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In a major development, the <keyword id="64630" type="General" weightage="20" keywordseo="Indian-Commercial-Pilots-Association" source="Orion">Indian Commercial Pilots Association</keyword> (ICPA) and the <keyword id="64606" type="General" weightage="20" keywordseo="Indian-Pilots-Guild" source="Orion">Indian Pilots Guild</keyword> (IPG) of <keyword id="2573" type="General" weightage="20" keywordseo="air-india" source="Orion">Air India</keyword> have rejected the new pay structure proposed by the airline. The primary bone of contention is the reduction in flying allowance from 70 hours to 40 hours every month under the new structure, which the pilots believe is unfair. The two unions have warned of possible 'industrial unrest' if the management goes ahead with the new terms without their consent. While Air India has stated that it will "continue to engage with the remainder of its staff", the airline has taken a tough stance on the issue, saying that there are "no recognised unions in Air India". This is the first wage revision offered by the Tata group-owned Air India since its takeover last year, and it will affect all 3,000 pilots across its four airlines - Air India, <keyword id="6378232" type="General" weightage="20" keywordseo="Air-India-Express" source="Orion">Air India Express</keyword>, <keyword id="1625599" type="General" weightage="20" keywordseo="Air-Asia-India" source="Orion">Air Asia India</keyword>, and <keyword id="2467342" type="General" weightage="20" keywordseo="Vistara" source="Orion">Vistara</keyword>. The pilots' unions have instructed their members to reject the new employment conditions and wage structure offered by the management. An agreement has been put in place for the employees to sign by April 25, but the two unions have stated that they will contest the terms and conditions, with their pilots refusing to sign the revised employment and compensation terms. The two unions have warned of potential industrial unrest if the company takes any coercive or victimising action against their members. In a joint statement, the unions stated that the company reiterated that "all previous understandings, representations and agreements of whatever nature that have been entered into with us are null &amp; void and that the company further has the right to change any terms and conditions". "The term cost to the company for an assumed flying of 70 hrs is deliberately misleading and creates an impression of a generous compensation and accompanying benefits package. The actual guaranteed money being offered is only for 40 hrs. Effectively, any time a pilot is on leave or is unavailable due to recurrent training requirements or document/licence renewals, not to mention any sick leave, there is an automatic pay cut involved," the statement read. "The so-called rationalisations of allowances is not in line with any industry practices as projected by HR. Further, blanket consent is sought for any leave or insurance policy that the company may come up with &amp; which is subject to amendment or outright withdrawal. "Suffice it to say that this is not an all-inclusive list but merely a selection of some of the most outlandish and labour-hostile provisions that we have come across to date. This is dishonourable and how the management is trying to force it down the employees' throats is outright unethical," it added. "Nor has the blatant attack on our rights as workmen to bargain collectively or seek legal redressal for any injustice or victimisation gone unnoticed. Where is the company requirement all of a sudden to forcibly promote almost all the permanent workmen of the union to the so-called Senior Commander management cadre? It is clear from all this that there is a concerted effort to gut the unions and isolate pilots into individual boxes where they can be exploited and victimised at will by the HR department," the statement said. Meanwhile, Air India's spokesperson has defended the new compensation structure, which includes parity among different groups, recognition of managerial and supervisory roles for experienced pilots, and individual contracts sent to pilots and cabin crew for necessary paperwork. "The managerial and supervisory role played by the experienced pilots is also being recognised in the form of designating them as Senior Commander as also offering them a special monthly allowance. The contracts reflecting these enhancements were individually sent to the pilots and cabin crew for necessary paperwork," said the spokesperson. The spokesperson also claimed that a large number of pilots and cabin crew have already accepted the new contracts, and the salary improvements and advancement opportunities they enable. "The airline will continue to engage with the remainder of its staff through this process as currently there is no recognised union in Air India," the spokesperson said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/rils-q4-to-be-driven-by-sustained-momentum-in-retail-business-o2c-to-see-modest-growth/articleshow/99629278.cms">RIL’s Q4 to be driven by sustained momentum in retail business, O2C to see modest growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharmas-4326-crore-ipo-to-open-next-week-on-april-25/articleshow/99614288.cms">Condom maker Mankind Pharma’s ₹4,326 crore IPO to open next week on April 25</a>

Air India pilots' unions reject proposed pay structure, warn of industrial unrest

