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

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 20,2020

Thiruvananthapuram, Apr 20: The Kerala government announced the relaxation of COVID-19 lockdown restrictions in two zones, allowing among other private vehicles movement in an odd-even basis and dine-in services at hotels from Monday.

State police chief Loknath Behera said the relaxations of restrictions imposed would come into effect in the Green and Orange-B zones in the state from Monday,an official release said.

Earlier, the Left government had colour-coded 14 districts of the state into four zones-- Red, Green, Orange-A and Orange-B, for containing the Covid-19 pandemic. Red zone comprises Kasaragod, Kannur, Kozhikode and Malappuram districts. In this zone, a complete lockdown will be in place until May 3 while two entry and exit points are allowed for carrying essential commodities to coronavirus hotspots. Orange-A zone comprises Pathanamthitta, Ernakulam and Kollam while orange-B zone comprises Alappuzha, Thiruvananthapuram, Palakkad, Thrissur and Wayanad.

The lockdown will be in effect until April 24 in this zone and then partial relaxation will be allowed. Kottayam and Idukki come under the Green zone, in which lockdown will be in effect until April 20 and then regulations will be eased. However, large gatherings, the functioning of educational institutions, religious functions, celebrations and travel outside the district will not be allowed in this zone.

Not more than 20 people are allowed to take part in weddings and funerals, according to government instructions. On the functioning of courts, the release said, "Courts in the Green and Orange-B zones will re-open on April 21 while that in Orange-A zone will start functioning from April 25. The courts will function with 33 per cent of staff. The cases will be heard via video conferencing."

Meanwhile, the Bankers' Council has announced that banks will function as per the usual timings from Monday in the state except four districts falling under the Red zone. The Transport Ministry has clarifiedthat public transport won't be allowed to ply in the state during the lockdown period. "Inter-district travel will not be allowed despite relaxations in the state, but essential services such as medical services, food supplies will not be stopped. However, in case of emergency, inter-district travel will be allowed with an affidavit prepared by the traveller," Behra said in a release.

On the implementation of the odd-even scheme for private vehicles, the police said, "Vehicles with odd numbers will be permitted on Mondays, Wednesdays and Fridays. Those with even numbers will be allowed on Tuesdays, Thursdays and Saturdays." Woman drivers travelling solo or with dependants are also exempted from it, police said. On Sundays, only those working for essential services are allowed to use their vehicles.

All education institutions, cinema halls, shopping malls, public parks, bars, places of worship will remain closed in all zones of the state. The health department and local administration, which carry out sanitation work before the monsoon, are allowed to operate. Four-wheelers are permitted to carry two passengers besides the driver and in case of a two-wheeler, only the driver will be allowed while the pillion rider is allowed in case the person is a family member.

On Dine-in services, a government order said it is allowed at hotels and restaurants until 7 PM in Green and Orange-B zone from Monday and in Orange-A zone from April 24. However, take-away counters can function until 8 PM, it said. Kerala on Sunday reported two positive cases of Covid-19 in the state taking the total number of affected to 401 while the health department announced that 13 people were cured.

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
January 6,2020

Bengaluru, Jan 6: Cab aggregators are once again in news for the wrong reasons after an Ola cab driver misbehaved with a 34-year-old woman passenger and even threatened to kill her when she raised an alarm.

But what followed was worse. The woman, a software engineer, immediately called the Ola emergency number following which they asked her to check if the driver was drunk. She later pressed the emergency button on the Ola app but received a message asking her to dial 100. After the aggregator failed to help her, she said she was lucky to be saved by the public.

Reacting to the incident, an Ola spokesperson said, “We regret the unfortunate incident and have immediately terminated the driver-partner from the platform upon receiving the complaint.”

Shruthi G (name changed), an employee at a software company at Bagmane Tech Park in Mahadevapura, booked an Ola cab after her work in the evening of January 3. She booked pick-up stops at two locations as she had to pick her four-year-old daughter from the day-care centre, which is 2 km away from her house.

However, around 6.22 pm, when the cab reached Malleshpalya near Kids Castle, the driver did not stop the vehicle. He asked her to get down at the last drop location. She told him to stop and tried to open the doors but he locked the doors, insisting that she sit in the car. When she resisted, he held her hands and abused her; he even threatened to kill her if she raised an alarm.

The victim said she pressed the emergency button on the app twice but only got a message advising her to call the police.

When she called the Ola emergency number, the person at the other end asked about her condition and to check whether the driver was drunk. They called back after one-and-a-half hours when she was filing a complaint at the police station.

“Ola did not make any efforts to reach out to the police or do anything to track my location and help me in that situation,” she said.

The victim called 100 and the staffer at the control room asked her which area she was in. Since she was familiar with the area, Shruthi was able to give her location.

“First they told me that the area comes under Baiyappanahalli. Later, they said it comes under HAL. Finally, they figured out the location. It took 20 minutes for the police to reach the spot,” she said.

What saved Shruti was her sheer instinct and luck. Alone in the cab, she started raising an alarm. Luckily, commuters in the other vehicles next to the cab noticed her screaming for help and stopped the driver.

“If this is the kind of security Ola provides its customer, it is very questionable,” she said. “If we have to really call the police during an emergency then why they put out the number and emergency button, it’s a waste of time during that crucial situation. If they directly told us to dial 100 during an emergency, it will save time. Lakhs of commuters take Ola cabs thinking it is safe but they have no mechanism to check their drivers and track their customers in danger.”

Baiyappanahalli police said the accused Bhimashankar Malged was arrested and remanded in judicial custody following the complaint.

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 Karnataka government is in favour of lifting the coronavirus lockdown in districts which remained free of the virus infection, subject to approval from the Centre, Chief Minister B S Yediyurappa said on Wednesday.

In an interview to, he also said the state intended to relax liquor sales, stopped since the 21-day lockdown was imposed to contain the spread of COVID-19, after April 14 in a bid to increase state revenues.

The chief minister said the state's legislators would take a 30 per cent salary cut.

According to officials, there were no COVID-19 cases in 12 districts of the total 30 districts in the state.

As on Wednesday, there were 181 COVID-19 cases in the state, including 5 deaths and 28 discharges.

"If the Prime Minister suggests to states to take decision (on lock-down) based on the situation in their respective states, my position is to take a call (on roll-back) in districts free from COVID-19", Yediyurappa said.

This is to allow people to go about their business and move about within the district and not from one district to another, after April 14, after taking the approval of the Prime Minister, he said.

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.