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For India to invoke "sovereign" or "state" immunity to safeguard its foreign assets, which are under threat of getting seized in the intensifying legal battle with Cairn Energy, may come with several riders. Experts point out that the Indian government has to first satisfy the French court that the properties or assets that are under consideration are being used to dispense the state's sovereign functions.
The government should convert Vodafone Idea's (Vi) debt into equity to avoid a duopoly in the telecom sector, Deutsche Bank Research said in its report on Monday. This, the bank suggested, would be the only viable solution in the backdrop of the Supreme Court dismissing the telecom company's application for recomputation of adjusted gross revenue (AGR) dues.
Tata Sons has started the process of due diligence of state-owned Air India and its subsidiary Air India Express. Sources said the group has appointed Bain and Company and Seabury Group for this purpose. Once complete, a financial bid will be submitted and a deal to take over the airline is likely to fructify by end of this year or even earlier, people involved in the process said. Simultaneously, the group has brought in veterans in the aviation business from Delta and United Airlines to prepare a plan for post-merger integration of Air India with its existing airline ventures. Tata Sons operates Vistara - a 51:49 percent joint venture with Singapore Airlines and Air Asia India, in which Tatas hold 83.67 per cent stakes.
Serbia has become one of the transit points for Indians heading to Canada and the US. Canada requires passengers from India to take an RT-PCR test from a third country, while the US wants them to spend 14 days outside of India. As a result, many students are taking the Serbia route to Canada, and the US.
'Devas will continue to pursue its rights and enforcement actions against India in courts around the world.'
As and when Jet Airways applies for slots, these would be allocated among all airlines according to guidelines, without any claim of historicity in favour of any airline. Slots would be given to Jet only from the available remaining pool.
At least 95 per cent of Jet Airways employees will have to give their consent to the Kalrock-Jalan consortium's proposal or lose benefits offered to them under the revival plan. Voting on the consortium's offer for employees and workmen began on Monday and will go on till August 4. The National Company Law Tribunal cleared the consortium proposal to revive the airline on June 22. While Jet Airways had admitted claims of around Rs 15,000 crore, the consortium has offered to settle claims of Rs 475 crore of financial and non financial creditors.
The Kalrock-Jalan consortium - new owners of Jet Airways - has got an assurance from around 30 airports that if the airline restarts operations, 170 pairs of slots can be made available. However, whether those slots will be according to the airline's demand will depend on the order of the insolvency court, which is slated to come next week. Sources said the new management feels it is extremely important that some of those slots are restored or else its business plan of operating Jet as a premium carrier will not be viable.
The Navi Mumbai international airport will boast three interconnected multi-level terminals with a lotus-inspired design, according to the master plan prepared by its outgoing developer. The GVK group, which completed 15 years of airport business, shared the first look of the Navi Mumbai airport. The group in 2018 had commissioned British firm Zaha Hadid Architects to design the main terminal and air traffic control tower. The master plan of the airport was approved by the City and Industrial Development Corporation (CIDCO) in 2019.
Airlines are slashing salaries and re-negotiating vendor contracts as drastic fall in passengers has hurt revenue. Go First has cut staff salaries by around 16 per cent while IndiGo and SpiceJet are enforcing a leave without pay (LWP) policy and pay by the hour structure respectively to prune expenses. Vistara, which reversed pay cuts for junior staff including managers and cabin crew in March, is not touching employee salaries at the moment and instead focusing on vendor renegotiation and maximising cargo revenue. An Air India executive said efforts are on to pay salaries by 7th or 8th of June.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
EU and UK laws require airlines to incorporate data protection measures and report data breach to regulators within 72 hours. Non-compliance can invite steep fines.
Amid oxygen shortage and a faltering health system in the country, India is seeing over 300,000 cases daily.
The Russian vaccine has been registered in more than 55 countries and is gaining recognition in the virtual world -- being the only to have its own Facebook page, YouTube channel and a Twitter handle, reports Aneesh Phadnis
According to the order, all factories producing essential goods and services will remain operational at full capacity.
'Traders have stocked up for upcoming festivals and will make a loss if stores remain shut now. We suffered last year. We can't suffer again. There is no scientific basis for closing all commercial establishments. How long will the government keep them shut?'
One reason for the surge in cases is the spread of infection at large weddings. Weddings turned out to be super spreaders.
Experts explain the distinction between the rights of small and minority shareholders in public-listed and private companies.
'We urge the government to have discussions with private labs on the actual cost of running a test.'
Holidayers, including those who would head overseas between April and June, are set to escape to the hills, beaches, and resorts in the country. This is to fend off the heat and beat the pandemic blues, indicates the initial bookings and online search trends.
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