<ul><li>Tata Sons owns 51% of the stake in the six-year-old joint venture, and AirAsia owns 49%.</li><li>Reports suggest that Tata Sons may buy the remaining stake from the Malaysian parent company. </li><li>Air Asia announced its biggest quarterly loss in August and said it plans to raise $600 million through debt and equity as the pandemic affected its revenue</li><li> In FY20, the JV posted a loss of ₹317 crore in the first quarter. </li></ul>Tata Sons is reportedly gearing up to acquire the rest of the 49% stake of the joint venture between Tata Sons and Malaysia’s AirAsia, as the latter struggles to continue operations in India, according to a <a href="http://timesofindia.indiatimes.com/articleshow/78482682.cms">TOI report</a>. In the six-year-old joint venture, Tata Sons owns 51% of the stake, and the remaining 49% is held by AirAsia. Tata’s will have the first right of refusal for the minority stake owned by AirAsia. “AirAsia, because of its financial difficulties, is not keen on infusing capital into the India JV. It wants the JV to take on debt to run the operations. Tata Sons is forced to consider buying out AirAsia,” a source told TOI. This came after Air Asia announced its biggest quarterly loss in August and said it plans to raise $600 million through debt and equity as the pandemic affected its revenue— the company also added that it is evaluating some of its operations outside Malaysia. AirAsia ceased Japan operations and has hinted towards Indian operations The parent company AirAsia also ceased its Japan operations, citing “highly challenging operating conditions in Japan which have been aggravated by the COVID-19 pandemic.” AirAsia India has been hinting at a shutdown in Indian operations for a while now. In June, AirAsia’s founder and CEO T<a href="https://www.thehindubusinessline.com/economy/logistics/airasia-indias-co-owner-may-just-be-running-out-of-patience-cash/article31892620.ece">ony Fernandes said</a> India is a peripheral market and that the company could exit one day. The company has been unprofitable since its launch in 2014. In FY20 results, Tata Sons said that the pandemic completely eroded the AirAsia India net worth and its auditor raised the red flag about the JV’s ability to continue. The Tata Group also invested nearly ₹490 crore in AirAsia India in FY20, while the JV posted a loss of ₹317 crore in the same period. Yesterday, the Union Aviation Minister Hardeep Singh Puri’s comment made headlines on social media, where he <a href="https://www.livemint.com/companies/news/airasia-s-problems-grow-as-hardeep-singh-puri-hints-at-local-shutdown-11601878412278.html">claimed:</a> “AirAsia’s shop is anyway shutting down." The aviation minister added that “their parent company has problems." The Tata Group also owns a 51% stake in Vistara Airlines in Partnership with Singapore Airlines. And, the Tata SIA JV in its FY20 results, reported a net loss of ₹1,814 crore. Tatas are also <a href="https://www.business-standard.com/article/companies/tatas-likely-to-take-call-on-cash-strapped-air-india-bid-this-week-120030300036_1.html">reportedly </a>looking to bid for the government-owned cash strapped Air India. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-october-2020-in-india-mg-gloster-audi-q2-land-rover-defender-in-list/slidelist/78489874.cms" data-type="tilCustomLink">Relief for passengers who cancelled air tickets during the lockdown — Supreme Court accepts DGCA recommendations</a> <a href="https://www.businessinsider.in/business/ecommerce/news/jiomart-gets-ready-for-its-festive-sale-debut-amidst-tough-competition-from-amazon-and-flipkart/articleshow/78492158.cms" data-type="tilCustomLink">JioMart gets ready for its festive sale debut amidst tough competition from Amazon and Flipkart</a>

