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<keyword id="144015" type="General" weightage="20" keywordseo="kalanithi-maran" source="Orion">Kalanithi Maran</keyword> and <keyword id="169847" type="General" weightage="20" keywordseo="kal-airways" source="Orion">KAL Airways</keyword> informed the Supreme Court on Monday that <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s offer of ₹600 crore towards full and final settlement of the share transfer dispute was not acceptable. Senior advocate Maninder Singh, representing KAL Airways, submitted before a bench headed by Chief Justice N.V. Ramana that it was not possible for his clients to consider the offer proposed by SpiceJet airlines. The bench, also comprising Justices A.S. Bopanna and Hima Kohli, inquired further whether none of the two offers proposed by SpiceJet was acceptable. Singh replied in the negative and added that as per the arbitral award SpiceJet has to pay them ₹920 crore. Singh also submitted that he could take the court through the calculations as per the arbitral award from the pleadings itself in support of the arguments. He also submitted that the matter may be listed for arguments on the next date of hearing. Senior advocate Mukul Rohatgi, representing SpiceJet airlines, urged the bench to hear the matter within 2 weeks. Singh was assisted by advocates from Karanjawala &amp; Co. After hearing arguments, the top court has scheduled the matter for further hearing on March 2. On February 10, the Supreme Court asked Kalanithi <keyword id="44006" type="General" weightage="80" keywordseo="maran" source="Orion">Maran</keyword>, the former promoter of SpiceJet, to consider the full and final settlement offer made by SpiceJet to end the dispute in a share transfer matter. In a statement SpiceJet, after the hearing in the top court, said: "SpiceJet has offered to pay ₹600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. Out of the principal amount of ₹578 crore awarded in arbitration, SpiceJet has already paid ₹308 crore in cash and deposited a bank guarantee of ₹270 crore." SpiceJet's counsel had proposed to pay the bank guarantee equivalent amount of ₹270 crore in cash and top it up with additional ₹22 crore aggregating the total pay-out to ₹600 crore as full and final settlement of all disputes between the parties. Maran and his firm, KAL Airways, had urged the top court to lift the stay on a Delhi High Court order asking the low-cost airline to deposit ₹243 crore as interest on the amount of ₹579 crore in the dispute. In November 2020, the top court stayed the high court order. Maran sought the stay to be lifted to secure the decreed amount -- refund amount awarded and interest -- from SpiceJet. Singh had argued that the high court had asked them to pay the decretal amount and against which SpiceJet had deposited only ₹270 crore as bank guarantee and now there is a winding up order passed against SpiceJet by the Madras High Court in another case being Credit Suisse AG Vs SpiceJet. He added that in such a change in circumstance, SpiceJet should be directed to pay and deposit ₹242 crore otherwise his client will have to run from pillar to post. Karanjawala &amp; Co. in a statement said the top court proposed two offers to Maran and KAL Airways that SpiceJet will give ₹300 crore towards full and final settlement of the dispute and the matter finally gets settled and no further litigation. Second, out of the bank guarantee of ₹270 crore deposited with HC, SpiceJet will give ₹100 crore for now and the order will be passed by the top court to hear petitions, which are pending before the high court expeditiously. The top court asked Singh to discuss the settlement with his client. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-and-icici-bank-lost-over-10000-crore-to-abg-shipyard-bank-fraud/articleshow/89559899.cms">SBI and ICICI Bank investors pay the price for the nearly ₹10,000 crore lost to the biggest bank fraud ever in India</a>

Kalanithi Maran and KAL Airways reject SpiceJet's ₹600 crore settlement offer

India’s low cost airline <a href="http://www.businessinsider.in/searchresult.cms?query=spicejet">SpiceJet</a>, which was on the verge of a shutdown off late, is into news again as the chief operating officer (COO) of the company has decided to move on. Friday will be the last working day as the <keyword id="3118450" type="UNKNOWN" weightage="20" keywordseo="SpiceJet-COO">SpiceJet COO</keyword> for Kapoor. 
 
