Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
Groupe Danone is contemplating an exit from the biscuits category in India, due to low margins and a plethora of small manufacturers.
As Go First awaits the NCLT verdict on its voluntary insolvency resolution plea, lessors have sought deregistration of nine more aircraft of the crisis-hit airline. In one week, various lessors have approached aviation regulator DGCA for deregistration and repossession of a total of 45 planes of Go First. The National Company Law Tribunal (NCLT) is set to pronounce the order on the carrier's petition on Wednesday.
Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings. In an e mail to the airline's employees on Thursday, Khona said that November 30 is his last day at the company. Khona had returned to Go First in August 2020 as its CEO.
No-frills carrier Go First filing for insolvency proceedings and cancelling flights is bad for the airline industry as the move will reduce capacity and could push airfares in certain routes, travel agents' grouping TAAI said on Wednesday.
Business tycoon Nusli Wadia has dragged G L Raheja and kin, Sandeep G Raheja and Sonali G Raheja, and Ferrani Hotels belonging to the GL Raheja Group to the Bombay high court. The dispute is about violating the agreement between Wadia and the Rahejas on developing nearly 478 acres in Malad in the western suburb of Mumbai.
The move will result in Britannia and Wadia BSN, being dismantled.
French firm in talks with Wadias over future relationship.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First's voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency, to approach National Company Law Tribunal (NCLT) for any remedy. "The order dated May 10, 2023 allowing insolvency is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan.
The Supreme Court has dismissed a petition filed by New India Assurance to evict Nusli Wadia, chairman of the Rs 1,000-crore Bombay Dyeing Group, from his Malabar Hills flat in Mumbai, rented to him since 1972.
The Working Group set up to look into the implementation of the findings of Lodha Committee report on IPL spot-fixing scandal met representatives of Mumbai Indians and KXIP co-owner Ness Wadia, who stated that he is not in favour of inviting foreign teams to fill the void.
Going forward, Vinita Bali, outgoing MD, Britannia wants to do other things in life which she was unable to pursue.
Chennai-based Paramount Airways is looking to acquire GoAir, the budget carrier promoted by the Wadia Group, in a cash and stock deal, a business news channel reported on Sunday quoting sources close to the development.
Ratan was extremely ethical in his dealings, which he brought to bear on the business house which he helmed, remembers Sailesh Kottary.
In the latest annual report posted on its website, Danone has said it is negotiating with its partner with a view to selling its 25.5 per cent indirect stake in Britannia.
After fighting for over four years, Groupe Danone and the Wadias have struck a deal that will see the French food giant exit their biscuit joint venture, Britannia Industries Ltd.
The two groups have another JV, Wadia BSN, set up in 1996 to launch Groupe Danone's products from its global portfolio. However, nothing has been launched through the JV till date and Danone is in negotiations with the Wadias to dissolve the JV.
Kaushik Khona's second innings at GoAir will be more challenging than the first. Globally, the aviation industry is in deep distress because of the pandemic, reports Aneesh Phadnis.
Aviation watchdog DGCA will conduct a special audit of grounded airline Go First's facilities in the national capital and Mumbai from July 4 to 6 before approving the revival plan for resumption of flights, according to a senior official. Cash-strapped Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. Meanwhile, a senior executive at the airline expressed hope of resuming ticket sales -- which was paused by DGCA following the grounding of the carrier -- from July 7 or July 8 and subsequent relaunch of the operations from middle of next month.
Budget carrier GoAir on Tuesday said it has placed orders for purchase of 20 Airbus A320 aircraft to add to its current fleet of five.
As many as 17 Indians -- including Wadia Group chairman Jeh Wadia, SKS Microfinance CEO Vikram Akula, Bhatia Enterprises chairman Sabeer Bhatia, music composer A R Rahman, and sitar player Anoushka Shankar -- have been named the Young Global Leaders for 2008, in a list announced by the World Economic Forum on Tuesday. As many as 245 leading executives, public figures and intellectuals -- all aged 40 or younger -- were chosen from around the world by the WEF.
As it turns out, in recent years, companies operating in India have been increasing royalty and technical payments to their parent or associate companies at a fast pace.
The CEOs met late last month to discuss the agreement. Industry experts said one advantage would be the fact that GoAir was looking at increasing its fleet to 20 aircraft by 2011. "If SpiceJet acquires the airline, it will gain access to slots for the aircraft orders which it can sell," said an industry expert. Selling order slots has emerged as a lucrative revenue stream for several Indian airlines that are feeling the pinch of falling passenger traffic.
An exclusive excerpt from The Tatas: How A Family Built A Business And A Nation.
GoAir has 19 Airbus A320 planes and operates around 140 daily flights.
The IPR committee of the Britannia board was created in May 2006 to deal with all IPR matters. For the last one year, the committee has been working to resolve the issue of the use and registration of Tiger by Groupe Danone in several countries.
While Wal-Mart is facing delay in the rollout of its retail plan, Carrefour SA, the world's second-largest retail chain, is still struggling to finalise its Indian partner even after six years of persistent search.
In India, Danone holds a 25.5 per cent stake in market leader Britannia Industries through holding company Associated Biscuits International Holdings.
Indian airline Go First is considering legal action against Pratt and Whitney (PW) for failing to provide compensation after March 2020 for planes grounded due to engine supply delays, sources said on Thursday. About 90 per cent of the airline's fleet of aircraft uses PW engines. About 24 of the airline's 55 planes are grounded due to delays in engine supply by PW.
French dairy major Groupe Danone has offered to pay the Wadia Group euro1 million ($1.34 million) as compensation to use its Tiger brand in international markets.
Groupe Danone, the global dairy products major based in France, netted a capital gain of Rs 380 crore ( $56 million) when it recently divested its indirect 25.5 per cent holding in the Bangalore-based biscuit major Britannia Industries.
The Wadia Group-promoted budget carrier Go Airlines (India), or GoAir, is gearing up to launch international operations by the end of this financial year or early the next.
GoAir, run by the Wadia Group, has come out with an innovative way to attract passengers and reduce distribution cost. The smallest of all domestic airlines by market share, GoAir has rolled out a loyalty programme making it the first low-cost carrier to launch such a scheme.
Wadia group's no-frills carrier Go Airlines on Tuesday said it will acquire eight more aircrafts to increase its fleet to 21 by July 2014 from the existing 13.
Given that debt is a major problem for most airlines, investors with a medium-term horizon should look at them.
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