Jet-Etihad deal put on hold by FIPB

June 15, 2013

Jet-EtihadNew Delhi, Jun 15: The Rs.2058 crore deal struck by Jet Airways to sell 24 per cent of its stake to Abu Dhabi's Etihad Airways was put on hold on Friday by Government's foreign investment approving agency which sought more clarity on control and ownership of the Indian airline.

"It (Jet-Etihad proposal) has been deferred. We need more details on effective control and ownership," Economic Affairs Secretary Arvind Mayaram, who heads the Foreign Investment Promotion Board (FIPB)," told reporters after a meeting here.

Market regulator SEBI and competition watchdog CCI have already sought clarifications from the premier private carrier on the transaction, to ensure that Etihad's ownership powers in Jet remains in line with its 24 per cent stake in the company's equity capital.

Asked about the development, Civil Aviation Minister Ajit Singh said SEBI has raised some concerns and asked both the airlines to "rectify some parts of the pact."

"I don't see any major problem for the deal," Singh said.

When contacted, Jet sources said they have already submitted the necessary clarifications to SEBI.

It could not be ascertained when the FIPB would take up the Jet-Etihad proposal next. Once the FIPB clears it, the matter would be sent to the Cabinet Committee on Economic Affairs for approval. All deals over Rs 1,200 crore have to be approved by CCEA.

Shares of Jet Airways closed at Rs 469.20, up 8.47 per cent on the BSE, ahead of the FIPB meet.

The deal is the largest foreign investment proposal in the aviation sector after the government allowed foreign carriers to pick up stake in Indian airlines last September.

In March, the FIPB had cleared Rs 81 crore investment proposal of AirAsia to set up a JV airline company, AirAsia India, with Tata Sons and another partner.

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Agencies
June 27,2020

Mumbai, Jun 27: The Shiv Sena on Saturday hit out at the BJP over its charge that the Rajiv Gandhi Foundation (RGF) had accepted donations from the Chinese embassy, and asked it whether the issue had any connection with intrusion by the neighbouring country in Ladakh and the martyrdom of 20 Indian soldiers.

The Sena also alleged that those raising questions against the government over the standoff with China were being labelled as Chinese agents by the BJP.

BJP chief J P Nadda had on Thursday targeted the Congress and the Gandhi family saying that the RGF had allegedly accepted donations from the Chinese embassy. Hitting back, the Congress had said that the RGF issue raised by the BJP government was a "manufactured charge" and "diversionary tactic" to deflect attention from the LAC crisis.

"What do you mean by Congress gets money from China? Instead of responding to the issues raised by Sonia Gandhi and Rahul Gandhi over the Chinese incursions, the BJP leaders accused the Congress of receiving funds from China," the Sena said in an editorial in party mouthpiece 'Saamana'.

"Will BJP's revelations about the donations stop the Chinese activities along the border? The BJP should tell what connection does these donations have with the Chinese incursion and the martyrdom of 20 soldiers," it added.

"In our country, many political leaders and parties, and not just the Congress, are beneficiaries of foreign countries. The BJP speaking about this is like throwing stones in the mud," it said.

The Uddhav Thackeray-led party said that Chinese President Xi Jinping visited India twice in the last six years.

"He was hosted in Gujarat. But it is a fact that China has betrayed. Holding talks on the one hand and continuing with the offensive along the border on the other hand is China's old policy," it said.

In the present scenario, the entire country stands firmly with PM Modi. This crisis is not for the BJP or the Congress, but for the entire country, whose prestige is at stake, it said.

"The BJP can fight with the Congress any time later.

But now is the time to fight against China. It should speak on that," the Sena said.

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News Network
March 29,2020

New Delhi, Mar 29: The total confirmed coronavirus cases in India rose to 979, including 48 foreigners, according to the Ministry of Health and Family Welfare on Sunday.
There are 867 active cases of the disease as of Sunday, out of the total confirmed cases, while 87 persons have also been cured and discharged or migrated.
The number of deaths due to the infection rose to 25.
Maharashtra and Kerala, with 186 and 182 cases, have two of the highest number of positive cases in the country, with Maharashtra also recording six deaths due to the disease.
The Central government has taken many stringent measures to prevent the further spread of the disease with a 21-day nationwide lockdown being imposed.
The disease which originated from Wuhan, China has so far close to 6 lakh reported cases from around the world with more than 25 thousand deaths being reported due to it, as per World Health Organisation on March 28. 

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March 24,2020

Gautam Buddh Nagar, Mar 24: As many as 96 First Information Reports (FIRs) were registered and more than 2000 challans issued in Noida yesterday for violation of lockdown rules, police said. The lockdown was imposed in a bid to contain the spread of coronavirus, which has taken more than 14000 lives across the globe.

The FIRs were registered against people for allegedly flouting Section 144 and not adhering to the orders of the state government for staying indoors.
Chief Minister Yogi Adityanath on Monday stated that all borders adjoining Uttar Pradesh should be completely sealed.

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