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.
'Earlier, when they were selling tickets at Rs 1,000, a family of five could travel by flight.' 'When it comes to realistic pricing and the price becomes Rs 5,000, a family of five will have shell out Rs 25,000.' 'How many will be able to afford that?' 'You will see people switching back to train travel which is more realistic.'
Against the backdrop of objections by some MPs, Civil Aviation Minister Ajit Singh on Tuesday strongly defended the Rs 2,058 crore (Rs 20.58 billion) Jet-Etihad deal, saying those opposing it were "long on politics and short on facts".
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
Experts expect a net loss of Rs 26.7 billion for IndiGo and Rs 10.1 billion for SpiceJet in Q1FY21 driven by low traffic volume, low fleet utilisation and poor coverage of fixed costs.
Belarusian athlete Tsimanouskaya, 24, had been due to compete in the women's 200 metre heats on Monday but said that on Sunday she was taken to the airport to board a Turkish Airlines flight.
This is the second extension for the bids since June 18.
Availability of Wi-Fi is also expected to provide local airlines an additional source of revenues amid stiff competition in the fast growing Indian aviation market.
A number of documents indicate that Pakistan International Airline has put embargo on Afghan citizens who have travelled to India.
Earlier, the JV company got a go-ahead from the Foreign Investment Promotion Board in October 2013 and was awaiting AOP for launching a full-service carrier.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
China on Thursday ruled out establishing an air defence zone along the India-China border like it recently did over the disputed islands in the East China Sea, saying such zones are created only in coastal areas beyond territorial airspace.
The lone suspect has been detained and is being interrogated.
'An ambassador may not be sure whether there would be a war next month, but prudence requires him to take action to see to it that people leave early.' 'Because once the war starts, it will be very difficult to move out.'
7,000 unemployed pilots in India but airlines continue to bet on expats
Jet Airways founder Naresh Goyal and few others have been booked by the Enforcement Directorate in a money laundering case even as the agency is conducting searches at his premises, officials said on Thursday. They said a criminal case against the former chairman of the airlines has been filed under the Prevention of Money Laundering Act after taking cognisance of a recent Mumbai Police FIR filed against him.
Crisis-hit SpiceJet hopedul of a turnaround.
The airline requires these pilots for the wide-body Boeing 777s.
IndiGo's situation points to a deeper malaise where skill shortage can challenge India's status as the fastest-growing aviation market, say experts.
British nationals arriving in India, irrespective of their vaccination status, will have to undergo 10 days of mandatory quarantine from October 4 as part of the reciprocal actions initiated by the government following the vaccine certification row between the two countries.
The international operations of Air India seem to be the main attraction for IndiGo, which has also flagged concerns about some foreign overseas airlines being allowed "disproportionate access" to the Indian market.
With a large number of senior pilots quitting jobs in Indian carriers for greener foreign pastures, aviation regulator DGCA has warned of stringent action, including cancellation of licences, against those leaving without serving proper notice.
The number of local youth joining militancy has shown a declining trend during the current year. Check out information revealed by ministers in the Lok Sabha and Rajya Sabha.
Naresh Goyal becomes the country's first airline promoter to receive foreign investment.
The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
GoAir has 19 Airbus A320 planes and operates around 140 daily flights.
India requested Pakistan to let Modi's aircraft fly over its airspace to Bishkek in Kyrgyzstan.
The Ministry of External Affairs said the two ministers discussed the outstanding issues related to disengagement from all friction points along the Line of Actual Control in eastern Ladakh.
Troops of both the countries are locked in a tense standoff in the disputed areas of Pangong Tso and Galwan Valley along the LAC.
For large start-ups the US market is considered to be a preferred destination, as Indian investors were seen as hesitant to pay the kind of valuation private equity investors or the US markets pay. However, Zomato's listing has quashed these notions.
Also limits on-flight catering costs at foreign airports to save cost
The hijackers of an Indian Airlines plane in 1999 -- Abdul Rauf Asghar, Ibrahim Athar and Yusuf Azhar -- have also been named in the list, prepared under provisions of the amended Unlawful Activities (Prevention) Act.
Mallya's airline is the second domestic carrier to have received DGFT approval for ATF import after budget carrier SpiceJet.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
The change in ownership is necessary to conform to the government's foreign direct investment norms in aviation.
Access to India's defence market must be made conditional -- available only to those who are ready to make a long-term commitment in India, argues Ajai Shukla.
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.
If there is a morality tale here, it is that debt and death spare no king.
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