Tata Sons may bid for rest of the 49% stake in AirAsia India

<ul><li>The AirAsia Group Berhad sold <a href="https://www.businessinsider.in/business/corporates/news/tata-group-hikes-its-stake-in-airasia-india-buys-additional-32-67-stake-for-37-66-million/articleshow/80011503.cms">32.67% of its stake in the Indian subsidiary to Tata Sons for $37.66</a> million. </li><li>Analysts believe that the Tata Group got a 20% discount on the airline’s value.</li><li>Air Asia wasn’t doing very well even before the pandemic. It has been making losses, and its balance sheet has never been strong.</li></ul>The AirAsia Group Berhad on December 29 sold <a href="https://www.businessinsider.in/business/corporates/news/tata-group-hikes-its-stake-in-airasia-india-buys-additional-32-67-stake-for-37-66-million/articleshow/80011503.cms">32.67% of its stake in the Indian subsidiary to their joint venture partner Tata Sons for $37.66</a> million (₹276 crore). Analysts believe that the Tata Group got a 20% discount on the airline’s value. One may argue that the prospects for airlines may have been hit by the pandemic, but on the other hand, the market value of Air Asia India’s peers like IndiGo and SpiceJet has doubled since the pandemic broke out in March. <div type="image" title="Spicejet and Indigo" msid="80101441" hostid="261"></div> Why did AirAsia sell its stake at such a discounted price? Multiple factors may have played into the discount on Air Asia. “Either AirAsia has a significant amount of liabilities, which you know is yet not known since this year COVID has been a big impact on the airline sector. Second, the prospect of recovery which the Tatas see within AirAsia India might not be that great,” Ansuman Deb, a research Analyst at ICICI Securities told Business Insider. The Malaysian parent was also desperate for some cash. While selling its stake AirAsia Group President (Airlines), Bo Lingam also highlighted that “this transaction is in line with our initiatives towards reducing cash utilisation for the Group and will allow us to use cash to grow market share in our core markets in Asean, particularly in Malaysia, Thailand, Indonesia and the Philippines as well as for our future expansion into Cambodia, Myanmar and Vietnam.” <div type="image" title="Air Asia" msid="80101471" hostid="261"></div> More importantly, Air Asia wasn’t doing very well even before the pandemic. It has been making losses, and its balance sheet has never been strong. “In terms of operations also the airline barely has 6% market share — then the legal implications also vary — When it comes to flying internationally, they are not allowed to do so at this point of time, so there are a variety of reasons that led to this,” said another analyst who didn’t want to be named citing compliance reasons. Air Asia India in 2018 was accused of bribery and violation of the country’s aviation laws, which the company refuted. There are other legal tangles that AirAsia India has been caught in, like, <a href="https://m.economictimes.com/industry/transportation/airlines-/-aviation/give-ownership-undertaking-to-fly-abroad-govt-to-airasia-india/articleshow/71283862.cms">ownership undertakings</a> to fly abroad to <a href="https://www.business-standard.com/article/companies/dgca-investigating-airasia-india-after-pilot-alleges-safety-violations-120061501729_1.html">DGCA’s investigation</a> on safety violations. Now, that begs the question why did Tatas buy more stake in a troubled airline? Tatas preparing AirAsia India to bid for Air India <div type="image" title="Air India" msid="80101481" hostid="261"></div> The Tata Group wants to buy out India’s national carrier, Air India, and they planned to bid for it via Air Asia India. There are many within the ruling establishment in New Delhi and their political affiliates, who want <a href="https://theprint.in/india/sell-air-india-only-to-an-indian-entity-rss-tells-modi-govt/356996/">Air India to be sold to an Indian company</a>, and not to a foreign one. The government earlier this week had removed the <a href="https://timesofindia.indiatimes.com/business/india-business/government-removes-january-5-deadline-for-intimating-qualified-bidders-for-air-india/articleshow/80044767.cms">January 5 deadline</a>, for notifying qualified bidders for Air India. The transaction adviser will now reach out to the qualified parties that submitted their expression of interest (EOI) for the airline. According to the ICICI Securities report, “If Tatas successfully acquire Air India and consolidate Vistara and AirAsia India under its brand, the industry will convert from a 6 to 4 player industry comprising Tata group. IndiGo, SpiceJet and GoAir.” So are IndiGo and SpiceJet overpriced? Similarly, the hope of recovery post the advent of a vaccine ⁠— along with the return of revenge travel⁠ and the struggles of GoAir— and the expectation of fewer competitors, eventually, have led the stocks of IndiGo and SpiceJet to double since the crash in March 2020. “The market has taken all the positives at this point. Now we will have to wait and see if they deliver it up. So IndiGo might be best at something of this sort or probably reaching an overvalued territory,” warned the analyst seeking anonymity. In comparison, Spicejet shifted its focus to carrying more cargo during the pandemic, when the number of passengers dried up. “I think it is fairly valued, and there’s some upside left (in the stock),” he added. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/reliance-says-it-has-absolutely-no-plan-to-enter-contract-farming-urges-government-to-stop-vandalism-amidst-ongoing-farmers-protests/articleshow/80091733.cms" data-type="tilCustomLink">Reliance says it has 'absolutely no plan' to enter contract farming — urges government to stop vandalism amidst ongoing farmers' protests</a> <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms" data-type="tilCustomLink">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a>

Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out

<keyword id="82750" type="PERSON" weightage="100" keywordseo="Tony-Fernandes">Tony Fernandes</keyword>, the co-founder and CEO of AirAsia group, has said that he found it hard to do business in India because of protectionist policies and "vested interests"; however, his JV carrier AirAsia India has come to India for a long stay. 
 
He said that the slow pace of AirAsia India was because of the Indian aviation sector being a "double marathon" and not a "sprint". 
 
"I am not going to storm in like a bull in China shop like Vijay Mallya did, and get caught. Now we have a (civil aviation) policy and the policy is very clear on what we have to do. So talk to us in a few years time," he said when asked about his growth plans in the country. 
 
He added that he has seen the BJP-led government has "at least delivered 80 per cent of what it talked about" in the draft aviation policy. On doing business in India, he said "it is hard (to do business) in India (as) there are so many vested interest who were trying to keep some of the incumbents happy." 
 
"So at least they changed it (norm for international flying by domestic carriers) and we are clear what we need to do. And I would not be dead by the time 5 years come along with 20 aircraft we had before," he added. 
 
"Don't protect airlines. Get more air traffic rights, get more tourism into India and create more jobs. I think the Modi Government has to be brave in going all the way and getting rid of vested interests and protectionism," he advised the government. 
 
