- Friday, February 28, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Monday, July 10, 2023:
KAL Airways, owned by India’s Sun Group, has clarified that it has not made an amicable settlement with SpiceJet over pending dues, Moneycontrol reported. A statement issued by the airways also denied media reports and added that “there is no question of an amicable settlement with SpiceJet”, the report added. It also said that the matter “reached finality by virtue of the Supreme Court order dated July 7, 2023”, according to Moneycontrol. In February 2015, Maran and KAL Airways transferred their majority stake in SpiceJet to Ajay Singh, who took on the airline’s liabilities. As part of the agreement, Maran and KAL Airways paid SpiceJet Rs 679 crore (£64 million), but Maran alleged that warrants and preference shares were not allotted, leading to arbitration proceedings.
Indian regulator for the securities market SEBI (Securities and Exchange Board of India) has submitted an affidavit to the Supreme Court regarding the Adani-Hindenburg case, highlighting the recommendations made by the court-appointed expert committee. The expert committee emphasised the need for prompt action to address violations of securities laws and suggested implementing a robust settlement policy. SEBI urged the top court to consider its views and observations based on the expert committee’s report. The Supreme Court is slated to hear the matter on Tuesday (11).
Jag Mohan Garg, the chairman and managing director of Delhi-based Tirupati Infraprojects Private Limited, has been arrested by the Central Bureau of Investigation (CBI) for a bank fraud case amounting to Rs 289.15 crore. The CBI court has remanded him to custody until Thursday (13). The agency registered an FIR against the company for diverting loan funds and causing a loss to a consortium of banks. Searches conducted by the agency yielded incriminating documents. During the investigation, witnesses, company officials and bank officials were examined by the CBI.
India’s Go Airlines (India) Ltd has initiated the search for investors by inviting expression of interest (EoI) through a court-appointed administrator, Moneycontrol reported. The step aligns with legal procedures in India to find potential buyers or investors amid the airline’s ongoing insolvency process. Go Airlines, operating as Go First, was yet to comment on the matter in response to a Reuters inquiry. The airline filed for bankruptcy in May, attributing the grounding of approximately half its 54 Airbus A320neos to alleged engine faults by Pratt & Whitney, a claim disputed by the American engine manufacturer.
India has emerged as the most attractive investment destination among emerging markets in 2023 amid a host of global economic headwinds, including high inflation and interest rates, global investment management firm Invesco has said in a report. According to the Invesco Global Sovereign Asset Management Study, 2023, sovereign wealth funds favour emerging markets, particularly India, given its solid demographics, political stability, and proactive regulation. “We observe an increased affinity for fixed income assets, including private debt, and heightened interest in Emerging Markets, believed to offer potential benefits in a higher-rate environment. Among the Emerging Markets, India has piqued sovereign investors’ interest, overtaking China,” the Invesco report said.
India’s G20 presidency hosted the third meeting of the G20 Culture Working Group (CWG) in historic town of Hampi in the southern state of Karnataka. The inclusive discussions involved delegates from G20 member countries, guest nations and international organisations. Indian minister of parliamentary affairs Pralhad Joshi addressed the inaugural session, emphasising the importance of culture in policymaking. The meeting, aiming to establish action-oriented recommendations, will run until July 12. Previous CWG meetings were held in cities such as Khajuraho and Bhubaneshwar. “We have progressed from identifying and deliberating the four priorities to seeking consensus on the action-oriented recommendations that would be a significant step in placing culture at the heart of policymaking,” Joshi said.
(With agencies inputs)
