Jet wins key approval for Etihad deal, with conditions

July 29, 2013

New Delhi, Jul 29: The foreign investment regulator gave conditional approval on Monday to a $379 million deal by Abu Dhabi's Etihad Airways to buy a stake in Jet Airways(JET.NS), paving the way for more acquisitions in the domestic aviation sector.jet_eithihad

"We have approved with some conditions," Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the Foreign Investment Promotion Board (FIPB).

He did not elaborate.

Etihad's purchase of 24 percent of Jet is the first such deal since the government allowed foreign airlines to own up to 49 percent of Indian carriers last September.

It bodes well for more foreign investment into the Indian aviation sector where most carriers are burdened with heavy debts and rack up losses mainly due to the high cost of fuel.

For foreign investors, buying a stake in an Indian carrier grants access to one of the world's fastest growing domestic airline markets which has plenty of untapped potential, especially in services to smaller Indian cities.

Low-cost carrier SpiceJet (SPJT.BO) has received interest from various unidentified potential investors, while fellow budget airlines GoAir and IndiGo have also been identified as potential targets.

The Jet-Etihad deal still has to obtain the approval of the capital markets regulator as well as a ministerial investment panel before the airlines can proceed.

The deal provides Jet with a deep-pocketed global partner as well as cash to help pay off debts. Etihad, which is on an acquisitions drive, will benefit from Jet's Indian connections.

Ahead of Monday's announcement, Jet shares had jumped nearly 3.7 percent, taking their gains in the last two sessions to nearly 22 percent on speculation the deal would be approved.

Effective control

Last month, the FIPB had said it wanted more details on who would be effectively in control of Jet Airways after the deal before making a decision.

The deal won regulatory approval after a revised shareholder agreement decreased Etihad's presence on the board of Jet, according to a document seen by Reuters, addressing government concerns that the Abu Dhabi carrier appeared to be taking control of the Indian airline.

Etihad will now take two seats on the board, which will have up to 12 members, one less than initially planned.

Jet's founder group will appoint four board members and will have the right to nominate the chairman, whereas Etihad will appoint a vice chairman, according to the document.

Opposition politicians have opposed the deal on grounds that a bilateral accord between India and the United Arab Emirates increasing number of seats per week favoured Etihad and also on security concerns.

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Agencies
January 4,2020

New Delhi, Jan 4: "Sovereign, socialist, secular, democratic republic" is how India is referred to in the preamble of the Constitution. However, J Nandakumar, a key RSS leader and All India Convenor Prajna Pravah, a Sangh offshoot, wants India to reconsider the inclusion of the word "secular", claiming secularism is a "western, Semitic concept".

In an exclusive interview to news agency, Nandakumar said: "Secularism is a western, Semitic concept. It came into existence in the West. It was actually against Papal dominance."

He argued that India does not need a secular ethos as the nation has moved "way beyond secularism" since it believes in universal acceptance as against the western concept of tolerance.

The RSS functionary on Thursday released a book here named "Hindutva in the changing times". The book launch event was also attended by senior RSS functionary Krishna Gopal.

Nandakumar, who has attacked the Mamata Banerjee government in his book for alleged "Islamisation of West Bengal", told IANS: "We have to see whether we need to put up a board of being secular, or that whether we should prove this through our behaviour, actions and roles."

It is for society to take a call on this, rather than by any political class, on whether the preamble to the Indian Constitution should continue to have the word "secular" in it or not, he added.

In between signing his books and obliging wannabe Hindutva cadres with selfies, Nandakumar said that the very existence of the word "secular" in the preamble was not necessary and how the constitution founders too were against it.

"Baba Saheb Ambedkar, Ladi Krishnaswamy Aiyaar -- all debated against it and said it (secular) wasn't necessary to be included in the preamble. That time it was demanded, discussed and decided not to include it," he said.

Ambedkar's opinion was, however, disregarded when Indira Gandhi "bulldozed" the word "secular", in 1976, said the head of the Prajna Pravah, an umbrella body of several right-wing think-tanks

As Nandakumar prepared to return to his base in Kerala, where, he emphasises, the RSS has its work cut out in the "fight against the Kunnor model", he said that the inclusion of "secular" was done with the intent to damage the concept of Hindutva.

