Ahead of the response it has sought from the company regarding complaints by co-promoter Rakesh Gangwal over alleged violations of corporate governance, the Securities Exchange Board of India (Sebi) on Thursday summoned IndiGo’s company secretary Sanjay Gupta. Gupta has been company secretary and chief compliance officer at IndiGo since August 2016. According to the sources, […]
Category: The Financial Express
The Financial Express
Strategic disinvestment: Govt identifies 28 PSUs for sale including Air India; here’s the complete list
PSU disinvestment: This year the Union government hopes to earn Rs 1.05 lakh crore from dilution of its stake in the central PSUs. Disinvestment: The Union government is hoping to garner more than Rs one lakh crore in this financial year from the sale of its shares in PSUs. In her maiden budget, finance minister […]
Industry pins hopes on new govt plan for gas power plants revival
Though the government promised to take up the case of underutilised gas-based power plant, which has pushed 14,305 MW of electricity generation units worth Rs 65,000 crore to the verge of becoming non-performing assets, the industry is waiting to see how the government plans to execute it. The finance minister said in her Budget speech […]
CERC eases norm to issue power trading licence to NTPC
The Central Electricity Regulatory Commission (CERC) has granted NTPC the licence for inter-state trading in electricity, even though the power generation behemoth fell short of having the necessary requirements. CERC said that it “relaxed the current ratio and liquidity ratio requirement in public interest in view of the policy of the government of India for […]
Major safety loopholes at Chennai, Ahmedabad Airports! DGCA issues show-cause notices; check details
In a major worry, authorities of Chennai International Airport (MAA) and Sardar Vallabhbhai Patel International Airport (AMD) in Ahmedabad have received show-cause notices from the Directorate General of Civil Aviation (DGCA) over safety issues. Airports in Ahmedabad and Chennai, which are run by the Airports Authority of India (AAI), were found not maintaining critical areas […]
Big infra boost from Modi Cabinet! Pradhan Mantri Gram Sadak Yojana-III gets nod; to connect major rural areas
Pradhan Mantri Gram Sadak Yojana: In a major developmental boost for road connectivity around villages, PM Modi-led Cabinet has approved the Pradhan Mantri Gram Sadak Yojana-III (PMGSY-III). The Cabinet Committee on Economic Affairs (CCEA) has approved the launch of PMGSY-III which will involve consolidation of routes and major rural links connecting habitations through Gramin Agricultural […]
Another blow to sanctity of contracts, Andhra Pradesh wants solar PPAs rewritten
Several state governments used to tinker with power purchase agreements (PPAs) between their discoms and power generators and this added to the latter’s woes. The new government in Andhra Pradesh has buttressed this trend by forming a committee to revise “abnormally priced wind and solar” PPAs, saying these have “resulted in unjustified burden on the […]
Airbus set to fly past Boeing as biggest plane maker after 737 MAX issue grounds sales
Boeing is all set to lose its position as the biggest plane maker globally, only to be replaced by arch-rival Airbus, The Wall Street Journal reported. The planemaker, which has undisputedly reigned on top for seven years, is now rapidly losing its jetliners deliveries after the Ethiopian plane crash tragedy. According to the journal, Boeing’s […]
IndiGo CEO calms employees fears, says all is well for airline amid Bhatia-Gangwal spat
Amid the open-for-all feud that has erupted between IndiGo’s two promoters Rakesh Gangwal and Rahul Bhatia, CEO Ronojoy Dutta is trying to assuage employee fears by saying that the “difference of opinion” between its promoters will not hamper the airline’s functioning. He also said that the issue will be sorted eventually. However, if Gangwal’s accusatory […]
Etihad wants to participate in Jet Airways’ insolvency process
Etihad Airways has approached lenders on revival of Jet Airways, weeks after the National Company Law Tribunal (NCLT) approved the corporate insolvency resolution process (CIRP) against the now-defunct airline. The Abu Dhabi-based airline is learnt to have expressed its intent to participate in Jet’s resolution process, a source aware of the development said. Meanwhile, lenders […]
Indigo crisis: Investors anxious as airlines’ stock crashes
SBI Mutual Fund’s management on Wednesday met with Rakesh Gangwal, co-promoter of InterGlobe Aviation, to get a better understanding of the problems in the company which runs Indigo. The Interglobe stock crashed 17.55% in intra-day trades and closed 10.7% lower at Rs 1,397.95 on Wednesday, after the spat between the co-promoters Gangwal and Rakesh Bhatia […]
All related party transactions done at arms length, says Rahul Bhatia’s InterGlobe Enterprises
A day after InterGlobe Aviation co-founder Rakesh Gangwal flagged concerns over governance matters, Rahul Bhatia’s group Wednesday said that all related party transactions with the company have been executed at arms length basis in ordinary course of business. Bhatia is also a co-founder of InterGlobe Aviation Ltd (IGAL), the parent of the country’s largest airline […]