SpiceJet, the low-cost air carrier, on Thursday got its shareholders' approval to issue additional equity shares to promoter Kalanithi Maran, who in turn will infuse Rs 130 crore (Rs 1.3 billion) into the airline. Maran's equity holding would go up from 38 per cent to 43 per cent of the company's shares.
For Jet's revival, Mr Jalan should be on the scene long enough for everyone to get to know him, appreciate his skills, and not vanish into thin air within a matter of months or even weeks, observes Anjuli Bhargava.
The CBI had registered a case against former telecom minister Dayanidhi Maran, his brother MP Kalanithi Maran, Malaysian business tycoon and Maxis owner T Ananda Krishnan, and Maxis Director Ralph Marshall in October 2011.
Thalaiva's name and photo will appear on the logo and label of the channel.
Chidambaram and his son Karti were named in the chargesheet filed by the Central Bureau of Investigation in the case on July 19.
Ajay Singh, one of the founder directors of Spicejet, has left the board of the low-cost airline, paving the way for restructuring of the company by its new owner Kalanithi Maran, the promoter of Sun TV.
The CBI had summoned Karti to appear before it on October 4.
Confirming the resignation of Aggarwal, airline sources said Kishore Gupta, a member of the SpiceJet board, is likely to take over the position for the time being as part of an interim arrangement.
Kalanithi Maran's Sun Network and Subhash Chandra's Zee Entertainment, the two homegrown media companies, have maintained their number one and two positions, respectively, in the Asia-Pacific pay broadcaster ranks for the second year in a row.
According to analysts, the Indian aviation industry has come out of blues and this is the right time to enter the sector as it may see a complete turnaround on account of consolidation in the industry and the increased demand due to pick-up in the business activity.
The probe pertains to firms identified as Advantage Strategic Consulting Private Limited and Chess Global Advisory Services Pvt Ltd, where Karti had been a director
The development follows the acquisition of 37.5 per cent stake in the air-carrier by South-India based media baron, Kalanithi Maran.
Aiming to acquire a controlling stake in SpiceJet, media magnate Kalanithi Maran on Monday launched an open offer to acquire an additional 20 per cent stake in the no-frill airline for an estimated Rs 479.29 crore (Rs 4.8 billion).
Sun TV promoter Kalanithi Maran, through his advisors, is talking to hedge fund Wilbur L Ross to buy its entire 30 per cent stake in low-cost carrier SpiceJet Ltd.
Promoters of SpiceJet do not have funds to bail out the airlines of dire consequences.
The fairy tale turnaround story has, however, taken a few knocks after a second wave of the pandemic has brought a series of default notices and has posed the toughest test for the 55-year old Singh to save the airline he founded and sold to the Marans only to assume control later.
Impact of the slowdown is most visible among promoter/owner-CEOs
The CBI and the ED said that new material has been recovered which needs to be collated.
Despite the gains from Jet's closure, in 2018 and 2019, the airline continued to make losses in many quarters for a variety of reasons, including some mistakes like taking on Jet's aircraft, which were not in great shape and had business class configuration, a gamble that did not work for SpiceJet.
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The agency had "almost finished" its probe into the matter, which involved Dravida Munnetra Kazhagam leader and former telecom minister Dayanidhi Maran, an official said.
Kalanithi Maran claims deal with Ajay Singh is dead; SpiceJet spokesperson says Maran's claims are baseless and false
In India, many players are in the throes of chaos and pain but at least one partnership -- Air Asia India -- that was fraying even before the pandemic now finds itself at breaking point, says Anjuli Bhargava.
The Sun, the flagship publication of Murdoch's News Corporation, is in talks with Maran's Sun group to launch an English tabloid in the country.
In the wake of the 2G acquittals, here are a few high-profile cases in which question marks were raised by various courts over the CBI's probe.
Sun Network has acquired 100 per cent stake in Tamil publication major Dinakaran, said an Indiantelevision.com report.
JP Morgan may buy stake in debt -laden SpiceJet
Kalanithi Maran-run Sun TV's DTH application appears to have run into rough weather with the Company Affairs Ministry finding the proposal not in conformity with the stipulated guidelines.
If the Murari Lal Jalan-Kalrock Capital combine can script a turnaround, it will have pulled off a bigger coup than Ajay Singh did with SpiceJet in 2014.
India must address issues that are plaguing its aviation sector.
The airline has already commenced the sale of tickets for the new destination, which will be the ninth international sector to be served by carrier, SpiceJet said.
A source said Mills was leaving the airline as he was not getting operational freedom to run the organisation.
The DGCA has allowed SpiceJet to accept advance bookings beyond March 31.
Jeff Bezos of Amazon tops the list for the second consecutive year with networth of $147 billion.
Airlines' summer schedule in India commences from late March and lasts till October every year.
The latest updates from the Malayalam film industry.
The bookings for this three-day offer commences from Monday with a travel validity period between January 16 and October 24 next year, SpiceJet said.
Stocks of SpiceJet on Friday surged nearly 10 per cent after the company returned to original promoter Ajay Singh for its revival in a multi-layered deal worth up to Rs 1,500 crore (Rs 15 billion).
Chidambaram was competent to give approval of upto Rs 600 crore but he gave the approval which was worth approximately Rs 3,500 crore
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