Govt puts off Air India stake sale for now

Agencies
June 19, 2018

New Delhi, Jun 19: The government has decided not to go ahead with Air India stake sale in an election year and will provide required funds for its operations, a senior official said today.

The decision comes less than 3 weeks after the proposed 76 per cent strategic stake sale in debt-laden national carrier failed to attract any bidder.

Air India will very soon get funds from the government for its day to day operations and will even place orders for a couple of aircraft, the government official said.

The decision was taken at the high level meeting convened by Union Minister Arun Jaitley yesterday. The meeting was attended by Piyush Goyal, who has been temporarily given the charge of finance ministry, Civil Aviation Minister Suresh Prabhu, Transport Minister Nitin Gadkari and other senior officials of finance and civil aviation ministries.

"The airline is posting operational profits. None of the flights go empty. With all the cost efficient mechanism in place, we will continue improving its operational efficiency. There is no need to rush in for disinvestment as of now," the official said.

The government is looking at turning around the company to ensure that it makes profits on overall basis before going in for listing.

"Certain conditions have to be met before listing a company. Once Air India fulfils those, we will go in for an initial public offering and subsequent listing," the source said.

As per Sebi norms, a company has to post profit in previous three financial years before it can list itself in the stock exchanges.

"The focus is on improving operational efficiency. We will continue to boost employee morale, starting from the top level, to better the functioning of the airline. Funds would be provided as and when required," the source added.

The government had originally proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players. The buyer would have had to take over Rs 24,000 crore debt or the carrier along with over Rs 8,000 crore of liabilities.

However, the stake sale failed to attract any bidders when the bidding process got completed on May 31.

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 7,2020

New Delhi, Apr 7: The death toll due to novel coronavirus rose to 114 and the number of cases in the country climbed to 4,421 on Tuesday, according to the Union Health Ministry.

While the number of active COVID-19 cases stood at 3,981, as many as 325 people were cured and discharged, and one had migrated, it stated. The total number of cases include 66 foreign nationals.

According to the ministry's data updated at 9 am, three new deaths were reported from Rajasthan, while Tripura recorded its first coronavirus case.

Maharashtra has reported the most coronavirus deaths at 45, followed by Gujarat at 12, Madhya Pradesh nine, Telangana and Delhi seven each, Punjab six and Tamil Nadu five fatalities.

Karnataka registered four deaths, while West Bengal, Uttar Pradesh, Andhra Pradesh and Rajasthan have recorded three fatalities each. Two deaths each have been reported from Jammu and Kashmir and Kerala. Bihar, Himachal Pradesh and Haryana have reported one fatality each, according to the health ministry data.

However, a PTI tally based on figures reported by states directly on Monday night showed at least 138 deaths across the country, while the confirmed cases reached 4,683. Of them, 359 have been cured and discharged.

There has been a lag in the Union Health Ministry figures, compared to the numbers announced by different states, which officials attribute to procedural delays in assigning the cases to individual states.

The highest number of confirmed cases are from Maharashtra at 748, followed by Tamil Nadu at 621 and Delhi with 523 cases. Kerala reported 327 COVID-19 cases, Telangana 321, Uttar Pradesh 305 and Rajasthan 288 cases. Andhra Pradesh reported 226 coronavirus cases.

Novel coronavirus cases have risen to 165 in Madhya Pradesh, 151 in Karnataka and 144 in Gujarat. Jammu and Kashmir has 109 cases, West Bengal has 91, Haryana 90 and Punjab 76 cases of the infection.

Thirty-two people were infected with the virus in Bihar while Uttarakhand has 31 patients and Assam 26. Odisha reported 21 coronavirus cases, Chandigarh 18, Ladakh 14 and Himachal Pradesh 13 cases.

Ten cases each have been reported from the Andaman and Nicobar Islands and Chhattisgarh. Goa has reported seven COVID-19 infections, followed by Puducherry with five cases. Jharkhand has reported four cases and Manipur two. Tripura, Mizoram and Arunachal Pradesh have reported one case of the infection each.

"State-wise distribution is subject to further verification and reconciliation," the ministry said on its website.

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
January 5,2020

New Delhi, Jan 5: A masked mob on Sunday entered the Sabarmati Hostel on the Jawaharlal Nehru University (JNU) campus and assaulted several students and professors with sticks and rods.

"I have been brutally attacked by goons wearing masks. I am bleeding. I was brutally beaten up," JNU Students' Union (JNUSU) president Aishe Ghosh told reporters.

She has been admitted to the AIIMS here for treatment.

Several other students were also injured in the incident.

In a video of the incident, a group of goons with their faces covered can be seen assaulting students with wooden sticks and rods.

A tweet from the official handle of the JNUSU said, "Sabarmati Hostel: right now. They are beating the students who are inside. Knocking on doors with rods. People are jumping from balconies. #SOSJNU #EmergencyinJNU."

"Professors who were trying to protect us have been beaten up. These are unknown ABVP goons, not all are students, they have covered their faces, and they are moving towards the hotels near the West Gate. Stay alert. Make human chains. Protect each other. #SOSJNU #EmergencyinJNU," another tweet added.

Meanwhile, the ABVP's JNU unit claimed in a tweet: "Emergency in JNU. Leftist goons of JNU accompained with their cadre from other universities have crossed every limit. They have proceeded with unimaginable violence on ABVP activists of JNU."

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
March 4,2020

New Delhi, Mar 4: The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018.

Pronouncing the verdict, the three-judge bench of the apex court said the ban was 'disproportionate'.

The bench included Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian.

The Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies.

Advocate Ashim Sood, appearing for IAMI, submitted that Reserve Bank of India lacked jurisdiction to forbid dealings in cryptocurrencies. The blanket ban was based on an erroneous understanding that it was impossible to regulate cryptocurrencies, Sood submitted.

The petitioners had argued that the RBI's circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry.

IAMAI had claimed the move of RBI had effectively banned legitimate business activity via the virtual currencies (VCs).

The RBI on April 6, 2018, had issued the circular that barred RBI-regulated entities from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".

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.