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.

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M.Abdul Rahman
 - 
Wednesday, 15 May 2019

Wish Jet Airways start flying again soon

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News Network
July 13,2020

Bengaluru, Jul 13: In an attempt to avoid the ugly scene of migrant workers walking to their native places due to the current week-long lockdown imposed in the state, the Karnataka State Road Transport Corporation (KSRTC) is running 1,600 additional buses on Monday and Tuesday to help them return safely.

The KSRTC has already run 249 additional buses from the State capital and has so far ferried 6,641 passengers and 231 buses have been booked.

The KSRTC appealed to the public not to panic as additional buses have been deployed. "After ensuring social distance and conducting thermal screening, passengers will be allowed to travel. It has already been planned to operate additional buses," the corporation stated in a press release here.

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News Network
March 18,2020

Bhopal, Mar 18: Rebel Congress MLAs from Madhya Pradesh who are staying at a resort in Bengaluru, on Wednesday said they went there voluntarily.

Issuing video messages, the rebels said they didn't want to meet senior party leader Digvijay Singh who was briefly detained near the resort this morning.

Madhya Pradesh Chief Minister Kamal Nath and other leaders of the Congress have been claiming that the rebel MLAs were being held in captivity by BJP.

High drama unfolded this morning near the resort, as Singh, a two-time Madhya Pradesh Chief Minister, staged a protest accusing the police of not allowing him to meet the legislators, following which he was detained briefly and released later.

Singh, along with Karnataka Congress chief D K Shivakumar, is meeting police top brass seeking opportunity to meet the MLAs.

Singh hit out at Union Home Minister Amit Shah and Karnataka Chief Minister B S Yediyurappa, accusing them of trying to block their efforts to get in touch with the legislators.

"We have come here voluntarily on our own wish; we have got to know from some people that a few leaders from Madhya Pradesh including Digvijay Singh and some MLAs have come here. We don't want to talk to anybody," Congress rebel MLA from Sumawali Aidal Singh Kansana said in a video message.

"We have tried enough to speak with every one for the last one year, when they did not hear us for one year, what they will hear us in one day? We want to say only this that we have come here as per our wish and go back as per our wish," he added.

Another rebel MLA Govind Singh Rajput too said they have come voluntarily and don't want to meet anybody.

"We got to know that Digvijay Singh has come with a few Ministers and leaders. Unnecessarily at the gate they are saying they want to meet us. When no MLA wants to meet him, they should not be doing this. All MLAs have sent in their resignation," he said in a video message.

Currently, 22 rebel MLAs are said to be camping in the city.

These videos were shared by former Congress leader Pankaj Chaturvedi, a close confidante of BJP leader JyotiradiyaScindia.

In a video message, Bisahulal Singh (Anuppur) said Digvijay Singh had fooled them for 40 years.

"My seniority was neglected. We recognised Digvijaya Singh as our leader for 40 years but he only fooled us. We have come here voluntarily," he said.

"Rahul Gandhi had told us that my name, along with Aidal Singh Kansana (Congress MLA from Sumawali), had figured in the list of state Cabinet but they were struck off due to nepotism," he added.

Pohri MLA Suresh Dhakad said they received information on Digvijay Singh's visit on Wednesday through television channels.

"The present crisis was caused due to Digvijay only. We don't want to meet him," he said.

Karera MLA Jasmant Singh Jatav also blamed Digvijay Singh for the plight of Congress in Madhya Pradesh.

Dimni MLA Girraj Singh said they all have already resigned.

The MLAs who have issued video messages also included Manoj Choudhary (Hatpipalya), Kamlesh Jatav (Ambah), Raghuraj Kansana (Ambah), Brijendra Singh (Mungaoli), Raksha Santram Sironiya (Bhander), Munnalal Goyal (Gwalior East), Rajyavardhan Singh (Badnawar), OPS Bhadoriya (Mehgaon), Ranvir Singh Jatav (Gohad) and Hardeep Singh Dang (Suwasara).

Former ministers Tulsi Silawat (Sanver), Mahendra Singh Sisodia (Bamori), Imarati Devi (Dabra), Pradyumn Singh Tomar (Gwalior), Govind Singh (Surkhi) and Prabhuram Choudhary (Sanchi) also issued videos.

The resignations of these six former ministers were accepted by Assembly Speaker NP Prajapati while those of 16 others are on hold.

The rebel Congress MLAs held a press conference on Tuesday and claimed that 20 more party MLAs want to join them. The rebels also said that they were thinking of crossing over to the BJP in the days to come.

The Congress-ruled Madhya Pradesh has been in a political turmoil since the MLAs resigned on March 10 following the suit of Scindia, who joined the BJP on March 11.

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News Network
June 23,2020

Bengaluru, Jun 23: Karnataka Congress leader and Kanakapura MLA DK Shivakumar said on Monday that in the wake of coronavirus pandemic, people of his assembly constituency have taken a unanimous decision of remaining under voluntary lockdown until July 1.

The decision was taken after he headed a meeting at Kanakapura on Sunday, at the office of Kanakapura Municipality.

"Let us consider the situation after July 1, hold a similar meeting, and take the next decision. It has nothing to do with the state government's mandate. It came to the conclusion that this was a decision that we all voluntarily took," said DK Shivakumar.

DK Shivakumar informed that the merchants have agreed to sell groceries, fruits, vegetables, fennel, meat and other food items from 7 a.m. to 11 p.m. only. District authorities, DCs, SPs and hospital representatives have decided the timings of clinics and drug stores.

He further said, "In this self-motivated lockdown, unnecessary driving should be avoided. The social gap must be maintained. No one should be oppressed by anyone."

Member of Parliament DK Suresh, Ravi - Ramanagara District Collector Archana, SP Anoop Shetty, and Kanakapura Planning Authority Chairman Jagannath were also present in the meeting.

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