Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
The idea is to do away with the need for the approval of the Core Group of Secretaries on Divestment for privatisation of companies, especially in non-strategic sectors.
Cracking down further on hoarding, the Centre on Wednesday put onion and potato under purview of the Essential Commodities Act and imposed stock holding limits in a bid to improve availability and rein in prices.
While the government had in June approved a new formula for pricing of all domestically produced natural gas, the Cabinet yesterday allowed the same principles to also be applied to Reliance Industries' currently producing fields in KG-D6 block subject to certain conditions.
India' can't succeed unless it is made easier for people to do business.
The Department of Heavy Industry has been undertaking appraisals of each loss making CPSE to assess the prospects of revival.
The proposed auction has business-friendly terms and conditions, including reduced upfront amount, adjustment of upfront amount against royalty and liberal efficiency parameters to encourage flexibility to operationalise the coal mines. Besides, 100 per cent FDI through automatic route has been allowed.
A 1985-batch Karnataka cadre officer, Kharola would be steering the national airline at a time when the government has started the process for its strategic divestment.
The government is likely to introduce a bill on crypto currencies during the winter session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims and for funding terror activities, sources said on Monday. Currently, there are no particular regulations or any ban on use of crypto currencies in the country. Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the crypto currencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
Former oil secretary Tarun Kapoor, present and former chairmen of ONGC and a former director of IOC, are among over a dozen people who have applied for the top job at the oil and gas regulator, PNGRB, sources said. Kapoor, who superannuated as Secretary to the Ministry of Petroleum and Natural Gas last month, is the most prominent name in the list of 13 persons who have applied to become the chairman of Petroleum and Natural Gas Regulatory Board (PNGRB). Oil and Natural Gas Corporation (ONGC) chairman and managing director Subhash Kumar and his predecessor Shashi Shanker are also in the race and so is G K Satish, who superannuated as Director for Planning and Business Development from Indian Oil Corporation (IOC) a couple of months back.
Though public shareholding in Jet is already down to the mandated 25 per cent, the regulator wants its promoters to pare their stake further.
"As FM, I granted approval in the normal course of business," he said in a statement.
The Prime Minister's Office has clarified that the total sanctioned strength of the PMO has been around 525 in the period 2011-14. As against this, the actual strength of the PMO in the years 2011, 2012 and 2013 was in the range of 407 to 411. The number has now declined to 385.
Dismissing as 'statistically insignificant' the 0.04 per cent hike in inflation, Finance Minister P Chidambaram on Friday said the prices of essential commodities had begun to come down and this would be reflected in the inflation index after some time. Talking to reporters after the weekly briefing on the decisions of the Cabinet and its Committee on Economic Affairs (CCEA), Chidambaram said the inflation figure released on Friday has come as a 'big relief'.
In a system as centralised as the one introduced by the new government are there enough safeguards or safety valves, asks A K Bhattacharya.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
Government has targeted to garner about Rs 56,500 crore through selling its stake in PSUs.
While markets are upbeat over the government decision to nearly double the price of domestically produced natural gas, industry wants it to clearly lay the roadmap for free market pricing regime.
This can mean companies like Apple, Zara can sell in India through wholly-owned subsidiaries
DIPP had proposed 100% FDI in Railways, which it had to now scale down to 74% in certain areas
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
Apart from them, Chidambaram's wife -- Nalini -- has been chargesheeted by the CBI in the Saradha chit-fund scam for allegedly accepting a bribe of Rs 1.4 crore.
The decision to increase the MSPs (Minimum Support Prices) was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. MSP is the rate at which the government buys the grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both kharif and rabi seasons. Sowing of rabi (winter) crops begins from October immediately after the harvest of kharif (summer) crops.
The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
At the end of September quarter, Tail Winds held 68,15,843 shares, equivalent to 7.89 per cent holding, of Jet Airways.
While there is no change in the strength of the Modi-led CCPA over its two tenures, what has changed is its profile.
Stoutly defending the hike in gas prices, Oil Minister M Veerappa Moily said the move would benefit the government in terms of revenue as many gas discoveries have been made by public sector companies rather than private sector.
While the session will begin with the President's address to the joint sitting of the two Houses, the same day the pre-budget economic survey will be tabled.
The Sri Lankan government has appointed an advisory committee comprising eminent economic and fiscal experts to provide guidance on addressing the current debt crisis and engaging with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.
The government on Monday approved the appointment of B P Mishra as the new executive director of International Monetary Fund.
The total investor wealth in domestic stock markets soared by Rs 1.53 lakh crore as investors cheered energy reforms, including hike in natural gas prices.
As per Sebi norms, a public sector listed company should have 10 per cent public float by August 08, 2013.
Centre working on open-ended lease agreement to enablesale of property at the end of the agreement period
The Oil Ministry has proposed raising natural gas prices by at least 60 per cent, a move that will result in rise in urea as well as power costs.
The Union cabinet on Wednesday approved the roll-out of the 'PM POSHAN in Schools' scheme that will provide hot cooked meal to students of elementary classes in government and government-aided schools across the country.
The early tabling of the financial Budget ends a 70-year tradition.
The letter was written on February 20, two weeks after the Cabinet Committee of Economic Affairs had approved the 100 per cent ownership proposal of Vodafone Plc in Vodafone India, at a proposed investment of Rs 10,141 crore (Rs 101.41 billion).
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