Shares of SpiceJet were trading lower for the fifth straight session, down 2.5 per cent at Rs 96.85 on the BSE on Friday in an otherwise firm market. The stock of India’s second biggest airline in terms of market share was quoting at its lowest level since April 11, 2019. In the past six days, […]
Day: December 21, 2019
Jet Airways’ insolvency resolution extended by 90 days as bidders seek time
The National Company Law Tribunal (NCLT) on Friday approved extension of Jet Airways insolvency resolution period by 90 days. The Committee of Creditors (CoC) sought extension of corporate insolvency resolution process (CIRP) of Jet Airways from the Mumbai bench of the NCLT in view of South America’s Synergy Group wanting more time for due diligence […]
Govt likely to invite bids for stake sale in Air India, BPCL by next month
The government is likely to invite preliminary bids for stake sale in national carrier Air India and BPCL next month, according to sources. The airline is sitting on a debt pile of around Rs 58,000 crore, besides huge accumulated losses running into thousands of crores. “Expression of Interest (EoI) inviting bids for stake sell in […]
In relief for Air India, govt gives Rs 500 cr guarantee to secure funds
The government has given a Rs 500-crore guarantee to cash-starved Air India which will help it secure fresh funds for operational requirements, a senior airline official said. Striving to keep afloat due to liquidity issues, the loss-making carrier had last week sought Rs 2,400 crore guarantee from the government for raising funds to mainly meet […]
Air India employee unions write to PM Modi, seek waiver of airline loans
Several employee unions of Air India on Friday wrote to Prime Minister Narendra Modi demanding waiver of the airline’s loans and run it by a professional management. Against the backdrop of the government working out the modalities for Air India disinvestment, seven employee groupings have also said the carrier can be turned around. “Air India […]
Mumbai-Nagpur expressway to be named after Bal Thackeray: Govt
The Maharashtra government on Friday said the upcoming Nagpur-Mumbai Expressway will be named ‘Hindu Hruday Samrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg”. A government order to this effect was issued on Friday, which said the state cabinet, on December 11, gave approval to naming the project after the late Shiv Sena supremo. The 701 kilometre long, […]
Former IL&FS directors got lucrative paychecks even as firm collapsed
While Infrastructure Leasing and Financial Services (IL&FS) went belly up in September 2018, its erstwhile directors were earning large sums of money as remuneration, the company’s 2018-19 annual report shows. Even as the government replaced the entire board in October 2018, the former directors earned handsome salaries for the first half of financial year 2018-19 […]