The 48-year-old Kapoor joined the firm on 1st of November 2013 and had also signed a contract with <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword>, which runs until November 2016. 
 Looking at his successful career, we see that Sanjiv had worked with Bangladesh’s <keyword id="1922726" type="ORGANIZATION" weightage="20" keywordseo="GMG-Airlines">GMG Airlines</keyword> as CEO and the leader of airline practice at global consultancy Bain. He had also worked with <keyword id="144015" type="PERSON" weightage="20" keywordseo="Kalanithi-Maran">Kalanithi Maran</keyword> of Sun Group – once the owner of the company. However, the ownership then was transferred to <keyword id="6357826" type="PERSON" weightage="20" keywordseo="Ajay-Singh">Ajay Singh</keyword> – a co-founder of the group – due to a severe cash crunch in December 2014. 
 
Ever since Singh came into power, Kapoor’s role started vanishing. And gradually, Singh took over all the significant roles from Kapoor, which even included the official spokesperson of the company. And if officials are to be believed, it has been said that they didn't start on the best of terms. 
 
The moves, definitely, played dramatic role in Kapoor’s exit, believe the officials. Both Singh and Kapoor, however, didn’t make any comments on the report. 
 
Kapoor’s tenure will be remembered for his contribution in bringing the ticket sales of SpiceJet to a notable position.

SpiceJet’s second most important official just quit

Budget carrier <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword>, which is going through a rough phase, will take ‘tough decisions,’ if required, to rationalise its employee strength in accordance with its reduced fleet. SpiceJet Chief Operating Officer (COO) <keyword id="7500" type="PERSON" weightage="20" keywordseo="Sanjiv-Kapoor">Sanjiv Kapoor</keyword> has said that some ‘key decisions’ will be taken in the coming weeks. 
 
The carrier’s workforce stood at about 5,700 last year, and it has now declined to about 4,500. But the airline is still overstaffed. According to a report published in The Economic Times, it is planning to reduce its workforce to 4,000 employees. 
 
Kapoor also added that the airline will soon take a decision on whether to continue with the Bombardier Q400s in its fleet or not. He was interacting with reporters on the sidelines of India Aviation Summit. 
 SpiceJet had recently announced a change of guard in which its co-founder <keyword id="6357826" type="PERSON" weightage="20" keywordseo="Ajay-Singh">Ajay Singh</keyword> joined its board media baron <keyword id="144015" type="PERSON" weightage="20" keywordseo="Kalanithi-Maran">Kalanithi Maran</keyword> stepped down. The beleaguered airline has been badly hit by increasing losses, flight cancellations, downsizing of fleet, and delay in payments of taxes and salaries. It has cancelled more than 2,000 flights since December last year. 
 
Ajay has now said that he himself, along with some other investors, would invest Rs 1,500 crore to revive the airline.

SpiceJet employees have swords hanging over their jobs

<keyword id="6357826" type="PERSON" weightage="20" keywordseo="Ajay-Singh">Ajay Singh</keyword>, a co-founder of budget airline <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword>, has come up with a rescue proposal in order to revive the cash-strapped carrier. “They want to restore normalcy of operations and restore the airline’s former scale of operations in the ‘near future’. This will include getting back aircraft from lessors. To discuss the matter with all departments concerned, a meeting will be held in the next couple of days,” said an official. 
 According to media reports, SpiceJet is discussing with two US-based private equity (PE) companies for investment. Reports suggest that the deal may be clinched in the next few weeks. An official in the <keyword id="149609" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Civil-Aviation">Ministry of Civil Aviation</keyword> said, “The process of due-diligence is underway. Because of Christmas holidays, it is taking some time. A deal is likely to be finalised in the next six weeks.” 
 PE companies like <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> and Indigo Partners had shown interest in India’s aviation market. <keyword id="144015" type="PERSON" weightage="20" keywordseo="Kalanithi-Maran">Kalanithi Maran</keyword>'s Sun Group, SpiceJet's majority owner, has expressed its inability to afford a bailout package for the airline. The group has lost $400 million since it bought the country’s second largest budget carrier in 2010.