<a href="http://www.japantimes.co.jp/wp-content/uploads/2014/12/f-fernandes-a-20150101.jpg">Image source</a>

Won't repeat what Mallya did, says AirAsia CEO On India Plans

<keyword id="1674460" type="UNKNOWN" weightage="100" keywordseo="Mittu-Chandilya">Mittu Chandilya</keyword>, the model-turned-headhunter who was picked by <keyword id="82750" type="PERSON" weightage="100" keywordseo="Tony-Fernandes">Tony Fernandes</keyword> to be the CEO of the India joint venture of AirAsia, is most likely quitting from his position in March once his current two-year contract with the airline ends. 
 
Among the top three executives that are being considered to replace Chandilya, Amar Abrol, current chief of AirAsia Bhd's insurance arm Tune Money is the frontrunner for the post of AirAsia India’s next chief executive. However, Abrol, who has no prior relevant experience, would be a surprise selection for the post. 
 
At the airline's next board meeting, which is expected by the end of this month, the matter would be discussed and most likely approved. As per ET sources, the airline has probably also selected a new chief financial officer. 
 
Since its operations began less than two years ago, AirAsia India has either lost or replaced about ten top executives, including chief financial officer Vijay Gopalan and commercial director Gaurav Rathore. 
 
"These are speculative reports," an AirAsia India spokesman replied to ET's request for comment. "We have no (further) comments to offer right now." 
 
<a href="https://i.ytimg.com/vi/Ir0PMqoVTkg/maxresdefault.jpg">Image source </a>

CEO Mittu Chandilya won’t renew his contract with AirAsia India

According to media reports, <keyword id="1625599" type="UNKNOWN" weightage="20" keywordseo="Air-Asia-India">Air Asia India</keyword> is planning to start operation from Delhi from February 2015. AirAsia is likely to deploy two Airbus A320 planes in Delhi and it is mulling to operate flights on Delhi-Bengaluru and Delhi-Goa routes. 
 <keyword id="86568" type="COMPANY" weightage="20" keywordseo="Air-Asia">Air Asia</keyword> India’s Chief Executive Officer Mittu Chandilya said the airline is considering the plan, but has not taken a final decision so far. However, he refused to divulge any details about the potential routes. 
 
AirAsia India had launched its service in June this year and it has two Airbus A320 planes. It is likely to add 8-10 planes in 2015. It commenced its domestic operations with a Bangalore-Goa flight and flights to Chennai, Kochi, Chadigarh, Jaipur and Pune. 
 
Earlier, AirAsia had said it would not operate flights on Delhi and Mumbai routes due to high airport charges. But now it seems to have changed its plan. 
 
"If AirAsia is to be an effective national carrier it will have to have a hub in North India too," a newspaper reported.

AirAsia India Planning To Operate Flights From Delhi

<keyword id="1625599" type="UNKNOWN" weightage="20" keywordseo="Air-Asia-India">Air Asia India</keyword> does not even have a dozen jets operating in India, but they sure know how to put a sale on. The low cost Asian carrier is operating majorly in southern part of India and few low key sectors. Consumers are seeing a lot of action as far as the aviation industry is concerned in south India. Spicejet, Indigo and <keyword id="86568" type="COMPANY" weightage="20" keywordseo="Air-Asia">Air Asia</keyword> have been giving discounts on many routes here. 
 Now, Air Asia has launched a week long sale on its entire flight network. One-way tickets are being given away at Rs 699 and this includes taxes. Yes, you read it right the ticket will cost you Just Rs 699 inclusive of taxes. People can pick these tickets on sectors such as <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> to Goa, Kochi, Jaipur and Chandigarh, and vice versa. The offer is part of the Air Asia's global ‘Big Sale’ where they are giving 3 million airplane seats at rock bottom prices. 
 Over the domestic deal, the sale also includes some exciting overseas tickets. Indians can fly to <keyword id="6372507" type="COMPANY" weightage="20" keywordseo="Kuala-Lumpur">Kuala Lumpur</keyword> for fairs starting from Rs 2,599. The offer is available on flights from Kochi, <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword>, Bengaluru, Chennai and Hyderabad to Kuala Lumpur, <keyword id="8695" type="COUNTRY" weightage="20" keywordseo="Malaysia">Malaysia</keyword>. 
 
These are not bad deals at all. It will be interesting if Indigo and Spicejet give some exclusive offers as well, like they have done in the past. The Indian aviation sector is on fire and customers are in the driving rather flying seat.

