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The Supreme Court has now observed that the plea should not be limited to merely Jet-Etihad agreement. It has in fact directed Subramanian Swamy to make Air India, IndiGo, SpiceJet and FIA a party in the case
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Subramanian Swamy, who had filed a PIL in 2013, had also alleged that the seat sharing agreement was against public interest as it involved wastage of public resources and was done in order to favour the Jet-Etihad deal.
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Etihad has told Sebi that it has not violated any securities law by not making an open offer, the capital market regulator is now seeking further clarity on the issue from other agencies including fair trade watchdog CCI, Finance Ministry and Aviation Ministry, sources said.
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A year after the government changed its policy to allow foreign airlines pick up stake in Indian carriers, tangible results in the form of the Jet-Etihad deal, AirAsia India and Tata-Singapore Airlines joint ventures, were seen in 2013 which are expected to bloom next year.
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This penalty, worth Rs 1 crore, is primarily for implementing part of the commercial agreement with Jet Airways even before the CCI‘s approval came in.
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The hearing in this case is now complete and an order is expected by December end and this may mean that Jet and Etihad could be penalised to the extent of 1 percent of their total turnover or the asset value whichever is higher.
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A bench headed by Chief Justice P Sathasivam sought response from government and Income Tax Department on a plea seeking direction to them to place the transcript of tapped telephonic conversation of former corporate lobbyist Niira Radia in which she allegedly had talked about the civil aviation sector.
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Salman Khurshid defended government‘s decision to amend the UAE-India airpact – the bilateral that was signed, and said it was not aimed at facilitating the Jet-Etihad deal but was trying to attract investment.
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CCI will also analyse Air India's concerns regarding the deal. Air India has concerns regarding fuel and seat sharing aspects of the deal.
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According to petitioner Subramanian Swamy, the Jet-Etihad deal is likely to affect Air India as it will sieze away the importance of national airline, which is already bleeding.
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The SC has said that it has not stayed the deal itself but sought replies in four weeks. It hs send notices to aviation ministry, Foreign Investment Promotion Board (FIPB), commerce ministry, Jet Airways and Etihad .
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According to Kapil Kaul of CAPA, the Jet-Etihad deal is unlikely to face anymore hurdles in its operations and the approval by the CCI is just a formality, the deal can progress and get operational.
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The BSE benchmark rallied more than 400 points in intraday trade on Thursday, driven by broadbased buying and rupee appreciation. The Sensex rose 384.92 points or 1.97 percent to close at 19902.07, and the Nifty advanced 129.65 points or 2.24 percent to 5909.70.
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The Tata‘s will hold 51 percent and Singapore Airlines will get 49 percent. But the deal may face regulatory turbulence as Tata's also hold 30 percent in a joint venture (JV) with Air Asia India reports CNBC-TV18‘s Ronojoy Banerjee and Animesh Das.
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The agreement received post-facto approval of the Union Cabinet at a meeting chaired by Prime Minister Manmohan Singh here this evening. The accord would allow the designated carriers of India and Abu Dhabi to have 50,000 seat-capacity each week.
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The proposal of Jet Airways India, amounting to Rs 2,057.66 crore, has been recommended for consideration of the Cabinet Committee on Economic Affairs. Jet Airways proposes to sell a 24 per cent stake to Abu Dhabi-based Etihad Airways.
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Coal India | BHEL | KEC International | Uttam Galva | GSFC | GTL | Lovable Lingerie | Redington India | PFC | Punj Lloyd | Suzlon Energy | Canara Bank | Oriental Bank of Commerce | Tata Motors | Karur Vysya Bank | Jayant Agro and SpiceJet are stocks, which are in the news today.
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The Cabinet approval of a revised norm to define 'effective control' for the purpose of FDI will not apply on the Jet-Etihad deal as it will be applicable only with prospective effect.
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The Jet-Etihad deal is ready for takeoff as India's largest FDI investment in aviation has been given the green signal by the foreign investment promotion board. The nod has been given with 4 conditions and if both the airlines agree to it then the deal will be taken up by the cabinet.
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Experts do not see any major action from the much-awaited monetary policy review as the central bank had already taken liquidity measures in past one month to curb rupee depreciation.
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According to sources, the shareholders agreement and the investment agreement are likely to be revised. There is no major change to the commercial cooperation agreement and the government code pact that the two companies have filed.
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Here's a lowdown on all that happened in the business world today.
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There are just six days left and several government sources told CNBC-TV18 that Jet and Etihad are yet to submit their second revised shareholders agreement.
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Reliance Industries | HT Media | Federal Bank | JK Paper | CRISIL | Mangalore Chemicals | Monnet Ispat | Petron Engineering | Wockhardt | Kalindee Rail and Texmaco Rail are stocks, which are in the news today.
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Nishikant Dubey, the MP from Jharkhand, has alleged that the proposed agreement between Naresh Goyal-led Jet Airways and Abu Dhabi's Etihad Airways is in violation of FDI norms.