SpiceJet Co-founder Comes Up With A Rescue Proposal

The reports of <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">Spicejet</keyword>’s anticipated demise are swarming around. Many believe that this low-cost carrier too will be a case of ‘history repeats itself’. While general public, who have bought the airline’s tickets during the periodic flash sales are worried about the future of their flights, many others are busy spotting similarities between Vijay Mallaya’s defunct Kingfisher Airline and <keyword id="144015" type="PERSON" weightage="20" keywordseo="Kalanithi-Maran">Kalanithi Maran</keyword>’s beleaguered carrier Spicejet over cups of coffee. 
	 
	However, the greater concern here is what would be the repercussions on the entire aviation industry in India if the carrier shuts its shops. “The investors’ confidence is already shaky as far as the aviation industry is concerned,” said aviation expert and editor of aviation journal Bangalore Aviation, Devesh Agarwal. 
	 
	Another airline going kaput only spells bad news for the industry. After all, there are several stakeholders involved in this sector. Not just the lenders and the creditors but also trade partners such as the aircraft manufacturer, airport operators, caterers, cabin crew companies among others. 
	 
	“Lenders are the worst hit since they may have to take a significant write-down of the loans that have gone bad. Creditors like oil companies, airport companies, service providers and employees may also have to forego their dues,” said an industry expert on the condition of anonymity. 
	 
	Besides, the airline has over 5,000 employees on its payroll. Imagine what their plight would be if the airline shuts down. The economy definitely cannot afford to see another bunch of unemployed workforce. According to a news report, the 5,300 employees of the airline are now panicking ever since they have heard of the financial crisis that their company is going through. 
	 
	"Over 130 pilots have put in their papers. The airline had 33 Boeing 737s some months back and now it has only 20 of those planes flying. Of these also, at least five may be taken back. The airline's daily flights are down from 332 in summer to less than 230 (on paper, at least) now. So, even if it does survive by a miracle, it will not need as many people," said the report quoted a distressed employee. 
	 
	Apart from pilots and engineers, the junior rung of employees will get badly hit. “Pilots and aircraft maintenance engineers can still land a job in other airlines but it is the junior staff like the ground staff that will be hit hard,” explained Agarwal. 
	 
	Nevertheless, while these may be some of the implications of an anticipated scenario, however, the ultimate and the biggest victim of another collapse, if there would be one, would be the end customers or the passengers. 
	 
	The prices will rise exponentially and the industry that is still pegged to be one of the fastest growing markets across the globe, will soon lose out a large chunk of its potential revenues—thus, causing a ripple effect on the entire industry. 
	 
	Image: Indiatimes.com

Why Spicejet
Crisis Is A Bad News For The Industry?

New Delhi, India's low-cost carrier <keyword id="6358032" type="General" weightage="20" keywordseo="SpiceJet" source="Orion">SpiceJet</keyword> has reportedly not deposited money into the pension funds of its employees for at least 6 to 8 months, a source said. However, a SpiceJet spokesperson told IANS said that the process has already been initiated by the company. "There was a certain deferral in PF but we will be depositing a substantial amount soon and salary disbursement is on time. We are also doing all settlements on time. Everything will be cleared soon. We are hopeful," said the spokesperson. "We are submitting PF together in three to four months and soon it will be cleared," he added. This week on Monday, SpiceJet announced a notable turnaround in its financials for the first quarter, driven by reduced costs which outweighed a decline in revenue. The airline revealed a consolidated net profit of Rs 197.64 crore for the quarter ending June 30. This marked a significant shift from the net loss of Rs 783.72 crore recorded during the corresponding period in the previous year. The impressive upswing in profitability was primarily attributed to a substantial 36 per cent reduction in total expenses for the mentioned quarter, amounting to Rs 2,069.24 crore. However, on Thursday, the Delhi High Court asked low-cost airline SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its promoter Kalanithi Maran by September 10, failing which the court may consider the attachement of their properties. Appearing for Maran and Kal Airways, senior advocate Maninder Singh submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. During the hearing on Thursday, Singh further submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore, as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date.