Air Asia Does It Again, Gives One Way Air Tickets For As Low
As Rs 699 As Part Of Its 'Big Sale'

Indian low-cost airline <keyword id="6358032" type="CITY" weightage="80" keywordseo="SpiceJet">SpiceJet</keyword> has announced yet another discounted scheme that offers 10 lakh tickets at prices as low as Rs 999. The carrier has rolled out over 10 such price cuts since the beginning of 2014. The discounts allow passengers to travel at much lower prices across various domestic routes between January 6 and October 24, 2015. Passengers can avail these discounts only on the bookings made between July 8 and July 10.
 According to a post on SpiceJet’s website, the airline has termed its latest ticket sale as ‘lower than train fares’. Notably, the carrier owned by <keyword id="340571" type="COMPANY" weightage="80" keywordseo="Sun-Group">Sun Group</keyword> of India continues to incur huge losses on its balance sheet. The latest discount offered by SpiceJet is an attempt to gain market share, especially with the competition intensifying in the domestic aviation sector with the entry of <keyword id="1625599" type="UNKNOWN" weightage="80" keywordseo="Air-Asia-India">Air Asia India</keyword> and <keyword id="1913046" type="COMPANY" weightage="80" keywordseo="Tata-SIA">Tata-SIA</keyword>, believe Industry experts. “Competition has intensified in the air market with the entry of new players, and this sale announcement by SpiceJet targets shoring up bookings in advance, so as to sustain their market share in the face of increased competition that is likely going forward,” said Indian online travel agency <keyword id="143718" type="COMPANY" weightage="80" keywordseo="Yatra-com">Yatra.com</keyword> president <keyword id="332366" type="PERSON" weightage="40" keywordseo="Sharat-Dhall">Sharat Dhall</keyword>. Rajesh Magow, co-founder and CEO-India, <keyword id="54613" type="COMPANY" weightage="80" keywordseo="makemytrip">MakeMyTrip</keyword>, said, “With <keyword id="6375796" type="UNKNOWN" weightage="80" keywordseo="airfares">airfares</keyword> cheaper than railway fares, we expect travellers to upgrade the transport-leg of their holiday to flight instead of rail or road.” (Image: <keyword id="71187" type="COMPANY" weightage="40" keywordseo="Wikipedia">Wikipedia</keyword>)

Price War: SpiceJet Offers 10 Lakh Tickets For Rs 999

New Delhi, Jan 24 () The Enforcement Directorate (ED) has issued fresh summons to senior executives of Air Asia airlines, including CEO Tony Fernandes, for questioning next month in connection with a money laundering case, officials said on Friday.
 As per sources, the central agency has asked Fernandes to appear before the investigating officer of the case here on February 5, his deputy and former Deputy Group CEO of Malaysia-based Air Asia Berhad Bo Lingam on February 3 and R Venkataramanan, Director Air Asia India Ltd, Bengaluru, on February 10.
 Few others linked to the present and past management of the airline have also been asked to depose.
 The ED had earlier asked some of these executives to appear this month but after some failed to appear or sought additional time, new dates have been given, they said. 
The summons have been issued under the PMLA and as per sources the executives will be questioned and their statement recorded in connection with the investigation.
The agency had registered a case under the PMLA against the airline and its officials in May, 2018. 
 This criminal case was filed two days after CBI filed a criminal complaint to probe these allegations.
Probe in the case is related to allegations that the airline tried to manipulate government policies through corrupt means to get international licence for its Indian venture Air Asia India Limited.
The ED is also probing this case under the Foreign Exchange Management Act (FEMA).
 Air Asia India at present has flights connecting 21 domestic destinations and as per a aircraft fleet tracking website, it has 29 Airbus A320 planes.
Investigation in the case was initiated on the basis of allegations of ousted Tata Group chairman Cyrus Mistry that fraudulent transactions of Rs 22 crore, involving non-existent entities in India and Singapore, were carried out in an instance involving the airline.
The CBI and ED, in their criminal FIRs, had booked Group CEO of Air Asia Fernandes, Tharumalingam Kanagalingam also known as Bo Lingam, former Deputy Group CEO of Malaysia-based Air Asia Berhad, and Venkataramanan, Director Air Asia India Ltd, Bengaluru, besides companies Air Asia India Pvt Ltd and Air Asia Berhad.
The allegation pertains to Air Asia officials and others allegedly trying to manipulate government policies through corrupt means to get international licence for its Indian venture Air Asia India Limited.
The CBI had alleged that Venkataramanan was lobbying in the government to secure mandatory approvals, some of them through "non-transparent means", including the then Foreign Investment Promotion Board (FIPB) clearance, No Objection Certificate and the attempt for removal or modification of 5/20 rule.
It is alleged that to be eligible for international operations, the company was required to have five years of experience and fleet of 20 aircraft as per 5/20 rule.
The company is yet to get international flying permit.
Fernandes wanted it to fly internationally from the day of getting the flying permit in May, 2014, the CBI complaint had alleged.
He and his local Indian partner Tata Sons through their nominee Venkatramanan would lobby in government to get all approvals including FIPB clearance and amend or removal of existing 5/20 rule for international operations, the CBI alleged.
The CBI had also named Rajender Dubey, Director of Singapore-based HNR Trading pvt Ltd, Sunil Kapur, Chairman Total Food Services, Mumbai and Deepak Talwar, Principal and Founder DTA consulting (deported to India last year from Dubai), New Delhi and the company HNR Trading as alleged lobbyists who used their influence to get 5/20 rule relaxed "before General Elections of 2014".
 Air Asia had denied any wrongdoing after the CBI filed the case and carried out raids at multiple premises.
 It is alleged that Air Asia India Ltd -- a joint venture between Tata sons and Malaysian company Air Asia Berhad -- was indirectly controlled and operated by the Malaysia group, and particularly Air Asia Berhad violating various existing norms of erstwhile FIPB, now defunct, under the Union finance ministry. NES NES DV
DV

