Jindal Power not to bid to take over troubled Go First carrier
(File Picture) A Go First aircraft. (ANI Photo)
HERE are news in brief on Indian economy and business for Tuesday, November 21, 2023:
Jindal Power Ltd, the sole entity whose bid to acquire Go First was accepted by creditors, has opted not to proceed with the offer, according to three informed sources, Reuters reported. This decision brings the financially troubled airline closer to liquidation as the deadline for takeover bids concluded on Tuesday and the sources told Reuters that Jindal took the decision after evaluating the carrier’s financial statements. Despite the possibility of extending the deadline through court application, creditors, as indicated by two banking sources, currently show reluctance to pursue such an extension after Jindal’s withdrawal, putting Go First’s fate in a precarious position.
Ashima Goyal, a member of the Reserve Bank of India’s Monetary Policy Committee, has urged the Election Commission of India to mandate political parties to disclose the estimated costs and funding plans for the “freebies” they promise voters before elections, Moneycontrol reported. Concerns have arisen over the fiscal health of states due to extravagant promises, ranging from teams in the cash-rich Indian Premier League cricket tournament to subsidised cooking gas cylinders. Goyal suggested in a recent paper that she penned that the poll body could enlighten voters about the true cost of freebies by compelling parties to reveal scheme costs and specify tax increases or expenditure cuts to finance these electoral pledges.
India’s economic intelligence agency Enforcement Directorate (ED) on Tuesday said it has attached assets worth Rs 751.9 crore (£72 million) as part of its money laundering investigation against Young Indian, promoted by the Indian National Congress, that owns the National Herald newspaper. A provisional order has been issued under the Prevention of Money Laundering Act against the newspaper’s publisher Associated Journals Ltd. and its holding company Young Indian, the central probe agency said in a statement. The ED had questioned and recorded the statements of Congress’ first family Sonia Gandhi, her son Rahul Gandhi and that of president Mallikarjun Kharge in the case.
The Supreme Court of India on Tuesday cautioned Patanjali Ayurved, a company co-founded by yoga guru Ramdev and dealing in herbal products, against making “false” and “misleading” claims in advertisements about its medicines as cure of several diseases. “All such false and misleading advertisements of Patanjali Ayurved have to stop immediately. The court will take any such infraction very seriously…,” a bench comprising justices Ahsanuddin Amanullah and Prashant Kumar Mishra orally observed while hearing a plea of the Indian Medical Association (IMA). The top court, on August 23 last year, had issued notices to the Indian health ministry and ministry of Ayush and Patanjali Ayurved Ltd, on the plea of the IMA alleging a smear campaign by Ramdev against the vaccination drive and modern medicines.
India’s domestic air traffic touched a new high on Monday as airlines carried more than 459,000 passengers. It was for the third consecutive day that the domestic sector witnessed such a peak. The country’s civil aviation ministry said that post-Covid pandemic, India’s domestic aviation turnaround story has not just been overwhelming put inspiring as well. It said this after the traffic numbers reached a fresh single-day record on Monday. “Positive attitude, progressive policies, and deep trust among passengers are taking it to new heights with every flight, every day,” the ministry said in a post on X.
Hyderabad-based Biofactor, which is into the manufacturing of bio-fertilisers and vital macro and micronutrients, has made yet another big stride in research by strengthening its highly-efficient foliar nurtimation product, ‘Belom’, which now facilitates improved crop yields in drought and other abiotic stress conditions in commercial and seasonal crops. Biofactor (Biofac Inputs Private Limited) is the world’s first manufacturer of Metabolite Assisted Micron Sized nutrimation has launched the product and grabbed the market attention in a short span of time.