'SpiceJet didn't deposit money into pension funds for months'

No single factor can make a man successful and rich. Opportunities, acumen and luck will have to play together to decide the professional as well as financial success of an individual. Becoming a successful businessman and a rich fellow in young years is no simple achievement. Here is a list of <keyword id="7699394" type="UNKNOWN" weightage="20" keywordseo="Top-10-young-businessmen">top 10 young businessmen</keyword> in India. 1. Vijay Shekar Sharma 
 
 
 <div type="image" title="Vijay Shekhar Sharma, founder of Paytm&amp;#39;s parent One97 Communications, speaks during the launch of a Citibank and Paytm credit card in Mumbai" msid="69572442" hostid="261" caption="&amp;lt;p&amp;gt;Vijay Shekhar Sharma, founder of Paytm&amp;#39;s parent One97 Communications, speaks during the launch of a Citibank and Paytm credit card in Mumbai, India, May 14, 2019. REUTERS/Francis Mascarenhas&amp;lt;/p&amp;gt;"></div>







 Aged 40 years, Vijay Shekar Sharma is the youngest awe inspiring businessman in India. With a net worth of $2.15 billion, he is the founder of Paytm, the mobile wallet concept. Following demonetization, Paytm notched about 300 million users and 12 million transactions in a day. 2. Shamsheer Vayalil 
 
 
 <div type="image" title="4-Dr-Shamsheer-Vayalil" msid="69572469" hostid="261" caption="&amp;lt;p&amp;gt;Arabian Business&amp;lt;/p&amp;gt;"></div>







 At an age of just 42, Shamsheer Vayalil has a net worth of $1.54 billion. Born in a business family in Kerala, he started just one hospital in Abu Dhabi with the support of his wealthy father-in-law. Today he owns a network of hospitals under the brand name VPS Healthcare besides the Rockland Hospital Chain in Delhi. 3. Sameer Gehlaut 
 
 
 <div type="image" title="Capture" msid="69572533" hostid="261"></div>







 With a net worth of $4.2 billion, the 45 year old Sameer Gehlaut created the Indiabulls Housing Finance which is the second biggest mortgage lender in the nation. Starting the online brokerage firm Indiabulls in 1999, Gehlaut eventually swept the real estate industry of Mumbai thereby raising his fortune to great heights. 4. Acharya Balkrishna 
 
 
 <div type="image" title="46F4B665-457D-40F2-B809-459847036970" msid="69572534" hostid="261"></div>







 Aged 46 years, with a net worth of $4.8 billion, Acharya Balkrishna gets his fortune from the consumer goods giant Patanjali Ayurved. Owning 98.6% stake in this company, he has steered the growth of this firm to make an annual revenue of $1.6 billion. 5. Ranjan Pai 
 
 
 <div type="image" title="7717F5B4-60EB-44A3-9327-CD1BB85276B3" msid="69572535" hostid="261"></div>







 At an age of 46, Ranjan Pai has created a net worth of $1.6 billion. He controls the Manipal Group which owns six college and 16 hospitals doing a phenomenal job in the education and healthcare sectors. The group’s Manipal University has moe than 100,000 students and the overseas campuses are located in Malaysia, Antigua, Dubai and Nepal. 6. Vikas Oberoi 
 
 
 <div type="image" title="Capture" msid="69572604" hostid="261"></div>







 The sixth youngest businessman in the list, Vikas Oberoi has a net worth of $1.8 billion at his 48th year. He controls the Oberoi Realty based in Mumbai. The firm is popular for its high end condos built in the suburban areas. He is at present creating a mall, hotel and full serviced apartments in Mumbai. 7. Kumar Birla 
 
