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Airline licences lapse as carriers avoid taking to skies in slowdown
Posted by :
basil_pdFlyington Freighters Pvt. Ltd, a subsidary of Deccan Chronicle is involved in the above Post....OK.....
Airline licences lapse as carriers avoid taking to skies in slowdown
Posted by :
S B JumaniWhat does the above post have to do with Deccan Chronicle? I thought Deccan Airlines and DC were separate entities. Am I am wrong?...
Airline licences lapse as carriers avoid taking to skies in slowdown
Posted by : njagesha
Of the several carriers that were granted licences for regional operations, only two have flights operationalTarun ShuklaSeveral start-up carriers that were given licences have not been able to begin operations, leading to the expiry or revocation of such permissions. This has put a question mark over whether they will eventually be able to take to the skies.
Low traffic: A Deccan 360 cargo aircraft at New Delhi airport. It is the only cargo carrier to have begun operations this year. Ramesh Pathania / MintOf the some 10 licences given out by the civil aviation ministry over the past three years to cargo and regional carriers, just three have been able to operate, and that too a limited number of flights, according to the ministry.
The failure by the others to even start operations comes at a time of falling air passenger and cargo traffic in the country, seized by an economic slowdown. Analysts estimate national carriers made losses of around $2 billion (around Rs9,500 crore) in the fiscal year gone by.
The country’s airlines are largely divided into three categories: national carriers such as National Aviation Co. of India Ltd-run Air India and Kingfisher Airlines Ltd; cargo carriers such as Blue Dart Aviation Ltd; and the likes of Club One Air that are charter aviation operators.
In 2007, the ministry of civil aviation, buoyed by air passenger growth rates of 40%, introduced a new category for airlines to increase regional connectivity by offering licences for each of the country’s four different regions.
The turbulent times have dragged the airline industry into vortex of problems.But almost two years after the announcement, of the several companies that were granted permissions to set up infrastructure to start regional operations, only MDLR Airlines Pvt. Ltd and Jagson Airlines Ltd—both of which already were running charter operations before the regional airlines policy—have flights in operation.
Given the delay, several of the carriers are now seeing their licences being revoked. Aviation rules mandate that if a carrier has not been able to start operations within 18 months of the grant of licence, the permission stands cancelled.
Deccan Chronicle Holdings Ltd-promoted Flyington Freighters Pvt. Ltd, which had placed an order for 12 Airbus SAS-made A330-200F long-haul aircraft valued at $175 million each in 2007, was the first one to decide not to go ahead with a launch and has seen its licence lapse at end-February.
Now, the airline will need to submit a fresh proposal to seek a scheduled cargo airline licence under the rules. “Within validity period, they can seek an extension citing reasons for the delay,” said a senior government official, who didn’t want to be identified.
Deepak Parasuraman, managing director, Flyington Freighters, denied that the aircraft orders have been cancelled and said the firm plans to get its licence back. “All our Airbus orders are in place and we will be starting the cargo airline,” he said, but did not reveal by when the airline plans to import the aircraft.
An Airbus spokesperson in an emailed reply said “there are no changes in (aircraft) delivery slots after first half of 2010”.
Others, such as Quikjet Cargo Airlines Pvt. Ltd, part-owned by Infrastructure Leasing and Financial Services Ltd, Infrastructure Development Finance Co. Ltd and Tata Capital Ltd, has at least one aircraft grounded for many months now but no operations in place. Instead, the firm has sought an extension of six months until December to avoid the licence being cancelled.
Another start-up regional carrier, Star Aviation Pvt. Ltd, which was expected to start operations by now as reported by Mint earlier, too, has sought an extension of its licence until end-December. Jagson Airlines has moved its operations from a scheduled regional airline licence to a non-scheduled airline licence after its regulatory permit was not approved by the Directorate General of Civil Aviation (DGCA).
Licences for start-up Avicore Aviation Pvt. Ltd and ZAV Airways Pvt. Ltd are likely to lapse by August, and Aryan Cargo Express Pvt. Ltd by October.
“It’s lean season; economy is down, industry is down. In such a case, it is better to wait for positive signs of recovery and then launch,” Aryan Cargo’s managing director Mukut Pathak said, but added he is hopeful of launching operations soon.
The G.R. Gopinath-owned Deccan Cargo and Express Logistics Pvt. Ltd, which operates under the brand Deccan 360, is the only cargo carrier to have taken to the skies this year despite low cargo traffic both in the domestic and international market.
Pathak said he still would wait before launching operations. “We wish him all the best,” he said of Gopinath’s launch of the Deccan service in May. “We will learn from his mistakes.”...
