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Explained: Why Air India transfer to Tatas is delayed yet again?
January 27 was set as the date to complete the handover of Air India to Tata Group, a delay from the previous end-December deadline. The target timeline for closing the deal was extended to the end of January after finalizing the airline’s balance sheet and obtaining the necessary approvals from global regulators.
What are the other steps to transfer the airline to Tatas?
The airline will share its balance sheet with Tata Group on Monday for a review, which is expected to be completed on Wednesday, according to an Air India official. After that, a handover is likely on Thursday (January 27). The closing date for the balance sheet is set for January 20.
Why was the transfer delayed in the first place?
On October 11, the centre issued a Letter of Intent (LoI) to Tata Group confirming its willingness to transfer 100% of the airline’s stake to the Mumbai-based conglomerate. At the time, the projected transfer schedule was set for the end of December. The date was extended to the end of January due to various pending approvals.
Why is there a delay in finalizing the balance sheet?
A final balance sheet is being prepared and approved by various airline regulators, lenders and lessors. The balance sheet, which will be provided to Tata Group, is expected to account for Air India’s daily losses of Rs 200 crore until the deadline. Furthermore, the Indian Express reported on Sunday, citing a response from RTI, that various government departments and ministries had not made payments of Rs 278.49 crore to Air India as of October last year.
What fees do these dues cost?
According to the data, the pending amount includes Rs 2,447.8 crore from over 700 government ministries and ministries as of September 2021 and Rs 337.1 crore for various VVIP flights as of July 27, 2021.
This also includes the Prime Minister’s flight dues of Rs 7.2 crore and the President’s flight dues of Rs 614 crore. The airline has started recovering outstanding dues from various government departments and as of November 30, 2021, the airline has recovered Rs 3,038 crore.
Complete News Source : The Indian Express
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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