 
 <div type="image" title="Mumbai: Aditya Birla Group Chairman, Kumar Mangalam Birla, announces the signing..." msid="69572569" hostid="261" caption="&amp;lt;p&amp;gt;Aditya Birla Group Chairman, Kumar Mangalam Birla, announces the signing of a definitive agreement to purchase Aleris Corporation, in Mumbai on Thursday, July 26, 2018.Photo)&amp;lt;/p&amp;gt;"></div> At an age of 51 years, Kumar Birla has made a net worth of $12.5 billion. The head of <keyword id="44373" type="COMPANY" weightage="20" keywordseo="Aditya-Birla-Group">Aditya Birla Group</keyword> reported with $44.3 billion, the group is a top player in the cement, aluminum and telecom domains. Kumar Birla inherited his fortune from his father Aditya Birla upon his death in 1995. 8. Sridhar Vembu 
 
 
 <div type="image" title="1_oLT5ALK5TcTh1JezHRk44Q." msid="69572643" hostid="261"></div>







 The 51 years old Sridhar Vembu has a net worth of $1.56 billion. He is the owner of the private firm Zoho the manufacturer of cloud based software for businesses. With its 35 million users across the world, the company champions about 40 flagship apps. 9. Kalanithi Maran The 53 years aged Kalanithi Maran has a net worth of $3.75 billion. Son of a famed politician in Tamil Nadu, Kalanithi Maran is the mastermind behind the Sun TV Network started in 1993. Today this is a favorite channel for over 95 million households. The TV is also reaching 27 countries worldwide. 10. Jitendra Virwani Jitendra Virwani is the tenth youngest businessman in India aged 53 years and reporting a net worth of $ 2.35 billion. Based in Bengaluru, his Embassy Property Development Park is the biggest office parks developer in Bengaluru. The company has some prestigious multinational tenants like Google, IBM and Warburg Pincus.

Meet Top 10 Young Businessmen In India

A special court here on Thursday discharged all accused in the <keyword id="671656" type="UNKNOWN" weightage="100" keywordseo="Aircel-Maxis">Aircel-Maxis</keyword> case, including former Communications Minister <keyword id="44007" type="PERSON" weightage="20" keywordseo="Dayanidhi-Maran">Dayanidhi Maran</keyword>. 
 
The Central Bureau of Investigation had alleged Dayanidhi Maran, as Minister in the UPA-I government used his influence to help Malaysian businessman T.A. Ananda Krishnan buy Aircel by coercing its owner Sivasankaran to part with his stake. 
 Along with Maran, his brother and businessman Kalanithi Maran, Chennai-based firm Sun Direct TV, Krishnan, his aide Augustus Ralph Marshall, and the two accused firms -- <keyword id="658107" type="ORGANIZATION" weightage="20" keywordseo="Maxis-Communications-Berhad">Maxis Communications Berhad</keyword> and Astro All Asia Networks, both of Malaysia, were charged in the case.