ED issues fresh summons in Air Asia PMLA case

New Delhi, Jan 16 () The Enforcement Directorate (ED) has summoned senior executives of Air Asia including CEO Tony Fernandes for questioning in connection with a money laundering case, officials said on Thursday.
The agency had registered a case under the Prevention of Money Laundering Act (PMLA) against the airline and its officials in 2018.
Officials said while Fernandes has been summoned on January 20, few others have also been asked to depose for questioning in the following days.
The fresh summons have been issued to take the probe forward, officials said.
The ED probe is related to allegations that the airline tried to manipulate government policies through corrupt means to get international licence for its Indian venture Air Asia India Limited.
The ED case was registered after the CBI filed an FIR to probe these allegations.
The ED is also probing this case under the Foreign Exchange Management Act (FEMA).
Investigation in the case was initiated on the basis of the claims of ousted Tata Group chairman Cyrus Mistry's allegation that fraudulent transactions of Rs 22 crore, involving non-existent entities in India and Singapore, were carried out in an instance involving the airline.
The CBI and ED, in their criminal FIRs, had booked Group CEO of Air Asia Fernandes, Tharumalingam Kanagalingam also known as Bo Lingam, former Deputy Group CEO of Malaysia-based Air Asia Berhad, and R Venkataramanan, Director Air Asia India Ltd, Bengaluru, besides companies Air Asia India Pvt Ltd and Air Asia Berhad.
The allegation pertains to Air Asia officials and others allegedly trying to manipulate government policies through corrupt means to get international licence for its Indian venture Air Asia India Limited. NES DV
DV

ED summons Air Asia executives, CEO Fernandes in PMLA case

<ul><li>The deadline for final submission of bids for India's national carrier is August 31.</li><li>As it stands right now, Tata Group is the only interested party.</li><li>Tata Group already has stakes in airlines, Air Asia India and Vistara, which is in joint venture with Singapore Airlines. </li></ul>The buzz in aviation circles is getting louder that the Tata group could be in the Air India's cockpit as early as the New Year, if it is the sole eligible bidder for India's national carrier. If the Tata bid is put in on or before the final submission date of August 31 and as it looks at the moment, Tata will likely be the sole eligible bidder. Thereafter, if the Tata bid is deemed accepted, the 90 day period for handover shall commence and end by November 30 or at the most, by December 31. So, one possible scenario is for Tata to take control of Air India by January 1, 2021. An IANS query sent to Tata Sons went unanswered. The Tata group, which already has a footprint in the airlines business, has shown interest in acquiring Air India, which at one point of time was under the Tata umbrella. While the other bidders are not known yet, globally, airlines are under severe stress due to the Covid-19 pandemic and resultant disruption on air travel and tourism. Tata is widely believed to emerge as the sole bidder for Air India and the salt to software conglomerate is likely to place a bid before August 31, the last date for bids for Air India, which the government has repeatedly said it will not be extended. The group already has an airline venture in Vistara and it is not yet clear as to how or if it will consolidate the airline ventures including Vistara, Air Asia and the possible acquisition of Air India. According to reports, the Tata group has already begun due diligence and is likely to put in a formal bid soon. On the ensuing structure for the airline business, there is speculation that Tata is planning to merge its existing stake in AirAsia with Air India into a single entity. Air India has been passing through a critical financial condition from much before the Covid-19 onslaught. The crippling effect of the pandemic, especially in the aviation sector, has further brought its finances to a precarious position. Recently, its pilots and other employees are on the warpath as Air India has laid off employees and started a Leave Without Pay (LWP) scheme. From <keyword id="150145" type="COMPANY" weightage="20" keywordseo="Tata-Airlines">Tata Airlines</keyword> and Air India to Vistara and AirAsia India, the Tata group has been an important part of the growing aviation sector in India. From Tata Air Lines and the long-since nationalised Air India to strategic joint ventures with AirAsia Berhad and Singapore Airlines (SIA) for AirAsia India and Vistara, respectively, Tata has been present in the aviation sector. The two joint venture airlines operate independently with their respective business models - low-cost (AirAsia) and full-service (Vistara). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/unscheduled-transit-flights-cannot-land-for-specific-hours-at-delhi-airport-on-aug-15/articleshow/77541736.cms">Unscheduled transit flights cannot land for specific hours at Delhi airport on Aug 15</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/unscheduled-transit-flights-cannot-land-for-specific-hours-at-delhi-airport-on-aug-15/articleshow/77541736.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-gets-funds-from-softbank-while-india-franchise-offers-discounts/articleshow/77540098.cms">WeWork gets a new $1.1 billion cheque from SoftBank while it attempts resurrection – its India franchise is now offering discounts and a global all-access pass</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-gets-funds-from-softbank-while-india-franchise-offers-discounts/articleshow/77540098.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms">Eicher Motors registers first-ever net loss of ₹55 crores in at least a decade</a>

