Jet Airways shares slump after reports of Etihad's non-binding offer

Agencies
May 13, 2019

Bengaluru, May 13: Bengaluru: Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Etihad, which owns an about 24 per cent stake in Jet, submitted a bid for the airline, the unit of State Bank of India (SBI) overseeing the sale of the stricken carrier said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about USD 1.2 billion in bank debt.

The Mint newspaper said on Monday that Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80 per cent haircut on their outstanding loans to Jet Airways, the newspaper said, citing banking sources.

Shares of the carrier, which have tumbled almost 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

Jet and SBI were not immediately available for comments.

Comments

M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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News Network
January 16,2020

Bengaluru, Jan 16: Senior Congress leader K J George on Thursday appeared before the Enforcement Directorate officials here in connection with a FEMA case.

The former minister is being investigated by the ED for probable violation of provisions of the Foreign Exchange Management Act.

The ED had recently issued summons to George.

Speaking to reporters after appearing before the ED, George said he has answered to the officials' queries and will cooperate further also.

"ED had issued me summons, as a law abiding citizen, I have answered and gave documents to whatever they asked.

Further also if they call me...I will cooperate and provide necessary documents," he said, without divulging any details.

George clarified that no summons has been issued by the ED to members of his family.

"If required they (ED officials) will call me again, and I'm ready to cooperate," the congress leader added.

Last year, the president of the Karnataka Rashtra Samithi Ravi Krishna Reddy had complained to the ED seeking a probe into the alleged money laundering and properties held by George and his family members in the United States.

Responding to a question about a defamation case filed by him against those who have levelled the allegations, George said "Just because ED has called me for questioning, I'm not proved guilty."

"Anyone can complain to agencies like the Income Tax or ED or Lokayukta, but my only objection is with going to the press to project someone as guilty," he said.

"...going to the press with an intention to do a propaganda against me..someone who is in public life-- to project me as guilty is wrong, so I have filed defamation case stating the allegations are false," he added.

George is the third senior Congress leader from Karnataka to face an ED probe after D K Shivakumar and B Z Zameer Ahmed Khan.

Shivakumar was arrested by the agency in a money laundering case and was kept in Tihar Jail, until he got bail in October, while Khan was summoned in connection with the multi-crore IMA group Ponzi scam case.

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Wafa Sultana
April 4,2020

Over the last couple of days when the world was occupied with unifying efforts to fight the deadly Covid19 pandemic, sections of Indian media provided viewers a familiar scapegoat – the Indian Muslims – who are often stereotyped as a community being constantly at loggerheads with the citizenry and the State. Biased media channels were quick to resort to blaming the entire Muslim community for the spread of the disease in the country, thanks to an ill-timed Tablighi Jamaat gathering at its international headquarters in Delhi’s Nizamuddin. Unsurprisingly, the opprobrium was also marked by a sudden spike in WhatsApp forwards of videos with people wearing skullcaps licking spoons and performing Sufi breathing rituals, suggesting some sort of wild conspiracy on the part of the community to spread the virus.  Some media channels were quick to formulate, hypothesize and provide loose definitions of a newly discovered form of Jihad i.e. ‘Corona Jihad ’ thereby vilifying the Islamic faith and its followers.

While the investigation on the culpability of the organizers of the Nizamuddin event is still ongoing, there is enough information to suggest that the meeting was held before any lockdown was in force, and the problem began when there was no way of getting people out once the curfew was announced. Be that as it may, there is little doubt that organizing a meet of such a scale when there is a global pandemic smacks of gross misjudgment, and definitely the organizers should be held accountable if laws or public orders were defied. Attendees who attempt to defy quarantine measures must be dealt with strictly. However, what is alarming is that the focus and narrative have now shifted from the unfortunate event at Nizamuddin to the Tablighi Jamaat itself.

For those not familiar with the Tablighi Jamaat, the organization was founded in 1926 in Mewat by scholar Maulana Mohammad Ilyas. The Jamaat’s main objective was to get Muslim youth to learn and practice pristine Islam shorn of external influences. This is achieved through individuals dedicating time for moral and spiritual upliftment secluded from the rest of the world for a brief period of time. There is no formal membership process. More senior and experienced participants typically travel from one mosque to other delivering talks on religious topics, inviting local youth to attend and then volunteer for a spiritual retreat for a fixed number of days to a mosque in a nearby town or village to present the message to their co-religionists. Contrary to ongoing Islamophobic rhetoric, the movement does not actively proselytize. The focus is rather on getting Muslims to learn the teachings and practices of Islam.  This grassroots India-based movement has now grown to almost all countries with substantial Muslim populations. Its annual meets, or ‘ijtemas’ are among the largest Islamic congregations in the world after the annual Haj. One of the reasons for its popularity and wide network in the subcontinent and wordwide is the fact that it has eschewed the need for scholarly intervention, focusing on peer learning of fundamental beliefs and practice rather than high-falutin ideological debates. The Tablighi Jamaat also distinguishes itself from other Islamic movements through its strictly apolitical nature, with a focus on individual self-improvement rather than political mobilization. Hardships and difficulty in the world are expected to be face through ‘sabr’ (patience) and ‘dua’ (supplication),  than through quest for political power or influence. In terms of ideology, it is very much based on mainstream Sunni Islamic principles derived from the Deobandi school.

So, why is all this background important in the current context? While biased media entities have expectedly brought out their Islamophobic paraphernalia out for full display, more neutral commentators have tried to paint the Tablighi Jamaat as a fringe group and have tried to distance it from 'mainstream Muslims'. While the intent is no doubt innocent, this is a trap we must not fall into. This narrative, unfortunately, is also gaining ground due to apathy some Muslims have for the group, accusing it of being “disconnected from the realities of the world”. Unlike other Muslim organizations and movements, the Tablighi Jamat, by virtue of its political indifference, does not boast of high-profile advocates and savvy spokespersons who can defend it in mainstream or social media.  The use of adjectives such as 'outdated' and 'orthodox' by liberal columnists to describe the Jamaat feeds into the malignant attempt to change the narrative from the control of the spread of the pandemic due to the Nizamuddin gathering to 'raison d'etre' of the organization itself.

A large mainstream religious group like the Tablighi Jamaat with nearly a hundred-year history, normally considered to be peaceful, apolitical and minding its own business is now suddenly being villainized owing to unfortunate circumstances. Biased media reactions filled with disgust and hate seem to feed the Indian public conscience with a danngerous misconception - to be a nominal Muslim is okay but being a practicing one is not.  For those committed to the truth and fighting the spread of Islamophobia, the temptation to throw the entire Tablighi Jamaat under the bus must be resisted.

The writer is a lawyer and research scholar at Qatar University. Her research interests include Islamic law and politics.

Comments

zahoorahmed
 - 
Saturday, 4 Apr 2020

great article! provides a great perspective on tableeg jamat

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News Network
June 18,2020

Bengaluru, Jun 18: As many as 210 new COVID-19 cases and 12 deaths have been reported in Karnataka, taking the total cases to 7,944 and death toll to 114, said State Health Department.

Today, 179 persons have been discharged across the State while 4,983 persons have been discharged so far.

The number of total active cases in Karnataka stands at 2,843.

The COVID-19 count in India has reached 3,66,946 on Thursday, according to the Union Health and Family Welfare Ministry (MoHFW).

The death toll due to COVID-19 has now reached 12,237. The COVID-19 count includes 1,60,384 active cases, while 1,94,325 patients have been cured and discharged or migrated so far.

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