Air India to raise Rs 5000cr via asset sale

May 15, 2012

air_india

New Delhi, May 15: Debt-ridden Air India has decided to raise about Rs 5,000 crore over 10 years by monetizing its assets. The airline is also going to issue government-backed non-convertible debentures for Rs 7,400 crore for part repayment of working capital loans.

The airline, that is battling a pilot strike at present, approved these decisions at a board meeting on Monday. "AI is looking for top real estate consultants. The plan is to have the consultant by June 30," an AI statement said.

"The board also endorsed the stand in respect of terminations of the striking pilots and supported the view that indiscipline should not be tolerated in any form or manner," it added.

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News Network
January 13,2020

New Delhi, Jan 13: The Supreme Court on Monday commenced hearing on issues related to discrimination against women in various religions and at religious places including Kerala's Sabarimala Temple.

A nine-judge bench headed by Chief Justice S A Bobde said that it was not considering review pleas in the Sabarimala case.

“We are not hearing review pleas of Sabarimala case. We are considering issues referred to by a 5-judge bench earlier,” the bench said.

The apex court had on November 14 asked a larger bench to re-examine various religious issues, including the entry of women into the Sabarimala Temple and mosques and the practice of female genital mutilation in the Dawoodi Bohra community.

While the five-judge bench unanimously agreed to refer religious issues to a larger bench, it gave a 3:2 split decision on petitions seeking a review of the apex court's September 2018 decision allowing women of all ages to enter the Sabarimala shrine in Kerala.

A majority verdict by then Chief Justice Ranjan Gogoi and Justices A M Khanwilkar and Indu Malhotra decided to keep pending pleas seeking a review of its decision regarding entry of women into the shrine, and said restrictions on women in religious places was not restricted to Sabarimala alone and was prevalent in other religions as well.

The minority verdict by Justices R F Nariman and D Y Chandrachud gave a dissenting view by dismissing all review pleas and directing compliance of its September 28 decision.

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News Network
July 1,2020

Jul 1: Gold prices in India hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal's safe-haven appeal.

Local gold futures hit an all-time high of Rs 48,871 ($646.66) per 10 grams in early trade, taking their gains to 25% in 2020 so far. The contract had gained nearly 25% in 2019.

However, this dampened the retail demand for gold in India, the world's second-largest consumer of the precious metal.

"Retail demand is negligible. Buyers are postponing purchases anticipating a correction in prices," said a Mumbai-based bank dealer with a bullion importing bank.

In thin trade, dealers were offering a discount of up to $22 an ounce over official domestic prices on Wednesday afternoon, up from the last week's $18. The domestic price includes a 12.5% import tax and 3% sales tax.

The country's gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus.

In overseas market, spot gold firmed near an eight-year peak on Wednesday, as a spike in coronavirus cases in the United and States and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets.

According to a latest Reuters tally, the coronavirus has infected more than 10.48 million people worldwide so far.

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Agencies
February 25,2020

Agra, Feb 25: The architectural grandeur of 17th century Taj Mahal and the story of its construction by Mughal Emperor Shah Jahan left US President Donald Trump "impressed" during his visit to the famed mausoleum, according to the guide who accompanied him.

Nitin Kumar, an Agra-based guide, said the first word the president said after laying his eyes on the marble marvel was "incredible".

He and First Lady Melania Trump visited on Monday the iconic Taj Mahal in Agra, the second stop on his little less than 36-hour-long trip of India, and marvelled at the Mughal-era mausoleum built as a monument of love.

After Dwight David Eisenhower (1959) and Bill Clinton (2000), he became the third US president to visit the architectural icon.

"I told them the story of the Taj Mahal, the construction, and the story behind it. President Trump got very emotional after knowing the story of Shah Jahan and his wife Mumtaz Mahal. How he was kept under house arrest by his own son Aurangzeb, and buried here at Taj, next to Mumtaz's grave, after his death," Kumar told reporters.

The couple was left speechless on the first sight of the monument, and showed interest when they were told about the history and architecture of the dome, and the design details, Kumar said.

"Melania Trump asked about the mud-pack treatment and was amazed when she got to know the details of the process," he said.

One of the most photographed sites in the world, it is always high on the itinerary of head of states visiting India.

The monument was built over a period of nearly 20 years by Shah Jahan in memory of his wife after her death in 1631.

"The Taj Mahal inspires awe, a timeless testament to the rich and diverse beauty of Indian Culture!' Thank You, India," the US President and First Lady jointly wrote in the visitors' book before signing it.

According to Mohammed Zafar, who lives close to Taj Mahal complex, Nitin has been conducting guided tours for many years. "He was selected for this VVIP visit," he said.

"Many people were taking selfies with him, after the end of the visit. So, many media persons interacted with him. He has got some instant fame of sorts," Zafar said.

Authorities at Archaeological Survey of India had "advanced the dates" for mud-pack treatment for the graves of Shah Jahan and Mumtaz Mahal at Taj Mahal in view of the US President Trump's visit to Taj, a senior official had earlier said.

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