Odyssey Inaugurates Its Leisure Store In Ghatkopar
Posted by : njagesha
Indian consumers have evolved over time. In order to cater to the needs and expectations of this modern consumer, Indian retail industry is bringing in innovative concepts to deliver with an ideal blend of convenience
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Jun 08, 2009 – Odyssey, India’s premier and the fastest growing chain of leisure retail stores today inaugurated its 6th store in R-City Mall, Ghatkopar - Mumbai.
The store launch was inaugurated by the famous columnist, film critic & promoter of new Cinema – Mr. Anil Dharker who also shared some exciting insights from his book “ICONS” based on India’s top 20 iconic people.
With this store, Odyssey has 45th stores under operation with outlets in neighborhoods, techparks, airports, and malls. On this occasion Mr. T S Ashwin Managing Director, Odyssey India Ltd commented, “Odyssey realizes India’s evolving need for a world class leisure shopping experience. With the opening of the 6th largest leisure store here, Odyssey not only fulfils its dream but also sets a new benchmark for leisure shopping in India.”
The store stocks an exhaustive range of books on subjects ranging from popular fiction, non-fiction, computing, self-help, health & fitness, business & management, food & drink, travel, apart from coffee table books in genre of art & architecture, leisure etc. In all, one can find over 75,000 books at this store. There is a large section for stationery with brands like Sheaffer, Cross, Parker, Waterman Parker, Pentel, ITC and Nightingale on display. A large collection of Music titles from international to indi-pop and in Movies from classics to contemporary is part of the offering. The store is also a gamer`s paradise as it stocks an extensive range of multimedia titles and accessories including PlayStation. There are a lot of products targeted at the specific needs of kids & young adults.
On the occasion of the store launch, Anil Dharker commented by saying – “I am extremely happy to have inaugurated Odyssey in Ghatkopar today; the store is a readers paradise. This is one promising store that we need to watch out for. There are no better gifts than ‘Books’ ”
On the whole the event was a grand success and the audience was richer from the experience of the interactive session with Mr. Desai.
# # #
About Odyssey: Odyssey is a premier leisure store chain stocking Books, Music, Cards, Stationery, Gifts, Toys, Multimedia, and Magazines having 45 stores in 14 cities with Chennai (9), Hyderabad (6), Bangalore (9), Mumbai (6), Pune (2), NCR (2), Delhi (4) one each in Nagpur, Coimbatore, Salem, Trichy, Kozhikode & Varanasi. Odyssey is expanding into newer markets besides expanding in existing markets.
Odyssey India Ltd recently forayed into the optical eyewear category with the launch of The Eyewear Store – a hi-fashion destination for international designer sunglasses & prescription frames.
Odyssey is a 100% subsidiary of Deccan Chronicle Holdings Limited, publishers of newspapers, Deccan Chronicle, Financial Chronicle & Asian Age.
Visit odysseydotin for more details about the company
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Reliance ADAG Group and Deccan Chronicle Holdings (DCHL) are in preliminary talks for acquiring Bharatstudent
Posted by : njagesha
Update: In an emailed response to MediaNama, Reliance Entertainment President Rajesh Sawhney has said that the premise that they’re looking to acquire BharatstudentDOTcom is “Incorrect”. We’re awaiting a response from Deccan Chronicle and Northgate Technologies.
Original Story: Struggling digital company Northgate Technologies, which owns the social networking site BharatstudentDOTcom, Advertising network Axill and VoIP company Globe7, looking to offload Bharatstudent and document sharing portal Ziddu, according to a filing (zip) with the Bombay Stock Exchange. The company had said that they’ve been approached by interested parties for acquiring the website.
WATblog reports that the Reliance ADAG Group and Deccan Chronicle Holdings (DCHL) are in preliminary talks for acquiring Bharatstudent. No sources have been quoted, and MediaNama is awaiting a response from DCHL. DCHL, which doesn’t have much of a social media presense, operates out of Hyderabad, where Bharatstudent is also based. Reliance Entertainment President Rajesh Sawhney could not be reached for comment at the time of filing this report, while BigAdda COO Shivanand Pare declined to comment. Update: Sawhney has said that the premise that they’re looking to acquire Bharatstudent is incorrect.
ADAG sources told MediaNama that they are regularly approached by companies, being a large media and entertainment group. There had been initial discussions with Bharatstudent, but it is nowhere close to the transacton stage. Readers should keep in mind that “talks” don’t necessarily result in a sale: Reliance Entertainment was believed to be in talks with Clickjobs last year, but nothing came of it.
One can understand the need for Northgate to sell Bharatstudent and Ziddu, but not really the need for the ADAG Group to acquire the company when they’ve already got BIGAdda. Low cost acquisition of traffic and a user base may not be a bad idea, though.
