Air India bidders need to absorb $3.3 bn debt to buy carrier

News Network
January 27, 2020

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

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News Network
February 18,2020

Ayodhya, Feb 18: A senior Supreme Court lawyer has written to the Ram temple trust on behalf of a group of Muslims in Ayodhya, asking that five acres of land around the demolished Babri Masjid where a graveyard is situated be spared for the sake of 'sanatan dharma'.

The letter, written by advocate M R Shamshad, is addressed to all 10 trustees of Shri Ram Janmabhoomi Teertha Kshetra.

Shamshad said according to Muslims, there is a graveyard known as 'Ganj Shahidan' around the demolished Babri Masjid where 75 Muslims who lost their lives in the 1885 riots in Ayodhya were buried.

"There is a mention of this in Faizabad Gazetteer also," he said.

"The central government has not considered the issue not using the grave-yard of Muslims for constructing the grand temple of Lord Ram. It has violated 'dharma'," the letter stated.

"In view of religious scriptures of 'sanatan dharma', you need to consider whether the temple of Lord Ram can have foundation on the graves of Muslims? This is a decision that the management of the trust has to take," it said.

"With all humility and respect to Lord Ram, I request you, not to use the land of about four to five acres in which the graves of Muslims are there around the demolished mosque," the letter added.

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News Network
February 5,2020

Mumbai, Feb 5: Maharashtra Chief Minister Uddhav Thackeray on Wednesday said there was no need to fear the Citizenship Amendment Act, but asserted his government will not allow the proposed National Register of Citizens to be implemented as it would "impact people of all religions".

Throwing out Bangladeshi and Pakistani migrants out of the country was an old demand of the Shiv Sena, the chief minister said in the third and concluding part of his interview to party mouthpiece 'Saamana'.

"I can confidentally say the Citizenship (Amendment) Act (CAA) is not meant to throw Indian citizens out of the country. But, the National Register of Citizens (NRC) is going to impact Hindus as well," the Sena president said.

India has the right to know the number of minorities from neighbouring nations who applied for Indian citizenship after being persecuted in their home countries, he said.

"When they come here, will they get homes under the 'Pradhan Mantri Awas Yojana'? What about employment and education of their children? All these issues are important and we have the right to know," hesaid in the interview to Saamana's executive editor and Sena MP Sanjay Raut.

"As chief minister, I should know where will these people be relocated in my state. Our own people don't have adequate housing. Will these people go to Delhi, Bengaluru or Kashmir, since Article 370 is now scrapped?" he wondered.

Several Kashmiri Pandit families are staying like refugees in their own country. The CAA is not to throw citizens out of the country, Thackeray said.

"However, the NRC will impact Hindus and Muslims and the state government will not allow it to be implemented," he asserted.

Under the NRC, all citizens will have to prove their citizenship. In Assam, 19 lakh people could not prove their citizenship. Of these, 14 lakh are Hindus, Thackeray claimed.

In a veiled attack on his cousin and MNS chief Raj Thackeray, who will lead a rally in support of the CAA and NRC in Mumbai on February 9, the chief minister said the NRC is not yet a reality and there is no need for a 'morcha' in support of or against it.

"If the NRC is enforced, those who are supporting it will also be affected," he said.

Under the NRC, even Hindus will have to prove their citizenship. "I will not allow the law to be enacted. Whether I am chief minister or not, I will not allow injustice to anybody," he said.

The chief minister also took a veiled dig at the Centre's decision to give the Padma Shri award to Pakistani-origin musician Adnan Sami.

"A migrant is a migrant. You can't honour him with the Padma award. Throwing out illegal migrants was the stand of (late Shiv Sena supremo) Balasaheb Thackeray," he said without naming anyone.

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News Network
February 2,2020

New Delhi, Feb 2: The Congress on Sunday released its manifesto for Delhi polls, promising to implement unemployment allowance of Rs 5,000-7,500 per month and cashback schemes for water and power consumers, if voted to power.

Presenting the manifesto, Delhi Congress chief Subhash Chopra said the party will provide free power up to 300 unit per month.

The manifesto also committed to spend 25 per cent budget each year on fighting pollution and improving transport facilities.

An unemployment allowance of Rs 5,000 for graduates and Rs 7,500 for post graduates per month will be provided under the Yuva Swabhiman Yojna, he said.

The Congress will launch flagship cashback schemes for power and water supply to benefit consumers saving these resources. The party, if voted to power, will open 100 Indira Canteens to provide subsidised meals at Rs 15, Chopra said.

The Congress will challenge the Citizenship Amendment Act (CAA) in the Supreme Court and demand the Centre to withdraw the law. The party will also not implement the National Register of Citizens (NRC) and the existing form of the National Population Register (NPR), if voted to power in Delhi.

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