Air India bidders need to absorb $3.3 bn debt to buy carrier

News Network
January 27, 2020

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

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News Network
September 20,2024

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Mandya: The Deputy Superintendent of Police of Nagamangala town in Mandya district has been suspended for "negligence and dereliction of duty" in connection with the clashes that broke out between two groups during a Lord Ganesh idol procession, police said on Friday.

This is the second suspension of a police officer over the clashes on September 11 following which mobs went on a rampage targeting several shops and vehicles leading to tension here.

The situation in the town has since returned to normalcy and most of the shops have started operating. However, adequate security forces continued to be stationed here as a precautionary measure, according to police.

Sumeeth A R, DySP (Nagamangala), was suspended on Thursday for negligence and dereliction of duty, Mandya Superintendent of Police Mallikarjun Baldandi told PTI.

"He (Sumeeth) was not present at the spot nor was he at the police headquarters when the incident occurred. He arrived late at the spot despite the sensitive nature of events," he said.

Earlier, Police Inspector Ashok Kumar posted at Nagamangala town police station was suspended for dereliction of duty in connection with the violence.

A total of 55 people have been arrested in connection with the incident.

According to police, an argument broke out between two groups, when the Ganesh idol procession by devotees from Badarikoppalu village reached a place of worship on September 11, and some miscreants hurled stones, which escalated the situation.

The police had used mild force to disperse the crowd to control the situation.

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News Network
September 19,2024

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Narendra Modi-led government of India has abstained in the UN General Assembly on a resolution that demanded that Israel bring an end, “without delay”, to its unlawful presence in the Occupied Palestinian Territory within 12 months.

The 193-member General Assembly adopted the resolution, with 124 nations voting in favour, 14 against and 43 abstentions, including that by India.

Those abstaining included Australia, Canada, Germany, Italy, Nepal, Ukraine and the United Kingdom.

Israel and the US were among the nations who voted against the resolution titled ‘Advisory opinion of the International Court of Justice on the legal consequences arising from Israel’s policies and practices in the Occupied Palestinian Territory, including East Jerusalem, and from the illegality of Israel’s continued presence in the Occupied Palestinian Territory’.

The resolution adopted Wednesday demanded that “Israel brings to an end without delay its unlawful presence in the Occupied Palestinian Territory, which constitutes a wrongful act of a continuing character entailing its international responsibility, and do so no later than 12 months from the adoption of the present resolution.” 

The Palestinian-drafted resolution also strongly deplored the continued and total disregard and breaches by the Government of Israel of its obligations under the Charter of the United Nations, international law and the relevant United Nations resolutions, and stressed that such breaches seriously threaten regional and international peace and security.

It recognised that Israel must be held to account for any violations of international law in the Occupied Palestinian Territory, including any violations of international humanitarian law and international human rights law, and that it “must bear the legal consequences of all its internationally wrongful acts, including by making reparation for the injury, including any damage, caused by such acts.”

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News Network
September 8,2024

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In a heartbreaking incident, a beautiful journey of love and new beginnings was abruptly shattered by a tragic accident on the Mangaluru-Bengaluru highway at Talapady in Bantwal taluk on Saturday, September 7.

Manasa, a newlywed bride, lost her life in a devastating car accident, leaving her husband, Aneesh Krishna, critically injured.

The couple, who had just begun their marital journey on September 5, was returning from a temple visit to settle dues when fate took a cruel turn. Their Alto car, in which they were traveling from B C Road towards Mangaluru, skidded off course after the driver lost control, causing the vehicle to jump the divider and collide head-on with a KSRTC bus.

In the blink of an eye, their world crumbled. The impact was so severe that their car was left mangled, with Manasa tragically losing her life at the scene. Aneesh, fighting for his life, has been rushed to a private hospital in Mangaluru.

Manasa and Aneesh, both professionals working in a private company in Mangaluru, had dreams of a life together, filled with shared moments and cherished memories. The couple's love story, celebrated just days ago with their wedding at the Denthadka Temple, now echoes in the hearts of their grieving families, forever marred by this tragic accident.

The Melkar police arrived swiftly at the scene and have begun their investigation, hoping to bring clarity to this devastating event.

In the aftermath of this tragic accident, the community mourns the loss of a young bride and prays for the recovery of a husband left fighting for his life.

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