"It was to demolish, destroy the overarching principle of Hindutva that binds us together", he said.

Asked whether the Sangh would pressurise the BJP, which has 303 seats in the Lok Sabha, to omit "secular" from the Constitution preamble, Nandakumar smilingly refused to reply.

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Agencies
July 6,2020

New Delhi, Jul 6: The Indian Academy of Sciences, a Bengaluru-based body of scientists, has said the Indian Council for Medical Research's (ICMR) target to launch a coronavirus vaccine by August 15 is "unfeasible" and "unrealistic".

The IASc said while there is an unquestioned urgent need, vaccine development for use in humans requires scientifically executed clinical trials in a phased manner.

While administrative approvals can be expedited, the "scientific processes of experimentation and data collection have a natural time span that cannot be hastened without compromising standards of scientific rigour", the IASc said in a statement.

In its statement, the IASc referred to the ICMR's letter which states that "it is envisaged to launch the vaccine for public health use latest by 15th August 2020 after completion of all clinical trials".

The ICMR and Bharat Biotech India Limited, a private pharmaceutical company, are jointly developing the vaccine against the novel coronavirus -- SARS-CoV-2.

The IASc welcomes the exciting development of a candidate vaccine and wishes that the vaccine is quickly made available for public use, the statement said.

"However, as a body of scientists including many who are engaged in vaccine development IASc strongly believes that the announced timeline is unfeasible. This timeline has raised unrealistic hope and expectations in the minds of our citizens," it said.

Aiming to launch an indigenous COVID-19 vaccine by August 15, the ICMR had written to select medical institutions and hospitals to fast-track clinical trial approvals for the vaccine candidate, COVAXIN.

Experts have also cautioned against rushing the process for developing a COVID-19 vaccine and stressed that it is not in accordance with the globally accepted norms to fast-track vaccine development for diseases of pandemic potential.

The IASc said trials for a vaccine involve evaluation of safety (Phase 1 trial), efficacy and side effects at different dose levels (Phase 2 trial), and confirmation of safety and efficacy in thousands of healthy people (Phase 3 trial) before its release for public use.

Clinical trials for a candidate vaccine require participation of healthy human volunteers. Therefore, many ethical and regulatory approvals need to be obtained prior to the initiation of the trials, it added.

The IASc said the immune responses usually take several weeks to develop and relevant data should not be collected earlier.

"Moreover, data collected in one phase must be adequately analysed before the next phase can be initiated. If the data of any phase are unacceptable then the clinical trial is required to be immediately aborted," it said.

For example, if the data collected from Phase 1 of the clinical trial show that the vaccine is not adequately safe, then Phase 2 cannot be initiated and the candidate vaccine must be discarded.

For these reasons, the Indian Academy of Sciences believes that the announced timeline is "unreasonable and without precedent", the statement said.

"The Academy strongly believes that any hasty solution that may compromise rigorous scientific processes and standards will likely have long-term adverse impacts of unforeseen magnitude on citizens of India," it said.

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News Network
April 1,2020

Prayagraj,  April 1: Seven Indonesian nationals, one person from Kolkata and one from Kerala who had attended the event at Delhi's Nizamuddin Markaz have been put under quarantine, informed SP (City) Prayagraj, Brijesh Kumar Srivastava on Wednesday.

"Seven Indonesian nationals, one person from Kolkata and one from Kerala, were found at Abdullah mosque here. During the investigation, it was found that they had attended the Markaz gathering in Delhi. These people, along with 28 people who came in contact with them, have been quarantined." he said.

"A case has also been registered against them for not informing the police on reaching here," he added.

Earlier, Delhi Health Minister Satyendar Jain had said that the officials are not certain of the accurate number of people who participated in the event but it is being estimated that 1,500-1,700 people had assembled at the Markaz building.

The religious gathering was held at the Markaz building in Nizamuddin between March 13 and March 15.

The total number of active cases rose to 1466 in the country, while 132 people have been cured and discharged after receiving treatment, as of 9 am.

The number of deaths due to the infection also rose to 38, while one person has migrated.

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