The Securities and Exchange Board of India (Sebi), the market regulator, has said, in a submission to the Supreme Court, that it is "enquiring" into the allegations made by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. In the same matter, the central government has agreed to form an expert committee to strengthen the regulatory regime in order to ensure that market investors are protected. The Supreme Court had last week suggested an expert committee to look into the allegations and had asked the Centre for its response.
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
Most reported unruly passenger incidents were classified as level 1, or intentional non-compliance with safety regulations like not wearing face masks, not wearing seat belts.
Goa's second airport began operations last week and if all goes according to plans, the state will be the base for a new regional airline, Fly91. Promoted by the ex-executive vice-president of now grounded Kingfisher Airlines, Manoj Chacko, and Fairfax India's former head, Harsha Raghavan, the airline will offer no-frills buy on board product and serve unconnected routes with two ATR 72 aircraft. An application for the initial no-objection clearance was filed with the civil aviation ministry last week.
'Were the Go First pilots aware that 55 passengers were missing when the aircraft was on ground?'
The MV Ganga Vilas will traverse through 27 rivers over 52 days, covering over 3,200 km.
Travel from India increased significantly after resumption of direct flights in March, Turkiye Tourism Board said, with destination weddings contributing to arrivals
The Delhi high court on Friday awarded Rs 20 lakh to Microsoft in damages in a 12-year-old copyright infringement suit. Microsoft said that a Mumbai-based firm was illegally using its software programs in which its copyrighted products, including Microsoft Windows, Microsoft Office and Windows Server were being reproduced and used for commercial purposes at the firm's offices. The court had on May 24, 2010, passed an injunction restraining the Mumbai firm from infringing the plaintiffs' software programs.
Pilots working with Air India have warned of non-co-operation if restoration of pre-Covid overtime allowance is delayed, and if other practices they say are 'discriminatory' continues. "We cannot assure that our members will undertake flying duties exceeding 70 hours a month. Any coercive action by the management will lead to industrial action to safeguard flight safety and well-being of our members," the Indian Commercial Pilots Association and the Indian Pilots Guild said in a joint letter to Air India's management on Tuesday.
A European cargo airline has moved the National Company Law Tribunal seeking expeditious acquisition of three Jet Airways B777-300 aircraft. The application is by a Malta-based Ace Aviation VIII Limited, which emerged as a successful bidder in the auction of three Boeing 777-300ER aircraft. The firm is part of a Belgium-based cargo airline and its application will be heard on Wednesday.
Vodafone Idea's (Vi's) search for a lifeline has turned longer and tougher even as it continues to lose customers and delay vendor payments. Vi's much-needed Rs 1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco. The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion, including hefty dues to the government.
A Jet Airways employees' union has moved court for liquidation amid continued differences between lenders and the Kalrock-Jalan consortium over the revival of the grounded airline. Last month, the consortium had made an application to the National Company Law Tribunal (NCLT) seeking control of the airline. The consortium said it has fulfilled all the conditions according to the plan and said banks should initiate steps to hand the company over to them.
In a setback to Tata Power, the Supreme Court on Wednesday dismissed the company's challenge to the Maharashtra Electricity Regulatory Commission's (MERC's) decision to award a Rs 7,000-crore transmission project near Mumbai on a nomination basis to Adani Electricity. The court upheld the order by the Appellate Tribunal for Electricity (APTEL) in this case and directed all State Electricity Regulatory Commissions to frame guidelines on tariff determination in accordance with Section 61 of the Electricity Act and the national policy. The verdict has implications for the Mumbai power market, said Ashok Pendse, an energy expert based in the city.
The conversion of interest into equity stake for the government in Vodafone Idea (Vi) will be decided after the telecommunications (telecom) company's stock price stabilises above Rs 10, India's largest mobile tower installation company Indus Towers has said in its second-quarter report. The board of Vi had, in January, approved the conversion of Rs 16,130 crore worth of interest on adjusted gross revenue dues into equity for the government. This will give the government around 33 per cent stake in Vi.
Sunil Bhaskaran, AirAsia India's chief executive officer (CEO) and managing director (MD), is the front-runner to head the low-cost carrier that will take birth after the merger of Air India Express and AirAsia India, sources said. In a show of confidence, the airline's board extended Bhaskaran's tenure by three years -- until March 2025 -- in a meeting held earlier this year, according to the documents reviewed by Business Standard. Moreover, AirAsia India's board of directors has increased Bhaskaran's salary twice in 2022 -- first in January by 5 per cent and then in June by 7 per cent, the documents showed.
The maintenance, repairs and overhault firm, which has six investors, received its first external funding from GTI Group and Punj Lloyd in 2007. All existing investors will exit the company following the transaction.
'Consumers are willing to increase travel spends by 20-30 per cent versus pre-pandemic.'
Singapore Airlines (SIA) is engaged in confidential talks with Tata Sons for merging Vistara with Air India, the flagship carrier of the Republic of Singapore informed the stock exchange in the Southeast Asian nation on Thursday in a first acknowledgement of a possible integration of the two airlines. "In line with its multi-hub strategy, SIA is currently in confidential discussions with the Tatas to explore a potential transaction in relation to the securities of Vistara and Air India. "The discussions seek to deepen the existing partnership between SIA and Tatas and may include a potential integration of Vistara and Air India," SIA said in a notification to the Singapore stock exchange. SIA owns 49 per cent stake in Vistara and is among the four airlines run by Tata Group.
After years of being sequestered by the pandemic, some intrepid travellers are planning to settle their score with the novel coronavirus. With fewer or no travel curbs, they are eager to get back on the road, again. Hotels and tour operators, too, are eager to shed excess Covid baggage. And this year's Diwali promises to add that extra layer sparkle with the introduction of new flights.
Telecom gearmaker Nokia will boost its manufacturing capacity in India by 1.5x over the next few years to support the 5G services roll-out, said Tarun Chhabra, the company's country head of mobile networks business. Nokia is supplying network equipment to Bharti Airtel and Reliance Jio for their 5G networks from its plant in Chennai. Vodafone Idea is yet to finalise its contract as it awaits fresh funding.
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