Tata group may take Air India's control by Jan 1 if it is sole eligible bidder

New Delhi, Feb 23 () Fintech platform Pine Labs is confident of expanding the base of its Android POS machines to 1.5 lakh by the next fiscal, as it deploys these new machines across industries like hospitality, retail, healthcare and automobile.The company, which had launched Plutus Smart (its Android-based point of sale machines) about nine months ago, has already deployed over 50,000 of these POS terminals."Merchants across large, medium and small enterprises have chosen Plutus Smart as their preferred mode of payment acceptance. Apart from just accepting multiple modes of payment, it allows merchants access to a plethora of features like bill generation, inventory management etc," Pine Labs Chief Business Officer Kush Mehra told .The company plans to considerably scale up its Android POS network in 2020-21 to 1.5 lakh machines and diversify into newer industries. POS machines are used by merchants to accept payments through cards among other features, he added.Some of its customers of Android POS include merchants across industries like hospitality, apparel and lifestyle, entertainment and healthcare. Organisations like Cinepolis India, Flipkart, Vijay Sales, Lenskart, Air Asia India and Miniso are among its customers."Additionally, multiple State Traffic Police departments have signed up to empower their personnel with the latest Android-based Plutus Smart terminals. We are working on onboarding customers from newer verticals like automobile dealers and educational institutions as well," he said. Plutus Smart can accept payments across multiple payment modes including debit/credit cards, UPI, mobile wallets, QR codes, loyalty cards, amongst others. It also has an in-built barcode scanner and helps customers to compare EMI offers across banks on the POS."We have built an extensive network of banks and brands to offer EMI-led purchase option on its POS terminals. It also helps merchants gain intelligent and real-time business insights and capture customer feedback," Mehra said.Pine Labs has built a portfolio of over 25 third-party billing apps developed using its open APIs since July 2019. These apps help merchants with inventory management, easy option for splitting payment across multiple payment modes, returns management, online ordering feature, and creating GST bills in the recommended GST format, among other features. SR BAL

