Mumbai: Seeking shareholders' approval for sale of 24 per cent stake to Abu Dhabi-based Etihad, Jet Airways Chairman Naresh Goyal on Friday said this strategic alliance would improve the Indian carrier's profitability and lower the costs. "Etihad investment will help us to deleverage and grow in a sustainable manner," Goyal said here while addressing Jet Airway's shareholders at an Extra Ordinary General Meeting (EGM) convened to seek their approval for the Etihad deal.
At the EGM, shareholders approved the proposed issue of shares on a preferential basis to Etihad. However, these shares would be allotted after completion of all regulatory approvals. The deal is being looked into by Competition Commission of India (CCI) and Securities and Exchange Board of India (Sebi) among other regulators.
"The commercial agreement with Etihad will help us to expand network, reduce costs and increase profitability," he added. The company, however, deferred a proposal to amend its Article of Association, approval for which was also scheduled to be sought at today's EGM.
Goyal said the resolution to amend the Article of Association would be taken up after getting necessary regulatory approvals for the deal. Shares of the company were trading at Rs 568.75, down 2.65 per cent on the BSE at 1212 hours....
more
12:38 PM, May 24, 2013
New Delhi: Former Indian Premier League (IPL) chief Lalit Modi, while defending himself and his tenure in the IPL, said he had information about match-fixing and spot-fixing in the sport and that he had told CEO Sundar Raman about irregularities in IPL. He also said he was attacked and criticised for trying to bring "accountability and transparency" in IPL. "There should be zero-tolerance against incidents such as spot-fixing and there...
07:23 PM, May 16, 2013
Karachi: Former Pakistan captain Rashid Latif has said that he would challenge the manner in which Zaka Ashraf was elected Pakistan Cricket Board (PCB) chairman under the new Constitution by filing a petition in the High Court. "After my first petition, the PCB introduced a few amendments to its constitution. However, it is not as democratic as it should be. There are loopholes [in the new constitution] which I want...
01:18 PM, May 09, 2013
London: Brad Drewett, a former tour player who led the ATP as executive chairman and helped increase prize money at Grand Slam tournaments, died Friday after a short battle with motor neurone disease. He was 54. The ATP said in a statement the Australian died at his home in Sydney. Drewett was a top-40 singles and top-20 doubles player before he retired in 1990. He was hired in 2006 to...
08:20 AM, May 04, 2013
Mumbai: Former IPL Chairman Lalit Modi's young niece Jayati, who is making her acting debut with Karan Johar's 'Gippi', says she took up acting because of superstar Shah Rukh Khan. The 17-year-old will be seen in Johar's upcoming home production, directed by Sonam Nair. "Whenever I am upset I prefer watching Shah Rukh's movie. I think his onscreen presence is so powerful that it has the ability to make you...
04:46 PM, Apr 23, 2013
New Delhi: India plans to launch a next generation rocket to put heavier satellites and more astronauts into outer space within a year, a top official said on Wednesday. "The first experimental flight of the GSLV Mark III will take place one year from now," K Radhakrishnan, Chairman, Indian Space Research Organisation told the Annual General Meeting of the Confederation of Indian Industry in New Delhi. The new rocket, which...
11:24 PM, Apr 03, 2013
PCI Chairman Markandey Katju has trashed the "sons-of-the-soil" theory, saying people propagating such concept should be ostracised. "What is this sons-of-the-soil theory of some of the political leaders here (in Maharashtra)? Who do they think are the original inhabitants of this land? Even the Marathis are from outside. Their theory of only Marathi people being sons of (the) soil is completely anti-national and clearly violates constitutional provisions," he said. ...
01:57 PM, Apr 02, 2013
A Kerala district court on Wednesday sent a notice to Deputy Chairman of Rajya Sabha PJ Kurien and five others in connection with the Suryanelli gangrape case, after the survivor filed a fresh petition demanding Kurien be made an accused. A similar attempt by the survivor early in 2013 was shot down by another district court. ...
02:15 PM, Mar 27, 2013
Google Executive Chairman Eric Schmidt uses a BlackBerry! May be too surprising, but it's true. "I am a BlackBerry user. I like the keyboard of BlackBerry," said Schmidt answering some rapid-fire questions from the Editor of a British daily at Google's Big Tent - a forum to discuss Internet and its impact on economy, governance etc. ...
11:30 PM, Mar 21, 2013
Narendra Modi is the only Chief Minister from India to be invited to address the Google Big Tent Activate Summit 2013 on March 21 through Google hangout on the theme 'Technology in Politics'. ...
09:59 AM, Mar 20, 2013
SS Rajamouli's 'Eega' narrates the story of a young man, who rechristened into a housefly and seeks revenge. ...
07:42 PM, Mar 18, 2013
Waters, a prominent New Zealand businessman, was previously deputy chairman and replaces Strong, who died in Sydney aged 68 from complications following surgery. ...
09:01 AM, Mar 13, 2013
The 68-year-old passed away in Sydney on Sunday after complications following surgery. ...
12:18 PM, Mar 04, 2013
Cases of gangrape are showing no signs of decreasing. A BSP local leader and his friends abducted a woman for and raped her in Mathura district of Uttar Pradesh. ...
12:00 PM, Feb 18, 2013
As the IABF has decided to remove the nominated post from its amended constitution sent to AIBA for approval. ...
05:57 PM, Feb 11, 2013
Dr Dibyendu Majumdar, chairman of the Dental Council of India, has denied allegations of corruption against him in the Dental Council scam. Dr Usha Mohandas, who is the Former Member of the Dental Council of India and Founder President Dentists Against Corruption in Dental Education asked, "When you are heading the body which is responsible primarily for the education of youngsters and your junior is involved in corruption, how can ...
11:45 PM, Feb 01, 2013
In a fresh twist to the Dental Council scam, letters written by the members of Dental Council of India (DCI), accessed exclusively by CNN-IBN, have raised serious questions against the present Chairman of the Council, Dr Dibyendu Majumdar. "I will step down if any corruption case can be proven against me," Majumdar, who denied the allegations of bribery against him, said. ...
11:15 PM, Feb 01, 2013
True to form, Press Council Chairman Justice Markandey Katju slammed the horrific Delhi gang rape incident but cautioned people against creating a hype around a single incident while unemployment, farmers' suicide and lack of healthcare remain India's pressing problems. ...
03:11 PM, Dec 19, 2012
I do not regard Indians as stupid or foolish, says Press Council Chairman Markandey Katju in reply to students Tanaya and Aditya. ...
12:08 PM, Dec 17, 2012
