Etihad to raise stake in cash-strapped Jet Airways: Source

Agencies
January 15, 2019

Dubai, Jan 15: Etihad Airways, which owns 24 percent of debt-laden company Jet AirwaysNSE 5.20 %, plans to increase its stake in the Indian airline, a source close to the Abu Dhabi carrier told news agency.

Shares in India's Jet Airways jumped over 18 percent on Monday after CNBC TV18 reported earlier on Monday that founder and chairman Naresh Goyal was likely to step down from the board and give up majority control. The report also said that Etihad may infuse more capital into Jet.

The source, who spoke on condition of anonymity, said Goyal was on his way out but did not clarify if that would mean he is stepping down as chairman or from the board.

Etihad putting more money into the Indian carrier is conditional on Goyal diluting his stake, a source told Reuters last month.

Even so, Etihad's stake will be capped at 49 percent due to foreign ownership rules in Indian airlines and if it goes past the 25 percent ownership threshold, it would need to adhere to capital markets regulations and make an open offer to shareholders to buy a further 26 percent stake.

CNBC TV18, citing sources, reported that Goyal would trim his 51 percent stake to 20-25 percent and agree to voting rights on his stake being capped at 10 percent.

Etihad declined to comment. Jet and Goyal did not immediately respond to emails seeking comment.

Jet said on Jan. 2 it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of IndiaNSE 0.87 %.

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 8,2020

Bengaluru, Apr 8: The University Grants Commission (UGC) has asked all universities and higher education institutions across the nation to set up helpline to combat mental health issues among students during the Covid-19 crisis and nation-wide lockdown period.

In an official circular, the UGC stated that, "It is important to address psychological concerns of students and to address mental health and for the well-being of students, universities/colleges and higher education institutions should setup mental health helplines."

These helplines need to be monitored by counselors and other identified faculty members. "It is important for students to stay calm and stress-free. This can be achieved through telephones, e-mails, digital and social media platforms," says UGC.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 10,2020

New delhi, Feb 10: The Supreme Court on Monday upheld the constitutional validity of the SC/ST Amendment Act, 2018, and said a court can grant anticipatory bail only in cases where a prima facie case is not made out.

A bench headed by Justice Arun Mishra said a preliminary inquiry is not essential before lodging an FIR under the act and the approval of senior police officials is not needed.

Justice Ravindra Bhat, the other member of the bench, said in a concurring verdict that every citizen needs to treat fellow citizens equally and foster the concept of fraternity.

Justice Bhat said a court can quash the FIR if a prima facie case is not made out under the SC/ST Act and the liberal use of anticipatory bail will defeat the intention of Parliament.

The top court's verdict came on a batch of PILs challenging the validity of the SC/ST Amendment Act of 2018, which was brought to nullify the effect of the apex court's 2018 ruling, which had diluted the provisions of the stringent Act.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 8,2020

New Delhi, Apr 8: The Supreme Court on Wednesday suggested that all tests to identify coronavirus positive patients should be conducted free of cost and asked the Central government to look into creating a mechanism for providing reimbursement for the same.

A bench headed by Justice Ashok Bhushan, while hearing a PIL via video-conferencing, suggested that the test should be conducted free of cost in the identified private laboratories and said that the court will pass appropriate order on the matter.

The apex court was hearing a PIL filed by lawyer and petitioner Shashank Deo Sudhi seeking direction to the Centre and other respective authorities to provide free of cost the testing facility for COVID-19 to all citizens in the country.

Solicitor General Tushar Mehta submitted that 118 laboratories were doing 15,000 test capacity per day and added that 47 private laboratory chains have also been involved for the same.

During the hearing, the court asked the Centre to ensure private labs don't charge a high amount for the test and suggested that the government can create an effective mechanism for reimbursement from the government for tests.

Mehta said that they will look into the suggestion and will try to devise what can be done best.

Sudhi, on the other hand, submitted that testing of coronavirus is very expensive and therefore the Central government should take all necessary steps to provide free of cost the testing facility for COVID-19 kits and others to all citizens in the country.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.