Bharatstudent Restructuring? FYO8 Loss
According the filing with the NSE, BharatstudentDOTcom is identified as the web property of Globe7 Pte Ltd, a wholly owned Northgate subsidiary. According to previous filings from Northgate, Bharatstudent had been a property of Social Media India Ltd, which was set up to promote Bharatstudent in August 2007. There appears to have been an internal change in ownership of Bharatstudent. It’s also important to note that Northgate had bought back the promoters stake of 4% in Bharatstudent last quarter of the 2008-09 (FY09) fiscal, for Rs. 10 million.
Bharatstudent can hardly be called a success from a revenue perspective: For the year ending March 31st 2008, Social Media India, which owned Bharatstudent, had reported revenues of Rs. 9.85 crores, and a net loss of Rs. 3.96 crores.
Northgate Troubles
Things started falling apart for Northgate with the advent of the global downturn. Over the last 3 quarters, the company
Jan 30 2009: Shut its Singapore branch and wrote off Rs. 20.8 million in assets, and reported a 44% decline in net profit
Feb 13 2009: Globe 7 Shuts Down Beijing, San Francisco Offices
May 17 2009: Suffered a Rs, 3.5 Billion loss, shutting down offices in Hong Kong, Singapore and Beijing, leading to fixed assets of Rs. 13,75.36 million, debt amounting to Rs.475.12 Million and gaming engines deployed on gaming portal EggladDOTcom having net book value of Rs. 226.43 million having been written off.
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worst corporate governance
Posted by : njageshaany idea when are audited results going to be declared. results announcement could lead to price zooming if the disclosures are good enough....
worst corporate governance
Posted by : njageshaodessey llimited is 100% subsidiary of dchl. this company owns around 58 leisure retail stores. i cant see profitability reflectiing in p&l. i hope march 09 quarter and annual results are detailed to enable investors understand the future prospects of dchl. just little more disclosures and promotors could atleast double their wealth due to zooming stock price. Franklin fund manager KN SIVA SUBRAMANIAN is bullish as all his funds are accumulating DCHL. Most of the news on DCHL is focussing on newspaper business but none is talking about their other businesses. Boarders in this forum who have more insights in this company should post some messages here....
worst corporate governance
Posted by : abhizidane
Kindly ignore the below/above message.. it is not based on true facts.. I am sorry for the mistake...
Deccan CHargers is not a subsidiary of Seiger solutions as mentioned in some poor research reports... I got carried away with some baseless research reports...
Deccan chargers is very much a 100% seperate subsidiary of Deccan chronicle..
I regret the error and am I deeply embaresssed... ...
worst corporate governance
Posted by : abhizidaneDeccan chargers is a subsidiary of Seiger solutions. and Seiger Solutions is a 100% owned subsidiary of Deccan chronicle holding company ltd. However promoters have issued close to 70% convertible preference shares to themselves in Seiger solutions ltd. In effect they own 70% of the IPL team.. If IPL becomes successful then they will convert the shares and if not then they wont.. Shareholders of Deccan Chronicle are hardly going to get the benefit of the IPL... Its very harsh of shareholders of DCHL...
We expect a sudden surge in this stock
due to good numbers !!!
Buy at CMP...
NSE Announcements on DeccanChronicle
Posted by :
MMB MessengerDeccan Chronicle Holdings Ltd. has informed the Exchange that with effect from June 03, 2009 : 1) Mr. E. Venkat Ram Reddy has ceased to be director (Non Executive Independent) of the company upon resignation; and 2) Mr. V. Suresh has been appointed as Additional Director (Non Executive Independent) of the Company....
BSE Announcements on DeccanChronicle
Posted by : MMB Messenger
Deccan Chronicle Holdings Ltd has informed BSE that with effect from June 03, 2009:
- Mr. E Venkat Ram Reddy has ceased to be director (Non Executive Independent) of the Company upon resignation.
- Mr. V Suresh has been appointed as Additional Director (Non Executive Independent)
of the Company....
Please improve your creditability amongst investor’s fraternity and improve your disclosure and corporate communication
Posted by : dbdEven Reliance Groups--both Mukesh ana Anil`s,lack transperancy in their business operations.This is what many analysts claim.Lack of transperancy is a general problem with many corporates in India.But remember Satyam was given award in corporate governance by a renouned agency.And what happened? So there is no guarantee that even the companies following utmost transperancy norms are safe investment bets....
Please improve your creditability amongst investor’s fraternity and improve your disclosure and corporate communication
Posted by : rrenjiu r right it looks attractive at this level.. but there is lack of transperancy from the management side......
