SpiceJet To Deposit $5 Million In 2 – Latest news headlines


Madras High Court has ordered winding up of SpiceJet and taking over of its assets over unpaid dues

Madras High Court has ordered winding up of private carrier SpiceJet Limited and directed the official liquidator attached to the High Court to take over its assets, in a plea filed by a Swiss company over unpaid dues.

The airline had failed to make payment of over $24 million to a Swiss company SR Technics for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts.

The order was passed by the high court on December 6, 2021.

However, SpiceJet in a filing to the Bombay Stock Exchange today said, “the Madras High Court through its order dated December 6, 2021 has stayed the earlier order of winding up and appointment of official liquidator for a period of three weeks, subject to the condition that the Company deposits the amount equivalent to $5 million within a period of two weeks.”

The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which appealed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the Liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet’s assets, properties, stock in trade and books of accounts.

The “respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co. v. Madhu Woollen Industries (P) Ltd., and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956,” Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.

According to the petitioner, SpiceJet had availed of the services of SR Technics, Switzerland, for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts, which are mandatory for its operations. An agreement for performance of such services for a period of 10 years was entered into between SpiceJet and SR Technics on November 24. 2011.



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Latest News Today – Lok Sabha Approves First Batch Of Supplementary Demands


Amid a din, the Lok Sabha on Wednesday approved the first batch of supplementary demands authorising the government to spend an additional Rs 23,675 crore, including Rs 17,000 crore for the health ministry, in the current financial year. Finance Minister Nirmala Sitharaman introduced the supplementary demands for grants and relevant appropriation bills.

As per the first batch of supplementary demands for grants tabled in the Lok Sabha by Sitharaman on July 20, although the gross additional expenditure is over Rs 1.87 lakh crore in 2021-22, the actual cash outgo will only be Rs 23,674.81 crore as the remaining spending will be met through savings and higher receipts and recoveries.

A substantial chunk of the total gross spending is towards transfer to states for shortfall in Goods and Services Tax (GST) compensation cess. A total of Rs 1.59 lakh crore would be transferred to states as back-to-back loan in lieu of the GST compensation shortfall. However, this will not entail any cash outgo.

To meet the various COVID-related and other health preparedness expenditure, Rs 16,463 crore extra spending has been earmarked for the department of health and family welfare. An extra Rs 526 crore has been allocated to the department of health research for emergency epidemic preparedness and response.

Approval for Rs 2,050 crore for Ministry of Civil Aviation was sought, which includes Rs 1,872 crore towards loans and advances to Air India for recoupment of advance from the Contingency Fund of India.

The cash outgo also includes Rs 1,100 crore for Ministry of Consumer Affairs, Food and Public Distribution towards providing assistance to sugar mills for the 2019-20 sugar season. Further, the Lok Sabha approved the relevant appropriation bills, authorising the government to withdraw funds from the Consolidated Fund of India to meet additional expenditure.

The bills were passed without any debate as the Opposition members continued their protest against Pegasus snooping row and three new farm laws. 



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Latest News Today – Amazon-Backed Wiliot Raises $200 Million In Investment


Wiliot, a technology company backed by Amazon Web Services and Qualcomm Inc, said on Tuesday it raised $200 million in a funding round led by SoftBank Vision Fund 2.The company, which makes chips that can be embedded on product packaging to help track items during their manufacturing, shipping, and sale, did not disclose the valuation at which the funds were raised.

Its technology can be integrated into vaccine vials and food packaging, among others. Wiliot says it aims to expand the internet-of-things network to include everyday products. The company was founded in 2017 and is headquartered in Israel, with a presence in California, Germany, Ukraine, Australia and Taiwan

The investment marks another major bet on Israeli growth companies from Japanese conglomerate SoftBank Group Corp

In recent months, SoftBank has also invested in artificial intelligence-based facial recognition startup AnyVision and cloud firm Redis Labs. Wiliot also counts the investment arms of Samsung Group and Verizon Communications Inc among its backers. The company plans to use the fresh funds to expand its operations in preparation for the upcoming launch of its V2 product

Amit Lubovsky, director at SoftBank Investment Advisers, will take a seat on Wiliot’s board as part of the deal.The company raised $70 million in a previous funding round in February last year



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Latest News Today – International Monetary Fund (IMF) Downgrades India’s


The International Monetary Fund (IMF) lowered India’s growth projection from 12.5 per cent to 9.5 per cent for fiscal 2021-22 – down by three percentage points, following the severe second wave of COVID-19 pandemic in the country. For the current fiscal year, India witnessed the largest drop in growth projections made by IMF, even as the global economic growth rate remains the same at six per cent.

However, for the next fiscal 2022-23, IMF revised the economic growth for India up from 6.9 per cent to 8.5 per cent it had projected in April 2021 – higher by 1.6 percentage points.

“Growth prospects in India have been downgraded following the severe second COVID wave during March-May and expected slow recovery in confidence from that setback,” IMF said in its latest World Economic Outlook (WEO).

