Markets regulator Sebi has kept in abeyance the processing of Go Airlines' draft papers for an initial public offer worth Rs 3,600 crore. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The proceeds will be mainly used to repay dues. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' draft offer documents. The information was updated on June 25. In Sebi parlance, issuance of observations implies its go-ahead for the IPO.
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.
More than 300 flights have been cancelled and at least 25 airports, including Srinagar, have been temporarily shut for operations amid restrictions in the wake of the armed forces launching missile attacks on terror targets in Pakistan on Wednesday morning.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
The airline has already decided to lease out an A330 to Etihad and plans to lease out two more this year.
Jet Airways (India) Ltd hopes to minimise the impact of a sharp rupee depreciation by growing its international network over the next few months.
Jet Airways, part-owned by Abu Dhabi's Etihad, reported its biggest-ever quarterly loss as costs jumped and it took a charge on its investment in a subsidiary.
US-based company has a 100-aircraft order from Air India, SpiceJet and Jet Airways.
Low-cost carrier IndiGo, too, has slashed fares to match Air India's levels, but has not announced any scheme.
Jet Airways (India) Ltd has defaulted on lease rentals of its Boeing 737s, highlighting the financial difficulties faced by the airline.
Analysts say this is a reflection of the high debt that most aviation companies have on their books. "Aviation companies are unable to pay their dues because they are into losses.
Royal Airways Ltd on Monday announced the launch of its new low-fares, no frills, brand Spice Jet.
IndiGo was set up in 2006 by businessman Rahul Bhatia and Rakesh Gangwal, a former CEO for US Airways Group.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
SpiceJet, IndiGo, Jet Airways, Alliance Air, and Turbo Aviation are among the operators that have bagged the routes in the third round.
According to civil aviation ministry records, there were 340 foreign pilots employed by airlines and charter companies in India as of December 2012. It said the number of foreign pilots in India had reduced from 526 in 2011 to 340.
A possible collision between two aircraft ferrying 220 passengers was averted at the Mumbai airport as the pilots aborted take off at the last minute after allegedly being given the green signal to become airborne from "diagonal" runways simultaneously in Mumbai on Sunday.
SpiceJet put one lakh seats up for grabs.
Amidst the ongoing war of words between the Ambani brothers over the issue of pricing of gas, Mukesh Ambani, chairman, Reliance Industries Ltd, on Tuesday met TKA Nair, Principal Secretary to the Prime Minister, at the latter's office in the South Block.
LCCs said apart from higher charges, which they had to fork out, there was also fear they might lose their on-time performance records.
Making the things worse, those hitting their record low share prices included big names like Reliance Power, Cipla, Ranbaxy, Ambuja Cement, Hindalco, Indian Hotels, Jaiprakash Associates, Jet Airways, Suzlon Energy and Idea Cellular. Realty majors DLF Ltd, Unitech, Parsvnath, Sobha Developers, Omaxe and Puravankara also plunged to their all-time lows.
Indian Airlines Ltd, the country's largest domestic carrier, will dry-lease three Airbus A320 planes by the end of February and another two by the middle of the year to boost market share, its chairman said on Tuesday.
The disappointment of the year is government's failure in finalising the re-drafted aviation policy.
This will be the largest claim in the aviation sector for Indian insurers in the last three years
Members of Parliament (MPs) across the political spectrum have written to the Prime Minister's Office (PMO) and the Central Vigilance Commission (CVC), seeking a probe into a stake sale deal between Jet Airways (India) Ltd and Gulf-based carrier Etihad Airways.
SpiceJet's chief operating officer Sanjiv Kapoor has resigned after two years of service.
Govt says domestic carriers' financial health a concern.
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
Domestic equity markets are likely to see volatility in a range-bound trade this week amid geopolitical worries and growing expectations of a sharp hike in interest rates, analysts said. Global trends, inflation data and the last batch of quarterly earnings will drive the markets this week, they said. Besides, the rupee movement, FII investment pattern and Brent crude trends would also be watched by investors.
Defending its decision to raise the number of seats under the India-United Arab Emirates (UAE) air services pact, the Civil Aviation Ministry, in a note to the Cabinet Secretariat and key ministries, has said no additional points of call have been allowed to the Gulf country.
Kalanithi Maran claims deal with Ajay Singh is dead; SpiceJet spokesperson says Maran's claims are baseless and false
No reason was cited for rescheduling of the meeting.
The number of Indian passengers has jumped more than 20 per cent in the past year
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
Amid continuing uncertainty over the fate of the national carrier, an official said there is also need for funds to restart operations of 12 grounded narrow-body planes.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
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