Pine Labs plans to deploy 1.5 lakh Android POS devices by next fiscal

<ul><li><keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> hikes its stake in <keyword id="1583080" type="COMPANY" weightage="20" keywordseo="AirAsia-India">AirAsia India</keyword>, buys additional 32.67% stake for $37.66 million (₹276 crore).</li><li>Tata Group now holds 83.67% stake in the venture, with an option to acquire the rest 16.33% stake for $18.83 million.</li><li>This move comes as the race for Air India’s divestment heats up, with its second phase beginning on January 5. Tata Sons has filed an expression of interest to rescue the cash-strapped national carrier. </li><li>The government will announce the names of qualified bidders in the second phase of the divestment process. </li></ul>AirAsia Group Berhad announced that it would <a href="https://newsroom.airasia.com/news/airasia-group-reduces-stakes-in-airasia-india">sell 32.67% stake in AirAsia India to Tata Sons </a>for $37.66 million (₹276 crore). This will bring its shareholding in the joint venture with Tata Sons to 16.33%. Tata Group now holds 83.67% stake in the venture, with an option to acquire the rest 16.33% stake for $18.83 million. Tata group earlier owned 51% of the stake in the joint venture. This move gains significance as the race for Air India heats up, and Tatas have shown preliminary interest in bidding for the national carrier. Tata Sons filed an <a href="https://www.businessinsider.in/india/news/tata-group-may-reportedly-bid-for-air-india-through-air-asia/articleshow/79716935.cms">Expression of Interest </a>to rescue cash strapped Indian flag carrier Air India last week. The second phase of the strategic disinvestment of Air India will start on <a href="https://www.businessinsider.in/india/news/second-phase-of-air-india-disinvestment-to-begin-from-january-5/articleshow/80010981.cms?upcache=2">January 5,</a> with the announcement of the names of the qualified bidders.In the stage II, shortlisted interested bidders will be provided with a request for proposal (RFP) and thereafter there will be a transparent bidding process, said a presentation by the ministry. Earlier this year, Rashtriya Swayamsevak Sangh (<a href="https://theprint.in/india/sell-air-india-only-to-an-indian-entity-rss-tells-modi-govt/356996/">RSS) had raised their opposition</a> against the sale of Air India to foreign airlines and conveyed their concerns to the government. RSS had said that the national carrier must be only sold to an Indian entity. Other Swadeshi lobbies, including Swadeshi Jagran Manch (SJM), had raised their resistance as well. Meanwhile, earlier this month, BJP MP Subramanian Swamy had urged the government to <a href="https://www.hindustantimes.com/india-news/bjp-mp-asks-hardeep-puri-to-disqualify-tata-sons-from-air-india-s-bidding-process/story-ZLm4oh66pXS8pO1IqayVOP.html">disqualify Tata Sons </a>from the Air India disinvestment process till a final decision on his plea against Tata Sons and AirAsia India is taken by the court. Subramanian in 2013 had filed a petition in the Delhi high court challenging the illegal grant of license to <keyword id="86568" type="COMPANY" weightage="20" keywordseo="Air-Asia">Air Asia</keyword> India. AirAsia moves to reduce its cash burn “This transaction is in line with our initiatives towards reducing cash utilisation for the Group and will allow us to use cash to grow market share in our core markets in Asean, particularly in Malaysia, Thailand, Indonesia and the Philippines as well as for our future expansion into Cambodia, Myanmar and Vietnam.,” said President (Airlines) of AirAsia Group, Bo Lingam. “India will remain an important market for AirAsia. TSL has been an excellent partner and we look forward to continue working closely together in other areas of growth,” he added. The group in a Malysian stock exchange filing said the cash received as purchase consideration will be utilised as working capital in Q1 for the parent company. The company also hinted towards further liquidation of its assets saying “as India is a non-core market for AirAsia (being a non-ASEAN country), the company will continue to regularly reassess its business strategies and dispose of non-core investments to augment its liquidity.” AirAsia’s bumpy ride The Malaysian partner has been battling financial headwinds for quite some time now. AirAsia also gave a clear indication on exiting the India business earlier in November, when its president Bo Lingam said the businesses in India have been “draining cash” and causing much financial stress to the parent company. “Our businesses in Japan and India have been draining cash, causing the Group much financial stress. Cost containment and reducing cash burns remain key priorities evident by the recent closure of AirAsia Japan and an ongoing review of our investment in AirAsia India,” President (Airlines) of AirAsia Group, Bo <a href="https://www.thehindu.com/business/Industry/airasia-india-draining-cash-reviewing-investment-in-joint-venture-malaysias-airasia-group/article33123081.ece">Lingam said in the statement in November</a>. The parent company AirAsia also ceased its Japan operations in October, citing “highly challenging operating conditions in Japan which have been aggravated by the COVID-19 pandemic.” The company has been unprofitable since its launch in 2014. In FY20 results, Tata Sons said that the pandemic completely eroded the AirAsia India net worth, and its auditor raised the red flag about the JV’s ability to continue. The Tata Group also invested nearly ₹490 crore in AirAsia India in FY20, while the JV posted a loss of ₹317 crore in the same period. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/house-passes-bill-to-increase-600-stimulus-checks-to-2000/articleshow/80001571.cms" data-type="tilCustomLink">House passes bill to increase $600 stimulus checks to $2,000. It now goes to the Senate.</a> <a href="https://www.businessinsider.in/science/news/most-vaccine-skeptics-are-persuadable-and-will-get-the-covid-19-shot-says-a-nobel-prize-winner-who-studies-vaccine-hesitancy/articleshow/79995460.cms" data-type="tilCustomLink">Most vaccine skeptics are persuadable and will get the COVID-19 shot, says a Nobel prize-winner who studies vaccine hesitancy</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-mining-stocks-surge-after-the-cryptocurrency-passes-28000-for-the-first-time/articleshow/79996286.cms" data-type="tilCustomLink">Bitcoin-mining stocks surge after the cryptocurrency passes $28,000 for the first time</a>

You Searched For "Air Asia India" and got 13 results

Air India pilots' unions reject proposed pay structure, warn of industrial unrest

IANS

Tata Sons may bid for rest of the 49% stake in AirAsia India

Navdeep Yadav

Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out

Navdeep Yadav

Won't repeat what Mallya did, says AirAsia CEO On India Plans

BI India Bureau

CEO Mittu Chandilya won’t renew his contract with AirAsia India

BI India Bureau

AirAsia India Planning To Operate Flights From Delhi

BI India Bureau

Air Asia Does It Again, Gives One Way Air Tickets For As Low As Rs 699 As Part Of Its 'Big Sale'

Sulabh Puri

Price War: SpiceJet Offers 10 Lakh Tickets For Rs 999

BI India Bureau

ED issues fresh summons in Air Asia PMLA case

PTI

ED summons Air Asia executives, CEO Fernandes in PMLA case

PTI

Tata group may take Air India's control by Jan 1 if it is sole eligible bidder

IANS

Pine Labs plans to deploy 1.5 lakh Android POS devices by next fiscal

PTI

Days before the Air India bid, Tatas give AirAsia a ‘national’ tag

Navdeep Yadav

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