Stocks of SpiceJet on Friday surged nearly 10 per cent after the company returned to original promoter Ajay Singh for its revival in a multi-layered deal worth up to Rs 1,500 crore (Rs 15 billion).
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
The proposal was cleared by the Foreign Investment Promotion Board, Finance Ministry said in a statement.
Currently, there are related party transactions in four areas -- real estate leased to IGAL, simulator training facilities, General Sales Agreements (GSAs) for limited foreign markets and crew accommodation at Accor Hotels, the IGE statement said. Citing unaudited numbers for 2018-19, the statement said the related party transactions in the four areas accounted for Rs 150.12 crore or 0.53 per cent of IGAL's consolidated turnover.
Dubai-based Emirates Airline has termed reports that it is holding discussions with Indian carrier SpiceJet for buying a stake in the airline as 'inaccurate' and said that it was busy with its own expansion plans.
However, Federation of Indian Airlines will continue to function and its other members are not pulling the plug yet, industry sources said.
The foreign institutional investors have more than doubled their holding to 2.46 per cent stake in Vijay Mallya-led UB group's Kingfisher Airlines, while small individual shareholders hiked their holding significantly to 17.59 per cent during the quarter ended September 30.
The CBI has shared its findings with the Enforcement Directorate.
Overseas investors, which have been trimming their holdings in Kingfisher Airlines in the past three quarters, have increased their stake marginally in the cash-strapped carrier during the March quarter, according to data available with bourses.
SBI has the largest exposure of Rs 1,500 crore (Rs 15 billion) to the airline which has not been serviced since this January.
The resolution plan has to be put to work this month itself. Jet has a debt of over Rs 8,000 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.
The crash between a Kazakhstan Airlines Ilyushin Il-76 and a Saudia Boeing 747 over Charkhi Dadri in Haryana occurred 24 years ago.' During the lockdown, journalist Bhavya Dore reported on it from her home. Her article found a proud mention in the Bloomsburg Jealousy List 2020.
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
He said no matter how much evolution happens in technology, India could never become a fully cashless economy.
The bookings of tickets under the four-day "festive sale" offer have begun from Monday for the travel period from September 18, 2018 to March 30, 2019, IndiGo said.
Private equity players said their research had shown that the PE share after COVID-19 could go up to 8-10 per cent.
The national carrier has started approaching Indian banks and public sector undertakings for disposal of these properties including floorspace in prime locations.
A one-time income of Rs 305 crore (Rs 3.05 billion) from the sale of its loyalty programme to equity partner Etihad helped Jet Airways slash losses to the tune of 95.7 per cent at Rs 43 crore (Rs 430 million) in the three months to September.
SpiceJet urges HC to direct DGCA not to deregister its planes.
Jet Airways (India) Ltd hopes to minimise the impact of a sharp rupee depreciation by growing its international network over the next few months.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
A combined 7.82 million shares representing 36% of free float equity of the private airliner have changed hands on BSE and NSE till 1500 hours.
The Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.
The DGCA had earlier issued a show cause notice to Kingfisher in February for the suspension of its licence.
The base will be used by carriers such as Alliance Air, a subsidiary of Air India, to operate 70-seater ATR aircraft to places such as Bengaluru.
The company has finalised a three year business plan to increase revenue and control costs.
Federation of Indian Airlines has appealed to DGCA to extend notice period of flyers from 6 months to a year
Phee Teik Yeoh says that the worst is behind them.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw posted the matter for hearing on Friday.
AirAsia, the largest low-cost airline in Asia, announced the JV with Tatas late February. Last month FIPB had approved the proposal.
GoAir is smaller in comparison to its rivals but is still surviving despite financial crisis.
About 2,000 Indians are living in Iran, a country that has witnessed increasing numbers of coronavirus cases in the last few days. According to latest reports, 237 people have died of the coronavirus infection in Iran while the number of positive cases stands at around 7,000.
'We've never really been in the situation of having a difficult time with the Chinese and an increasingly difficult time with the Russians along with a relationship with the Americans which is important.'
All the five have been isolated in Pathnamathitta general hospital and are under observation. Their tests were confirmed on Saturday night.
Kingfisher is in discussion with various investors, including Etihad, for equity investments in the company, but matters are merely at negotiation stages, it said in a statement to the stock exchange.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
SpiceJet promoter Kalanithi Maran would need to invest at least Rs 1,500 crore (Rs 15 billion) almost immediately to stabilise the airline.
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