Disqualifying MPs, MLAs on conviction: Govt may seek review

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

Bengaluru, Mar 23: Indian stocks plunged over 9% on Monday, as the rapidly spreading coronavirus pandemic sent major states including the country's capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.

The NSE Nifty 50 index slipped 9.17% to 7,937.75 by 0408 GMT, while the S&P BSE Sensex was 9.42% lower at 27,093.24.

Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.

"Panic has gone up domestically because of the lockdown situation," said Vinod Nair, head of research at Geojit Financial Services.

"There is fear that the situation will not be brought under control soon."

The rupee hit a fresh record low of 76.05 against the dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world's reserve currency.

Meanwhile, global markets crumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding nearly 4% as the global death toll climbed to over 14,000, further battering economic activity, and raising fears of a global recession.

After market hours on Friday, the Securities and Exchange Board of India halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares to curb "abnormally high" volatility amid the pandemic.

In domestic trading, the Nifty PSU Bank Index plunged 8%, while the Nifty bank index crashed nearly 10%.

The Nifty Auto Index slid 9% after several carmakers over the weekend suspended production due to the virus.

Bijnor: A 17-year-old Dalit youth was shot dead by four miscreants belonging to the upper caste of Hinduism after the former tried to enter a temple in Uttar Pradesh.

The deceased was identified as Vikas Jatav. The accused had tried to stop the deceased from entering into a temple. 

On being stopped from entering the temple located in Domkhera village, Jatav raised and objection and started arguing with the accused. 

The accused were identified as - Lala Chauhan, Horam Chauhan, Bhushan and Jasveer. The incident took place on May 31, according to the father of the deceased. 

How it happened 
On May 31, Jatav went to a temple in Domkhera to offer his prayers. The four accused, however, did not let him go inside. Following this, an argument broke out between the accused and the 17-year-old boy. 

On the same day, the victim approached the police and lodged a complaint in relation to the incident. The police, however, did not take any action against the accused men. 

Late night on Saturday, Jatav was sleeping inside his house when the four men barged in and opened fire at him. 

Hearing the gunshots, Jatav's family rushed to rescue him, following which, the accused escaped. Vikas was profusely bleeding after being shot and succumbed to the injuries before he could reach the hospital. 

Lala Chauhan and Horam were nabbed by the police while the other two are still at large. The four accused have been booked under section 302 (murder) of the Indian Penal Code (IPC) and the SC/ST Act.