Maran, all accused discharged in Aircel-Maxis case

<ul><li><keyword id="559334" type="PERSON" weightage="20" keywordseo="actor-Rajinikanth">Actor Rajinikanth</keyword> announced that he will not be taking the political plunge and launching his own party as promised in 2021 citing a ‘warning from God’.</li><li>He was recently discharged from a Hyderabad hospital after being treated for blood pressure fluctuations.</li><li>The 70-year old asserted that he will continue to serve the people of Tamil Nadu in whatever way he can without entering electoral politics.</li></ul>Tamil Nadu is bracing for the state assembly election in 2021. A big chunk of the polity i.e. the fans of <keyword id="14509" type="PERSON" weightage="20" keywordseo="Rajinikanth">Rajinikanth</keyword> have already been disappointed by the Super Star, who has, once again, decided not to launch a political party. This wasn’t the first time the 70-year old actor⁠— who has enjoyed a demigod status in the southern state for decades⁠— has pulled back on the promise of a political party. However, his last declaration was that a new political outfit (with a “spiritual” ideology) would be born by year end. That has come to a nought. Rajinikanth’s decision to avoid the ring has left the upcoming election as a battle between the two large, entrenched parties ⁠— the incumbent All India Anna Dravida Munnetra Kazhagam (AIADMK), the biggest challenger Dravida Munnetra Kazhagam (DMK), and some emerging contenders like the Makkal Needhi Mayyam led by actor Kamal Haasan and Naam Tamilar Katchi led by director-turned-politician Seeman to name a few. Here’s the translation of Rajinikanth’s latest letter addressed to the people of Tamil Nadu: Greetings to the loving people of Tamil Nadu who have been the source of my life/livelihood. Having ignored the warnings from doctors, I had announced that I would notify my new political party in January, and headed for a film shoot in Hyderabad. The 120-member crew was tested daily for coronavirus and steps were taken to ensure social distancing and use of masks, as the shooting progressed. Despite the controlled environment, we found out today that four people had contracted the virus. Immediately, the director stopped the shooting and got everyone, including me, tested. While I tested negative for COVID-19, my blood pressure was found to be a bit volatile. Medical opinion says that having such sharp rise and fall in blood pressure for a long-enough time might badly affect my kidney that was recently transplanted. Therefore, as advised by my doctors, I had to spend three days in a hospital under supervision. Considering my health issues, the producer, Kalanithi Maran, has deferred the shooting for the rest of the film. Due to this, many people have lost their jobs, suffered losses worth crores, and all this has been caused by my poor health. I see this as a warning from God. Once I have started the party, campaigning through news channels and social media will not be enough to create awareness among people about my political ideology and win big in the election. It’s a fact that no one with experience in politics will deny. I would have to go out on campaign, meet people and draw thousands of people, maybe even lakhs, for my rallies. I had to spend three days under medical supervision in a hospital after COVID-19 struck us among just a 120-member crew. Now, this pandemic has a new strain and a second wave is looming large. Even after a vaccine is available, if I, who has to consume immunosuppressants, have any health issue during the campaign, it may cause a lot of trouble ⁠—physical, economic and mental⁠— to me, and to those who have placed their trust in me and my political journey. I do not want to use those who trust me as sacrificial lambs in the fear of criticism for having gone back on my promise that I wouldn’t worry about my life, and will start a political party. Therefore, I share with deep sadness that I won’t be able to launch a party and enter politics. Only I know how much it hurts me to say this. I seek forgiveness from all members of the Rajini Makkal Mandram and all the fans who have been disappointed/betrayed by my decision. Members of the Rajini Makkal Mandram have, over the last three years, bound by my words, acted with restraint, virtue and honesty, and continued to serve people even during the pandemic. The efforts will not go in vain. The fruits of your virtuous behaviour (punniyam) will protect you and your family. When we met on November 30, you all unanimously said that “my good health will be your priority and whatever decision I take, you will agree to it.” I will never forget it till I am alive. I bow in front of your love and affection towards me. Let the Rajini Makkal Mandram continue working as always. I want to share my heartfelt gratitude to the honourable Tamizharuvi Manian Ayya for supporting me and telling me to focus on my health for the last three years, in the face of every criticism. I am also duty bound to thank Arjun Murthy who left a responsible position in a big party to work with me. Whatever service I can provide to the people, without entering electoral politics, I will continue to do that. I have never been afraid to speak the truth. It is my earnest request to the fans, who love me and help me thrive, who care for truth, transparency, and my wellbeing, to accept my decision. Long live Tamils! May Tamil Nadu prosper! Jai Hind! Affectionately, Rajnikanth Superstar with a super impact Rajinikanth’s decision may be seen as a setback for the Bharatiya Janata Party (BJP) ⁠— to which Prime Minister Narendra Modi belongs ⁠— which has had little or no influence in the state so far. The party was hoping to ride on Rajinikanth’s popularity to create a bank of Hindu-nationalist vote in a state that has been led by the Dravidian ideology (atheist more in principle than practice) for over five decades. National parties, including the Indian National Congress, have only been marginal players in Tamil Nadu where local identities and leaders have found resounding support. “My own assessment is that those who would like to join the BJP may also join Rajinikanth’s party,” S Gurumurthy, the 71-year old editor of the iconic Tamil Magazine Tughlaq⁠— a board member at the Reserve Bank of India, and a long-time ideologue for Hindu majoritarian politics, the Rashtriya Swayamsevak Sangh (RSS) and the BJP⁠— <a href="https://www.thehindu.com/news/national/tamil-nadu/impact-of-rajinis-entry-will-be-similar-to-mgrs-says-gurumurthy/article33273887.ece">said earlier this month</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/three-anil-ambani-companies-accused-of-fraud-ten-times-more-than-vijay-mallya/articleshow/80002892.cms">Three Anil Ambani companies have reportedly been accused of fraud by banks⁠ — the amount at stake is nearly ten times more than what Mallya owed</a> <a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a> <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a>

