Shasta (ruler of the country) is the Sanskrit name for the Tamil deity Chatta. He is a form of Aiyanar, a village tutelary deity (gramadevata) venerated in Kerala and Tamil Nadu. Shasta and Aiyanar have been popularly conflated in modern times, although properly Shasta rides a white elephant mount and Aiyanar rides a black horse.
In this representation, the image of Shasta is now missing. Presumably it was cast separately and set on the mounting peg. The smaller mahout sits on the hindquarters of the elephant and carries an elephant goad. The caparisoned elephant lifts an inert figure with his trunk, who may represent a vanquished enemy of the village.
A comparable portrayal of Shasta on his elephant found in Thogur, Tanjavur District, is in the Government Museum, Chennai (320). A later depiction is in the Kerala Folklore Museum, Kochi.