His remarks come little over a week after CBI registered a case related to software procurement at Air India, a development which he had termed as a "shock" in a blog post on January 14.
The post, which was pulled out from his blog on the same day, had also said that the omnipresent shadow of vigilance and other probe agencies over processes undertaken by the executive has caused maximum damage to the public sector.
"In my incessant interactions with my men, latest being today, it is becoming increasingly evident that the fear of taking decisions and then making a mistake or being judged wrongly in hindsight is for real," the Chairman and Managing Director of the airline said.
"The fear including that of vigilance is like an overarching shadow of threat looming almost always," Lohani said and emphasised that after all "there are no guarantees more so in commercial decision making nor everything can have a quantifiable advance justification".
Air India, which is surviving on a Rs 30,000 crore bailout package spread over a ten-year period, is working on ways to improve its financial position. In the last financial year, the airline posted an operational profit of Rs 105 crore on account of low fuel prices and increased passenger numbers.