Business
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
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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