In its second bi-monthly monetary policy committee meeting for fiscal 2021-22 held on June 4, the Reserve Bank of India (RBI) also lowered the country’s gross domestic product (GDP) projection to 9.5 per cent, from 10.5 per cent.

Among the developing nations, IMF has downgraded the economic growth projections for India at three per cent, for China at 0.3 per cent, and for Saudi Arabia at 0.5 per cent. While the change in economic growth projections made by IMF for the rest of the developing countries including Mexico, Brazil, South Africa, among others, is in positive terms.

Recording its worst-ever performance in more than four decades, India registered a de-growth of 7.3 per cent for fiscal year 2020-21, while the preceding January-March quarter of the fiscal showed a slight rise of 1.6 per cent.



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Latest News Today – “Don’t Believe” Figure Of Orphaned Children: Supreme


New Delhi:

The Supreme Court on Tuesday said it did not believe that only 27 children had been orphaned during the COVID-19 lockdown in Bengal, warning the state against providing “unacceptable” data and adding that it may order a probe if the correct numbers are not provided.

A two-judge bench headed by Justice L Nageswara Rao reminded the Bengal government that this is a matter of children’s welfare and could not be seen as a political issue with the centre.

The court’s irate response came during a hearing on ensuring the safety and protection of children whose parents had died, either as a result of COVID-19 or during lockdown periods.

The court had asked the Bengal government for the number of Covid orphans in its territories, to which the state’s counsel had replied: “27 children, where both parents have died.”

A disbelieving bench questioned this, indicating it was low given the severity of the pandemic.

“If you (the Bengal government’s lawyer) are saying only 27 children were orphaned we will record the statement (but) Bengal is a big state… we are not prepared to belive this figure,” the court said.

The lawyer for the Bengal government replied that collection of data is an “ongoing” process.

To this Justice Rao shot back: “Do not make irresponsible statements and do not give excuses. Understand the urgency of the situation. Orphans are left to fend for themselves. It is your duty to protect them not ours. We ensure children get their rights.”

“Do not take such a stand. It is not a political matter, it pertains to welfare of children.”

The court then asked the Secretary of the concerned government department to file an affidavit.



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Latest News Today – Delhi Theatres At 50%; Metro Trains, Buses At Full


New Delhi:

Cinema and theatre halls can reopen at 50 per cent capacity while metro trains and buses can operate at full capacity in Delhi from Monday, the state administration said on Sunday. The Delhi Metro and Transport Corporation and cluster bus services are currently operating at 50% seating capacity.

The gathering limit at wedding ceremonies and funerals has also been increased from 50 to 100. Spas can also reopen from Monday with strict compliance of COVID-19 norms

The Delhi Metro had resumed services on June 7 after a gap of weeks to curtail the spread of coronavirus in the national capital.

The relaxations in restrictions have come amid a dip in the COVID-19 cases in the national capital. The city recorded 58 fresh COVID-19 cases and one death due to the disease on Friday.

The infection rate, which had reached 36 per cent in the last week of April, has come down to 0.09 per cent now.



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Latest News Today – Wealth Management Startup Tarrakki Partners With


Founded in 2018, the startup – Tarrakki is a comprehensive wealth management platform

Wealth management startup Tarrakki announced a strategic partnership with investment platform Smallcase on Thursday, July 22, to offer long-term equity portfolio to users. The partnership will allow investors to consider a well-diversified basket of stocks – carefully chosen with a multi-cap and multi-sector strategy, according to a statement shared by the SEBI registered investment advisor. The startup’s collaboration with the Bangalore-based financial technology company is likely to provide diversified investment options to customers.

“Tarrakki has simplified and modernised the way to investment by giving an alternate option for investing directly in a customised model portfolio. This partnership with smallcase will help investors to intelligently invest in a diversified basket of stocks which will lower the risks present in investing in a single company or a stock. The smallcase integration makes equity investments for the investors simpler by extending the pool of investment options any user has,” said Mr. Saumya Shah, Founder, Tarrakki.

So far, Tarrakki has cumulatively raised $225,000 in funding and caters to tier-I, tier-II, and tier-III cities across the country. The key markets include West Bengal, Maharashtra, Delhi, and Gujarat. The platform offers more than 3,500 mutual funds from 42 asset management companies. 

“Smallcase is on a mission to change how India invests by partnering with investors, advisors, brokers and other market participants who are open to game-changing innovation. Partnering with a comprehensive wealth management platform like tarrakki is in line with this mission and will encourage Indians to invest more smartly by providing an extensive range of investment options that are qualitative and unique,” said Vasanth Kamath, Founder & CEO, Smallcase Technologies Private Limited.

Founded in 2018, the startup – Tarrakki is a comprehensive wealth management platform that is designed to make investment simple and hassle-free, especially for first-time investors. The new-age technology used by the personal finance platform allows its users to make regular, calculated investments in mutual funds as well as peer-to-peer lending, based upon the individual’s goals, and other factors such as age group, income, and risk appetite.

The startup also provides solutions to consumers and corporates, so that the MSMEs can efficiently manage their working capital requirement and surplus cash, according to its statement.



