While Etihad has told Securities and Exchange Board of India that it has not violated any securities law by not making an open offer, the capital market regulator is now seeking further clarity on the issue from other agencies including fair trade watchdog CCI, Finance Ministry and Aviation Ministry, sources said.
Both lenders and Etihad are not comfortable with the entities holding stake in Jet as they have no proven credentials in running a big business
This will enhance business and leisure travel between the UAE and Canada and feed passengers onto each other's flight networks.
Alert: Urgent! Cabin crew (female) wanted for Etihad Airways.
Growth rates in traditional markets are slowing and airlines need to reshape their networks.
Brighton & Hove Albion and Nottingham Forest maintained unbeaten starts to the Premier League season with a topsy-turvy 2-2 draw as the visitors finished with 10 men and both managers were shown red cards in a feisty clash on Sunday.
The deal is being looked into by Competition Commission of India and Securities and Exchange Board of India among other regulators.
Regulator believes Jet Airways deal triggers open offer
He said permitting Etihad would not only amount to "certain demise of national carrier Air India" but also stunt the growth of the New Delhi international airport as a world-class hub for the South Asian region.
Ahead of a crucial meeting next week, the Foreign Investment Promotion Board is scrutinising the commercial cooperation agreement between Jet Airways and Etihad Airways to ensure control is not passed on to the Abu Dhabi-based airline.
Etihad's acquisition of 24 per cent stake in Jet Airways was the first FDI in an Indian carrier by a foreign airline.
The Abu Dhabi carrier seeks assurances following setbacks for several Gulf investors in India.
Sources close to the deal say, besides a higher stake (earlier, the negotiations were on for sale of up to 24 per cent), Etihad has asked for its representation on the board of the Indian airline, in sync with its shareholding.
Hogan questioned the claims of the airlines campaigning against Etihad.
Current FDI norms allow a foreign airline to hold up to 49 per cent in a domestic carrier.
Etihad airways plans connectivity from 8 major cities in India and expand its services in the country, especially in South India.
The move will help Jet Airways strengthen its subsidiary JetLite's performance.
A summary of Thursday's action in the Premier League.
Speaking at the 2013 CAPA Australia Pacific Aviation Summit held in Sydney, Abu Dhabi-based Etihad Airline's President and CEO James Hogan said, "We are delighted to welcome Air Serbia to our equity alliance, and look forward to receiving final approvals from regulators in India of our investment in Jet Airways," he added.
The Foreign Investment Promotion Board (FIPB) on Friday deferred a decision on Rs 2,000-crore (Rs 20 billion) Jet-Etihad deal, the largest foreign investment in the Indian aviation sector, and sought clarity on control and ownership.
Manchester City announced a hugely lucrative naming rights deal with Etihad Airways on Friday which will see their City of Manchester Stadium immediately renamed the Etihad Stadium.
The Etihad delegation was led by its CEO James Hogan at the meeting, which was also attended by Jet Airways promoter Naresh Goyal.
The two companies are hopeful of winning over at least one regulator's go-ahead this week itself for their deal, which happens to be the first FDI by a foreign airline into India.
The bulk of Indian carriers flying to Dubai are low-cost carriers, which include IndiGo, Air India Express, and SpiceJet.
The still versions of the campaign will appear in print and digital.
The Civil Aviation Ministry has submitted replies to the CVC on a series of allegations raised by Nishikant Dubey against the deal and clarified all concerns raised by him, official sources said.
Inter Milan escaped Etihad Stadium with a surprise 0-0 draw against Manchester City in the Champions League on Wednesday.
Former Air India Executive Director Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment.
Jet Airways shares fall as much as 13.6 per cent after media reported that the deal with Etihad may be called off.
Jet Airways, which is in the process of finalising a stake sale deal with Etihad Airways, plans to extend its code share agreement with the Abu Dhabi-based carrier to the Mumbai-Brussels-Newark route, sources said.
Sources said Abu Dhabi-based Etihad would pick up 24 per cent stake.
Abu Dhabi-based Etihad Airways is looking to expand its operations in India as the airline continues on its growth plan aiming to reach 100 destinations by 2020 from its current 65, the company's chief executive has said.
A round-up of Saturday's action in the English Premier League.
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
Changes being driven by Etihad, says a source, after a V-P quits
The 72-hour introductory joint special fare offer will be available from July 25 to July 27 for a travel period between September 1 and June 15, 2015 for flights within India and between September 1 and November 30 this year for flights to international destinations, the statements said.
This meeting came in the backdrop of a controversy raked up by some politicians, including those from Bharatiya Janata Party, Communist Party of India and Trinamool Congress, who objected to the sale of 24 per cent of Jet's equity to Etihad at a cost of Rs 2,058 crore, saying it was not in the national interests.
Abu Dhabi is no longer exclusive hub for Jet, Etihad won't recommend candidates for Jet management.
Manchester City squandered a three-goal lead to draw 3-3 with Feyenoord in the Champions League on Tuesday.
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The open offer for minority shareholders would need to be made even if the 'control' has been acquired without crossing the threshold shareholding limit (25 per cent), Sebi Chairman U K Sinha said.
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