Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
In a massive fillip to the recently-formed Boxing Federation of India, the Sports Ministry has granted recognition to the body which was voted to office last month.
India lost the hosting rights of the 2021 men's World Boxing Championship to Serbia after the national federation failed to pay the host fee, prompting the International Boxing Association (AIBA) to terminate the agreement signed in 2017. The elite competition, which would have happened for the first time in the country, will now be held in the Serbian city of Belgrade.
The travel ban will come into effect from 11.59 pm on Saturday, April 24, and is subject to review after 10 days.
While waiting for an independent aviation agency to be legislated, moves to address American aviation authority's audit rap.
The Directorate General of Civil Aviation (DGCA) has released a draft procedure that calls for testing pilots, other aviation personnel and crew members for psychoactive substances before they take to the skies. The Indian civil aviation regulator has sought comments from stakeholders over the next 30 days before issuing a regulation to this effect. Asking airlines and airports to do random checks on crew and air traffic controllers, DGCA proposed that violators be suspended for a minimum of three years or their licence be permanently cancelled as maximum punishment.
'For Indian firms supplying global majors, coronavirus is both a threat and an opportunity.'
The Indian football team's international friendly against Yemen, which was slated to be played on November 14 in Guwahati, has been cancelled after the visiting team informed the All Indian Football Federation that they won't be able to make the trip due to ticketing problems.
Boeing India president says with the rising prices of aviation fuel, the airlines do not have any option but to increase the fares.
Indonesia-based Lion Air Flight JT610, a three-month old 737 MAX 8, took off from capital Jakarta at 6.20 am local time on Monday and lost contact 13 minutes later when it was at an altitude of about 3,000 feet.
The US is set for a geographically limited 5G rollout this Christmas, after a bumper $81 billion spectrum auction earlier this year. Just as the rollout date nears, the US Federal Aviation Administration (FAA) has sounded alarm bells over potentially fatal consequences of 5G interference on aircraft. Similar consequences could apply in India, where 5G spectrum auction is scheduled in January 2022, with the rollout beginning later next year (though reports suggest impending delays).
Indian fliers regularly face issues like lost baggage, refund on cancellation and harassment by staff at airports
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Most airlines have fattened their profits, turned the corner, or cut their losses, except AirAsia India.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
With this, multilateral lenders like the International Monetary Fund, the World Bank and the European Union may continue downgrading Pakistan, making its financial situation more precarious.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
An airlines industry body has sought reduction in customs and excise duties on aviation turbine fuel and allowing private firms to supply it to bring down prices.
There have been at least 1,641 cases of the virus in the Gulf region. Dubai has postponed its March boat show until November and Abu Dhabi postponed the ITU World Triathlon event this month, after earlier cancelling a cycling event in which two riders were diagnosed with the virus.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
They say that a stimulus package may not be necessary because, unlike last year's total lockdown, public transport, including the railways and airlines, is running and the restrictions on movement are localised and, in some cases, are partial rather than total.
Ajit Singh says will seek cabinet nod to scrap 5-year, 20 aircraft rule.
'The Modi government is trying hard to see if it could be sold to a private airline.' 'But it appears there are no takers.' 'If no buyer comes forward by June, the government will close down Air India,' predicts A K Bhattacharya.
SpiceJet is the only Boeing 737 MAX operator in India, with 13 aircraft of the type in its fleet and a total of 205 planes on order.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
Days after its recent downgrade by the US aviation regulator, DGCA has set up two dedicated technical teams for surprise inspections on the aircraft of foreign airlines and charter firms and carry out extensive safety checks.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
The 2020 international calendar concluded with the three tournaments in the Asia leg which was conducted in Bangkok in successive weeks.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
India's Rs 4.5-trillion fast-moving consumer goods (FMCG) sector was one of the first to bounce back from the lockdown induced blues, reporting a year-on-year (YoY) growth in the October-December quarter last year. That said, the overall consumption figures continue to remain depressed. The FMCG market, which includes daily consumables like branded atta, hand sanitizers, edible oils, shampoos, razors, and so on, recorded 7.3 per cent value growth during the period, while the smartphone market grew by 21 per cent.
Coming down heavily on aviation safety violations, DGCA on Saturday grounded a business jet owned by Reliance Industries for carrying expired safety equipment on board and suspended its pilot for flying without a licence.
Vijay Mallya left India on March 2, presumably for London.
'People have been flying for years on the basis of a police clearance and an airport entry pass.' 'Then they came out with a convoluted thing -- that your police clearance must be from your place of residence.' 'Now if a pilot is sitting in Delhi but is from Timbuktoo, the papers will have to come from there.' 'So at any point, you have a certain number of pilots sitting on the ground because his AEP has expired and the papers haven't come.' Revealed: India's bizarre processes to get pilots to fly planes.
The year gone by saw the high and mighty of the corporate world face the music in the Delhi High Court which held that the telecom majors are amenable to CAG audit and Mukesh Ambani's RIL struggling hard to get rid of an FIR lodged on gas pricing by the 49-day-old AAP regime.
The new government order to review the service record of employees who have completed 30 years in the job to identify inefficient or corrupt staff and retire them prematurely has invited the ire of labour unions, who believe that this is a step towards privatisation.
DGCA considers this in wake of Malaysian tragedy; no rules to gauge mental state now.
The consortium led by SBI has also initiated the process of recovery.
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