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Latest News Today – Ministry Of Civil Aviation Forms Advisory Group To


The aviation sector was badly hit by the coronavirus pandemic’s second wave

The Civil Aviation Ministry has formed three advisory groups comprising airlines, airport operators, cargo carriers, ground handling companies, flying training organisations and maintenance, repair and overhaul companies to deliberate and resolve challenges faced by the sector, according to an official statement on Wednesday.

The aviation sector was badly hit by the coronavirus pandemic’s second wave that swept the nation in April and May. Many aviation stakeholders are not in a good financial shape currently. The ministry said on Twitter: “Under the chairmanship of the Honourable Minister of Civil Aviation, Jyotiraditya Scindia, the Ministry of Civil Aviation (MoCA) has formed three advisory groups comprising airlines, airport operators and MRO, cargo carriers, FTOs and ground handling companies.”

“The groups shall meet regularly to deliberate upon issues and resolve challenges facing each sector. Orders have been issued for the same,” it added. The first advisory group comprises chiefs of all major airlines in India — Air India Chairman and Managing Director Rajiv Bansal, IndiGo Chairman Rahul Bhatia, SpiceJet Chairman Ajay Singh, Go First Director Ness Wadia, Vistara Chairman Bhaskar Bhat, AirAsia India CEO Sunil Bhaskaran, Alliance Air CEO Harpreet A De Singh.

According to the Aviation Ministry’s order on July 20, the first group would advise the government on issues such as safeguarding the viability of airlines, enhancing the domestic and international connectivity, promotion of passenger and cargo services, manpower skilling in the aviation sector and development of India as a hub for passenger travel, cargo and MRO services.

The second group comprises top officials of major Indian airport operators — Airports Authority of India Chairman Sanjeev Kumar, GMR Group Business Chairman G B S Raju, Adani Group Vice President Jeet Adani and Bangalore International Airport Limited Chief Executive Officer Hari K Marar.

Another Aviation Ministry’s order stated that the second group would advise the government on issues including enhancing the airport capacity, infrastructure augmentation and modernisation, increasing passenger facilities and amenities at airports and regulatory issues concerning airports.

The third advisory group would comprise of four sub-groups: one each on MRO, ground handling, cargo and FTO. Each of the sub-group would have four industry executives as members who work in that particular industry.

Scheduled domestic passenger traffic was suspended in India for about two months between March 25 and May 24 last year due to the coronavirus-induced lockdown. Since June 2020, the domestic traffic had been on a path of recovery when the second wave of the pandemic hit India during April and May this year.



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Latest News Today – Intel Lands New O-RAN 5G Network Deal With Bharti


The country’s leading telecommunications provider Bharti Airtel announced on Wednesday, July 21, that it is collaborating with American multinational tech company Intel to accelerate the rollout of 5G network in India by leveraging the virtualized radio access network (vRAN) as well as O-RAN (open radio access network) technologies. The collaboration between the two leading firms is likely to provide a major 5G network rollout boost in the country.

The joint efforts by Intel and Airtel will evolve the communications network from fixed-function equipment to the virtualized cloud-native deployments. This will enable edge-to-cloud communications to power a hyperconnected world where industry 4.0, cloud gaming and virtual or augmented reality become a daily experience for customers. The collaboration is part of Airtel’s 5G roadmap for the country, according to a statement shared by the telecom operator.



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Latest News Today – PM Modi, Sharad Pawar Meet For Nearly 50 Minutes


PM Modi and Sharad Pawar met in Delhi.

New Delhi:

Sharad Pawar, Nationalist Congress Party (NCP) chief, met with Prime Minister Narendra Modi at the latter’s residence. The meeting last 50 minutes, sources said.

“Rajya Sabha MP Shri Sharad Pawar met PM Narendra Modi,” the Prime Minister’s Office tweeted, along with a photo of the two leaders meeting.

The meeting comes two days ahead of the monsoon session of parliament and amid reports of strains in the Shiv Sena-led alliance in Maharashtra, of which Mr Pawar’s party is a party of.

Earlier this week, the veteran politician denied that he is a candidate for post of the President — speculation triggered by election analyst Prashant Kishor’s meeting with the Gandhis.

“It is wrong to say that I am a candidate for the Presidential election,” Mr Pawar told reporters on Wednesday.

Mr Pawar, 80, who had taken the initiative to stitch up an opposition wall ahead of the 2019 Lok Sabha elections, also said no decision has been taken about the 2024 elections. “The political situation keeps changing,” he added.

The Rajya Sabha member had also commented on the formation of a new ‘Ministry of Cooperation’ a day before the mega reshuffle of PM Modi’s cabinet. He said that laws on the cooperation sector have been framed in the Maharashtra assembly and said that the centre has no right to interfere with legislation drafted by the state.

Mr Pawar was part of a meeting held by newly-appointed leader of Rajya Sabha and Union Minister Piyush Goyal on Friday, ahead of  the parliament session. Former Prime Minister Manmohan Singh and senior Congress leader Anand Sharma too attended that meeting. An all-party meeting will be held on tomorrow.



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