A 'warning from God' makes Rajinikanth break the promise of launching a political party

Cash-strapped airline <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> stated that it has received no credit from oil companies. It also put an end to speculation that it had failed to submit any revival plan on Wednesday. 
 
The beleaguered airline termed as "complete speculation" the reports that SpiceJet has already received Rs 17 crore from the investors in order to clear all its dues to oil companies. 
 
As per a statement issued by SpiceJet's COO Sanjiv Kapoor late on Wednesday night, "... there was no revival plan due for submission today." In late December, SpiceJet had put across a revival plan to the <keyword id="149609" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Civil-Aviation">Ministry of Civil Aviation</keyword>. It was then told to submit a revised comprehensive plan with more details. 
 Amid its increasing financial troubles, SpiceJet, which is owned by the Kalanithi Maran-led <keyword id="340571" type="COMPANY" weightage="20" keywordseo="Sun-Group">Sun Group</keyword>, also had to cancel many of its flights.

Beleaguered SpiceJet Rejects Reports Of Receiving Credit From Oil Companies

The shares of <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> today jumped by 9.07% following media reports that the airline would submit a revival plan to the government. 
 According to media reports, SpiceJet is discussing with two US-based private equity (PE) companies for investment. Reports suggest that the deal may be clinched in the next few weeks. An official in the <keyword id="149609" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Civil-Aviation">Ministry of Civil Aviation</keyword> said, "The process of due-diligence is underway. Because of Christmas holidays, it is taking some time. A deal is likely to be finalised in the next six weeks." 
 
"They want to restore normalcy of operations and restore the airline's former scale of operations in the 'near future'. This will include getting back aircraft from lessors. To discuss the matter with all departments concerned, a meeting will be held in the next couple of days," another official said. 
 PE companies like Goldman Sachs and <keyword id="2655122" type="ORGANIZATION" weightage="20" keywordseo="Indigo-Partners">Indigo Partners</keyword> had shown interest in India's aviation market. Kalanithi Maran's Sun Group, SpiceJet's majority owner, has expressed its inability to afford a bailout package for the airline. The group has lost $400 million since it bought the country's second largest budget carrier in 2010.

SpiceJet Stock Jump 9.07% On Hopes Of Revival

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

Budget carrier <keyword id="6358032" type="CITY" weightage="100" keywordseo="SpiceJet">SpiceJet</keyword>'s Chief Operating Officer <keyword id="7500" type="PERSON" weightage="100" keywordseo="Sanjiv-Kapoor">Sanjiv Kapoor</keyword> needs more funding for its revival. Kapoor said, "Our challenge is our legacy losses and this cannot be solved by operational cash flows alone, but by funding or recapitalisation. Hopefully in due course of time, we'll see some good news on that front." 
 
SpiceJet had suffered a net loss of Rs 1.24 billion ($20 million) in April-June. 
 
"All the operational metrics and financial metrics are pointed in the right direction. Load factors are going up, RASK (revenue per available seat kilometre) is going up, CASK (cost per available seat kilometre) is going down. Low-season losses are reducing and in high season we expect to be back in profits," he said. 
 
Billionaire Kalanithi Maran's Sun Group-owned SpiceJet has reduced costs, restructured its management team. It is also offering huge discounts on advance sales to fill up seats. 
 
Kapoor, who took charge at SpiceJet a year ago, said that the airline’s April-June operating profit of Rs 90 million showed that it's on the way to a gradual recovery. 
 
