Govt permits NRIs to own up to 100% stake in Air India

News Network
March 4, 2020

New Delhi, Mar 4: The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier.

Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India.

Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments.

Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.

Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route.

As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines.

In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod.

On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.

Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction.

This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.

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Agencies
August 4,2020

New Delhi, Aug 4: India witnessed a single-day spike of 52,050 COVID-19 cases as the total cases in the country reached 18,55,746, the Union Ministry of Health and Family Welfare said on Tuesday.

803 COVID-19 related deaths were reported in the last 24 hours. The total cases include 5,86,298 active cases, 12,30,510 cured/discharged/migrated and 38,938 deaths, the Health Ministry added.

Maharashtra continues to be the worst-affected state as it has a total of 1,47,324 active cases and 15,842 deaths. A total of 4,50,196 coronavirus cases have been recorded in the state up to Monday, according to Union Ministry of Health.

Tamil Nadu reported 5,609 new COVID-19 cases and 109 deaths on Monday, taking total cases to 2,63,222 including 2,02,283 discharges and 4,241 deaths, the state Health Department said.

The total cases in Delhi have risen to 1,38,482 including 1,24,254 recovered/discharged/migrated cases and 4,021 deaths, according to the Ministry of Health.

Meanwhile, India recorded the highest single-day testing by conducting over 6.6 lakh tests to diagnose COVID-19 in the last 24 hours.
"In its fight against COVID-19, India scales a new high of 6,61,715 tests in the last 24 hours," said the Health Ministry in a tweet.

A total of 2,08,64,206 samples for COVID-19 have been tested across the country so far, said the Health Ministry.

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News Network
April 6,2020

New Delhi, April 6: On the 40th foundation day of the Bharatiya Janata Party (BJP) today, Prime Minister Narendra Modi appealed to party workers to reaffirm the importance of social distancing, help those in need amid lockdown and enable India to overcome COVID-19.

"Greetings to all fellow BJP Karyakartas on the Sthapana Diwas of the party. Tributes to all those who have toiled hard to build the party for decades, due to which BJP has got the opportunity to serve crores of Indians across our nation's length and breadth. #BJPat40," Prime Minister Modi tweeted.

"Whenever BJP has got the opportunity to serve, the party has focused on good governance and empowering the poor. In line with the party's ethos, our Karyakartas have worked hard to bring a positive difference in the lives of many and done great social service.

We mark our party's 40th anniversary when India is battling COVID-19. I appeal to BJP Karyakartas to follow the set of guidelines from our party president JP Nadda Ji, help those in need and reaffirm the importance of social distancing. Let's make India COVID-19 free," he added.

Earlier, in a message, party President JP Nadda had asked BJP workers to hoist new party flag at all offices and at every karyakarta's house. "Maintain social distancing while hoisting," the BJP President stated.

"All BJP Karyakartas to give up one meal on our Foundation Day as a way to show solidarity with people facing hardships during the lockdown.

Provide food packets to 5+1 needy under #FeedtheNeedy program. In the next one week, put a system in place where we can provide two homemade face covers to each person at our booth. We should circulate videos of preparation and distribution of such face covers with #WearFaceCoverStaySafe," Nadda stated.

He also asked BJP Kartyakartas to encourage 40 others to donate Rs 100 each to PM-CARES Fund.

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Agencies
June 4,2020

New Delhi, Jan 4: The Supreme Court on Thursday extended till June 12 its earlier order of May 15 asking the government not to take any coercive action against companies and employers for violation of Centre's March 29 circular for payment of full wages to employees for the lockdown period.

A bench of Justices Ashok Bhushan, S K Kaul and M R Shah reserved the verdict on a batch of petitions filed by various companies challenging the circular of the Ministry of Home Affairs issued on March 29 asking the employers to pay full wages to the employees during the nationwide lockdown due to the coronavirus pandemic.

In the proceedings conducted through video conferencing, the top court said there was a concern that workmen should not be left without pay, but there may be a situation where the industry may not have money to pay and hence, the balancing has to be done.

Meanwhile, the apex court asked the parties to file their written submissions in support of their claims.

The top court on May 15 had asked the government not to take any coercive action against the companies and employers who are unable to pay full wages to their employees during the nationwide lockdown due to the coronavirus pandemic.

The Centre also filed an affidavit justifying its March 29 direction saying that the employers claiming incapacity in paying salaries must be directed to furnish their audited balance sheets and accounts in the court.

The government has said that the March 29 directive was a "temporary measure to mitigate the financial hardship" of employees and workers, specially contractual and casual, during the lockdown period and the directions have been revoked by the authority with effect from May 18.

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