, and that the Indian venture was being "overcharged" by the Malaysian company. 
 
According to Indian rules, foreign airlines can only own up to 49% in domestic airlines but effective management control must remain with the Indian partner. 
 As per reports, AirAsia India executives had warned board chairman Ramadorai and director <keyword id="6578785" type="PERSON" weightage="20" keywordseo="Bharat-Vasani">Bharat Vasani</keyword> about potential losses, and the way the airline was being run. Some executives had questioned AirAsia chief <keyword id="82750" type="PERSON" weightage="20" keywordseo="Tony-Fernandes">Tony Fernandes</keyword> on entering into what they termed as “costly financial deals” with associate companies of AirAsia Bhd. Email correspondence between February 2014 and July 2015 highlights these complaints. 
 
"A thorough investigation was sought. The details of fraudulent transactions were discovered through an audit. It was taken to its logical conclusion and an FIR was filed against the resistance that has been discussed in the media in recent days," ET quoted a source as saying. 
 
In an email sent to Ramadorai, former executive Gopalan warned him about the breach of FDI and also hifhlighted many other issues. "Revenue management has to be real time and handled by persons familiar with the Indian marketplace and its behaviour", but the entire process is in Kuala Lumpur (the headquarters of AirAsia Bhd). "This is a significant issue from an effective management control perspective also," Gopalan had written. 
 "We have been mandated to use AGSS for outsourcing aspects of finance and accounting, HR functions, procurement and IT," Gopalan wrote in a mail to AirAsia Global Shared Services (AGSS). He also wrote that AGSS has exceeded the amount as compared to what it would have been of they were to inhouse the entire operation. There was also a warning that using Tune <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword>, another associate company of the AirAsia group, would reduce AirAsia India's earnings by 50%. 
 
The issue of selecting an advertising company was also brought to light. "We have decided not to go with PHAR, which is an AA (AirAsia) Group Company. This could lead to lesser rates as well," Gopalan noted. 
 
Another issue discussed in the mail was related to authority over clearing payments and expenses. Companies typically assign the responsibility of approving payments over a specified limit to the board and payments related to the day to day expenses to the management but according to a person familiar with the process, in AirAsia India, day to day approvals on key payments, travel, initial offer letters to employees etc came from Fernandes. 
 
"This process was followed because the authority of this director (Fernandes) was agreed by the board. Every agreement and contract that AirAsia India executed with an Indian or foreign agency and related party followed exactly the same process," he told ET. 
 
Another person familiar with the operations of the airlines told ET that only capital expenditure is approved by the board. 
 Gopalan and several colleagues - such as <keyword id="2190104" type="UNKNOWN" weightage="20" keywordseo="Gaurav-Rathore">Gaurav Rathore</keyword>, commercial director; <keyword id="217165" type="PERSON" weightage="20" keywordseo="Amit-Singh">Amit Singh</keyword>, director of flight operations; and <keyword id="3821101" type="UNKNOWN" weightage="20" keywordseo="najam-rao">Najam Rao</keyword>, head of security - quit AirAsia India in 2015. Chandilya's contract expired in March 2016. 
 
Gopalan also sought a meeting with Mistry. "I brought out (facts) to you so that the (Tata) group is not blindsided...This meeting is requested solely with the intent of protecting the Tata group and to enable me to discharge my duties honestly towards the position I was appointed for," he wrote. 
 <keyword id="3288032" type="UNKNOWN" weightage="20" keywordseo="Amar-Abrol">Amar Abrol</keyword> is the replacement for Chandilya and <keyword id="377197" type="PERSON" weightage="20" keywordseo="Ankur-Khanna">Ankur Khanna</keyword> is now in the place of Gopalan, eight months after he quit, with effect from April 1, 2016. The airline is yet to make a profit.

Investigations reveal AirAsia executives had apprised Tatas of lapses in the airline

In an announcement made by <keyword id="1583080" type="COMPANY" weightage="100" keywordseo="AirAsia-India">AirAsia India</keyword>, the<a href="http://www.businessinsider.in/No-major-foreign-control-in-AirAsia-India-and-Vistara-Tatas-deny-rivals-accusations-in-the-ongoing-5/20-rule-debate/articleshow/51134064.cms"> Indo-Malaysian airline</a>, <keyword id="3288032" type="UNKNOWN" weightage="100" keywordseo="Amar-Abrol">Amar Abrol</keyword> will be succeeding <keyword id="1674460" type="UNKNOWN" weightage="100" keywordseo="Mittu-Chandilya">Mittu Chandilya</keyword> as the CEO of AirAsia India, after Chandliya’s <a href="http://www.businessinsider.in/CEO-Mittu-Chandilya-wont-renew-his-contract-with-AirAsia-India/articleshow/50959175.cms">contract ends on March 31st 2016</a>. 
 
"Chandilya's contract ends March 31, 2016, but he will continue with the <a href="http://www.businessinsider.in/AirAsia-All-Set-To-Take-Off-In-India/articleshow/34824944.cms">company</a> until the end of April to ensure a smooth transition of the CEO role," said the release. 
 
Abrol comes with over 20 years of professional experience and was the CEO of Tune Money, a low-cost financial products start-up since 2013, before which he spent 19 years with American Express. 
 
Chandilya has led <a href="http://www.businessinsider.in/AirAsias-founder-Tony-Fernandes-is-looking-for-buyout-as-shares-plunge/articleshow/49596326.cms">AirAsia India</a> from June 1, 2013, and the airline has established a fleet of six aircraft, covering 12 routes and carrying over 1.8 million passengers. 
 
"In the most recent quarter of operation, October-December 2015, AirAsia India clocked a 134% growth in passenger traffic as it flew over half-a-million customers, and operated 3,376 flights as compared to 1,444 flights in the same period of 2014," said a release from the airline. 
 
Other changes in the management include the appointment of Ankur Khanna as the Chief Financial Officer and Kiran Jain as the Head of Commercial. 
 
While Khanna worked with Air France/KLM before this, Jain brings in over 25 years of aviation-related experience covering airports, airlines and duty free, having headed the Airport Marketing and Route Development function at Delhi International Airport. 
 
<a href="http://techstory.in/wp-content/uploads/2015/01/mittu.jpg">Image source</a>

You Searched For "Ankur Khanna" and got 3 results

AirAsia’s CFO Ankur Khanna quits

BI India Bureau

Investigations reveal AirAsia executives had apprised Tatas of lapses in the airline

BI India Bureau

Air Asia gets a new CEO, Mittu Chandilya’s contract ends this month

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