No end to the Air India stalemate, more flights affected

May 9, 2012

New Delhi, May 9: The crisis at Air India continues on Wednesday with no end to the stalemate between the management and the pilots. However, reports say that Air India's pilots may strike a deal with the government and return to work. This comes after the cash-strapped national career sacked 10 agitating pilots, derecognised their union, the Indian Pilots Guild, and sealed its offices as around 160 pilots failed to join duty.

Air India issued a statement on Tuesday night. It says, "The pilots chose to deliberately damage the image and reputation of the company by disrupting flights by proceeding on mass sick leave. This most extreme and irresponsible agitation aimed at disrupting flight schedules and inflicting inconvenience on our esteemed passengers. As a consequence, Air India has derecognized the Indian Pilots Guild and sealed its offices. It has also terminated the services of and dismissed ten office bearers of the Guild."

The pilots met the Chief Labour Commissioner on Tuesday to find a way out but talks were inconclusive.

The pilots' move had forced the airline to cancel more than five international flights since Monday night. Confusion prevailed at the Delhi Airport on Tuesday with many passengers waiting to fly out. It was the same story in Mumbai.

One flight was delayed and two international flights were cancelled on Wednesday morning.

The latest pilots' strike came right after the ailing airlines has been given a Rs 30,000 crore bailout package. Under fire, the now derecognised Indian Pilots Guild has appealed to the Aviation Minister to intervene. Speaking to IBN18 Editor-in-Chief Rajdeep Sardesai, the Indian Pilots Guild President, Jitendra Awhad, said, "No management is going to say that the strike is legal. They are going to do everything possible to put pressure. They are spreading rumours that the pilots are returning, they are scared, they are reporting fit, nothing of this sort will happen. The more you pinch them, the more they will unite."

"But looking at the passengers and looking at the behaviour of the management, I am folding my hands and requesting Mr Ajit Singh to intervene. A man with a socialist background cannot just undemocratically look at the management's decision of derecognising and victimisation," he added.

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Manipur CM is mastermind behind violence; Centre lied in Supreme Court: Kuki MLAs

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November 11,2024

The Manipur Kuki MLAs have released a statement calling out Solicitor General Tushar Mehta's 'lies' in the Supreme Court. In a joint statement, the MLAs, including those from the Bharatiya Janata Party, said they had not had any meeting with the Chief Minister since May 3, 2023, nor did they intend to meet him in the future as “he was the mastermind behind the violence”.

As per the MLAs, the SG lied about state CM N Biren Singh speaking to Kuki MLAs to control the situation there, in order to halt a Supreme Court probe into the leaked tapes which allege that Singh has been complicit in the violence that broke out between Kukis and Meitis there.

"We...clarify that we have never had any meeting with Chief Minister, Shri N. Biren Singh since May 3, 2023, nor have any intention to meet him in future as he is the mastermind behind the violence and ethnic cleansing of our people from the Imphal valley, which is continuing till today, the latest being the brutal killing and burning of Mrs Zosangkim Hmar on November 7, 2024," the letter read, while condemning the recent 'barbaric' killing of the woman there, and noting the SG's assertion is 'tantamount' to misleading the top court.

“We, the undersigned ten MLAs, have come to know that during the Supreme Court hearing held on November 8, 2024, the Solicitor General of India submitted that ‘CM is meeting all Kuki MLAs and trying to bring the situation down to get peace’. In this connection, we hereby categorically state that this submission is a blatant lie and tantamount to misleading the Hon’ble Supreme Court of India,” the statement said.

The Supreme Court, while hearing a petition by a Kuki organisation, asked that it submit audio tapes to substantiate its claim that the Chief Minister was instrumental in inciting and organising violence in the northeastern State.

Solicitor-General Tushar Mehta orally informed the court that the Chief Minister was meeting all the Kuki-Zo MLAs and that peace in the State had come at a huge cost.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

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November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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