"I would hope that if we start measuring from October to September next year and you look back in the 12 months, we would come to the conclusion that that is the 12 months when we administered our turnaround," he said.

SpiceJet Needs More Funds For Its Revival: COO

India is home to Asia’s second richest billionaire, the world’s costliest home and a bunch of millionaires. It is also home to some of the most well paid executives. 
 <keyword id="6355515" type="ORGANIZATION" weightage="80" keywordseo="Business">Business</keyword> Insider compiles a list of the highest paid <keyword id="6407546" type="COMPANY" weightage="80" keywordseo="CEOs">CEOs</keyword> across India. 
 
Kalanithi Maran 
 
Annual Salary: Rs 59.89 Crores 
 
It’s obvious that the most profitable television network in Asia would fill the pockets of its bosses. While the group’s TV channels and news publications are concentrated in South India, its FM channels and DTH services and enjoyed pan India. 
 
Kavery Kalanithi 
 
Annual Salary: Rs 59.89 Crores 
 
The wife of Kalanidhi Maran and Executive Director of Sun TV Network is the second highest paid executive. According to Fortune she is also the highest paid woman executive in India. 
 
Image credit: The Mint 
 
Naveen Jindal 
 
Annual Salary: Rs 54.98 Crores 
 
The Chairman of Jindal Steel and Power Ltd claims the third spot with an annual salary of around Rs. 55 Crores. Mr. Jindal is also well known for his efforts that led to the revision of the Flag Code of India which allows every Indian citizen the right to fly the National Flag 365 days a year. 
 
Kumar Mangalam Birla 
 
Annual Salary: Rs 49.62 Crores 
 
The current Chairman of the Aditya Birla Group is next in line. Kumar Mangalam Birla took over in 1995 at the tender age of 28 years after his father’s death. He then led the company to around 26 acquisitions in 17 yrs - the highest by an Indian company. 
 
Pawan Munjal 
 
Annual Salary: Rs 32.80 Crores 
 
The MD and CEO of Hero Moto Corp is the fifth member on the list. Pawan Munjal is the man behind the growth and success of the group. He is also a board member of the Indian Institute of Management, Lucknow. 
 
Brijmohan Lall Munjal 
 
Annual Salary: Rs 32.73 Crores 
 
The founder and Chairman of the Hero Group can also claim to be the president of Confederation of Indian Industries, the Society of Automobile Manufacturers in the past, and a member of RBI board. 
 The founder of the $32 billion <keyword id="6356323" type="UNKNOWN" weightage="80" keywordseo="Enterprise">enterprise</keyword> has been awarded with the Padma Bhushan. 
 
Sunil Kant Munjal 
 
Annual Salary: Rs 31.51 Crores 
 
Sunil Kant Munjal was appointed Joint Managing Director of Hero MotoCorp on Aug 17, 2011 for a period of 5 years. He was appointed on the board of directors in 2006 as a non-executive director. 
 
P R Ramasubrahmaneya Rajha 
 
Annual Salary: Rs 30.96 Crores 
 
While the name maybe Ramco Cement, the company has its hands into cement, mortar and wind power generation, all thanks to the Chairman and MD P R Ramasubrahmaneya Rajha who leads the company. Rajha has been associated with the group since its foundation in 1938. 
 
Image credit: Thynkfeed 
 
Shinzo Nakanishi 
 
Annual Salary: Rs 30.90 Crores 
 
Shinzo Nakanishi has been leading India’s largest auto manufacturer Maruti Suzuki since 2007. He was made the Director by Suzuki in 1999. 
 
 
Murali K Divi 
 
Annual Salary: Rs 26.46 crore 
 
Chairman and Managing Director of Divi's Laboratories Dr. Murali K Divi has 30 years+ of experience in the pharmaceutical industry. He is a member of several important medical associations like the American Pharmaceutical Association, American Cosmetic Society, American Chemical Society and American Institute of Chemical Engineers. 
 
Image credit: Forbes 
 
(Image credit: Indiatimes)

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