Jhunjhunwala-backed Akasa Air gets no objection certificate from govt
Akasa Air, a low-cost airline promoted by former Jet Airways CEO Vinay Dube, has secured its no objection certificate (NOC) from the Ministry of Civil Aviation (MoCA), one of the major steps required before it can actually launch operations. The airline is backed by ace investor Rakesh Jhunjhunwala.
The company’s next step will involve applying to the Directorate General of Civil Aviation (DGCA) for its Air Operator’s Permit. That will be the final hurdle before it takes off. Sources said that the airline intends to start operations by summer of 2022. Read more
Zee-Sony merger deal not in interest of small shareholders: Invesco
Invesco, the largest shareholder in Zee Entertainment Enterprises, on Monday raised several questions over the company’s merger proposal with Sony Pictures saying the transaction is not in the best interest of all shareholders and is benefiting only the promoters who defaulted on bank loans.
In an open letter to all the 250,000 shareholders of ZEEL, Invesco, which holds 18 per cent stake in ZEEL, said the non-binding agreement between ZEE and Sony ‘gifts’ a 2% equity stake to the promoters of Zee in the guise of a ‘non-compete’. Read more
Amit Shah meets Coal and Power ministers amid concerns over power blackouts
Union Home Minister Amit Shah on Monday held a meeting with Power Minister R K Singh and Coal Minister Pralhad Joshi amid reports of the ongoing coal shortage in the country, officials said.
During the hour-long meeting, the three ministers were believed to have discussed the availability of coal to power plants and the current power demands. Read more
Rupee slumps 37 paise to close at 15-month low of 75.36 against US dollar
The rupee tumbled by 37 paise close at a 15-month low of 75.36 against the US dollar on Monday as rising crude oil prices and a stronger American currency in the overseas market weighed on investor sentiment.
The Indian currency for the first time this year settled below the 75 level. The unit had closed at 74.99 on Friday. Read more
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