AirAsia gets government nod for name of its Indian JV

March 10, 2013

AirAsia

New Delhi, Mar 10: Gearing up to launch services in India in partnership with Tatas, Malaysia-based low-cost airline AirAsia has got the Ministry of Corporate Affairs approval for the name of its Indian venture that is to be called AirAsia (India) Private Ltd.

The name of the new company has been registered in the state of Maharashtra and the approval was granted by the Ministry of Corporate Affairs (MCA) earlier this month, a senior official said.

The company is now in the process of incorporating itself in India and completing other formalities of submitting the required documents and certificates with the Ministry, he said. The filing process for the new venture is being completed on a fast-track basis, he added.

Before incorporating itself in India, a company needs to get its name approved by the Ministry of Corporate Affairs, after which it is required to file an application for incorporation.

Thereafter, the company needs to file a notice of situation of registered office, followed by filings related to

particulars of appointment of managing director, directors, manager and secretary.

The country's foreign direct investment clearance body FIPB (Foreign Investment Promotion Board) has already approved investment in the new venture, wherein Malyasia-based AirAsia would hold 49 per cent stake, Tata Sons will have 30 per cent and 21 per cent stake would be owned by Arun Bhatia of Telestra Tradeplace.

Being started with an initial investment of $14.5 million (about Rs. 80 crore), AirAsia India would compete in the domestic passenger aviation space with the likes of Jet Airways, Spicejet, IndiGo, Go Air and state-run Air India.

AirAsia and Tatas announced their plans to start the low-cost airline in India on February 20, while the FIPB approved the foreign investment for the venture earlier this month.

The airline needs to get a no-objection certificate from the Aviation Ministry and thereafter an air transport license from the DGCA (Directorate General of Civil Aviation) to be declared a scheduled airline.

AirAsia India would also mark the re-entry of Tatas into the aviation space after about 60 years of JRD Tata-founded Air India being nationalised in 1953.

The company is also in process of finalising its senior executive team and hiring of other employees and plans to start operations later this year.

AirAsia chief Tony Fernandez recently tweeted that he has selected the CEO for AirAsia India and the final call would be taken by the Tatas.

AirAsia group recorded a 13 per cent passenger growth in 2012 with about 33.8 million passengers carried during the year in its Malaysia, Thailand and Indonesia operations.

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News Network
March 26,2020

Jaipur, Mar 26: Two new COVID-19 positive cases were registered in Rajasthan taking the total number of coronavirus cases to 38 in the state.
The Union Health Ministry had on Wednesday reported 606 positive COVID-19 cases in India including 43 foreign nationals.

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Agencies
March 24,2020

New Delhi, Mar 24: Nearly 500 coronavirus cases have been reported in India so far, according to Health Ministry data on Tuesday.

According to the data updated Tuesday morning, the total number of COVID-19 cases rose to 492, including 446 active cases.

The figure includes 41 foreign nationals and the nine deaths reported so far, the Health Ministry said.

West Bengal and Himachal Pradesh reported a casualty each on Monday while seven deaths were earlier reported from Maharashtra (two), Bihar, Karnataka, Delhi, Gujarat and Punjab.

Thirty-seven people have been cured/discharged/migrated, it added.

The number of active cases at 446 saw an increase of 22 from last night's figure.

As cases of the viral infection surged, authorities have put almost the entire country under lockdown, banning gathering of people and suspending road, rail and air traffic till March 31.

Kerala has reported the highest number of COVID-19 cases so far at 95, including eight foreign nationals, followed by Maharashtra which recorded 87, including three foreigners, according to the ministry data.

Karnataka has reported 37 cases of coronavirus patients, while cases in Rajasthan increased to 33, including two foreigners.

Uttar Pradesh has 33 positive cases, including a foreign national.

Telangana has so far reported 32 cases, including 10 foreigners.

Cases in Delhi rose to 31, including one foreigner, while Gujarat has reported 29 cases.

In Haryana, there are 26 cases, including 14 foreigners, while Punjab has reported 21 cases.

Ladakh has 13 cases, while Tamil Nadu has reported 12 cases, including two foreigners.

West Bengal, Madhya Pradesh and Andhra Pradesh have reported seven cases each so far.

Chandigarh has six cases, while Jammu and Kashmir has four cases.

Uttarakhand and Himachal Pradesh have reported three cases each, while there are two cases each in Bihar and Odisha.

Puducherry and Chhattisgarh have reported a case each.

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Agencies
May 26,2020

The Shopping Centres Association of India (SCAI) on Monday said the sector has lost over Rs 90,000 crore in the last two months, owing to the lockdown, and market players need much more than the repo rate cut and the loan moratorium extended by the RBI.

In a statement, the industry body said that the Reserve Bank of India's (RBI) relief measures are not adequate to support the liquidity needs of the industry.

According to the SCAI, there is a common misconception that the shopping centres' industry is centred around metros and large cities with investments only from large developers, private equity players and foreign investors.

"However, the fact is that most malls are part of the SMEs or standalone developers. i.e. more than 550 are single owned by standalone developers out of the 650-odd organised shopping centres across the country and there are 1,000+ small centres in smaller cities," it said.

Amitabh Taneja, Chairman of SCAI said: "The organised retail industry is in distress and has not earned anything since the lockdown and their survival is at stake. While the extension of the loan moratorium talks about some relief on repayment but won't help the industry in liquidity."

He said that a long term beneficial plan from the government is much required to revive the sector.

"Being the most safe, accountable, and controlled environment, unfortunately, malls have not been permitted to open which will lead to job losses and might even shut shops for a lot of mall developers," Taneja said.

In its representations to the Centre and the Reserve Bank of India, the association has also pointed out that, in absence of financial package and stimulus from the RBI, over 500 shopping centres may go bankrupt, that may lead to the banking industry staring at NPAs of Rs 25,000 crore.

The industry body has put forward its recommendations and requests to the government. It had sought moratorium till March 2021 at the least in terms of repayment of bank loans, interest, EMI and so on, without levy of any penalties or penal interest.

It has also sought a one-time loan restructuring with lower rates of interest, permitted for shopping centres and a facilitative and forward-looking support provision of short-term financing options for a period of six to 12 months, at lower interest rates, to meet the increased working capital requirements.

Among other relaxations, it had also appealed for GST rebates to offset the losses on account of and for the period of closure of business.

It also said that interest rates should be brought down to "manageable levels" of 5-6% in view of the precarious financial situation.

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