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Jet Airways staff moves NCLAT against Kalrock-Jalan resolution plan

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The employees of Jet Airways have approached the National Company Law Appellate Tribunal (NCLAT) seeking quashing of the NCLT’s approval to the resolution plan of Kalrock-Jalan consortium.

The appeal comes after the emloyees rejected the resolution plan.

The plea by the Bharatiya Kamgar Sena (BKS) and the Jet Airways Cabin Crew Association have cited concerns on unpaid salary dues and continuity.

In the voting process of employees, only 35.1 per cent approved the plan while 3.2 rejected it, and 61.6 per cent abstained from the voting. As such, the proposal for ex-employees and workmen of Jet Airways (India) Ltd, put forward by Murari Lal Jalan and Florian Fritsch, has lapsed, the consortium informed employees on Thursday.

The admitted claims of employees stood at Rs 1,265 crore, while the consortium has proposed Rs 52 crore to settle their claims.

According to employees, the airline owes at least Rs 3 lakh to each employee which may well go up to Rs 85 lakh, while now each employee is being offered a total of around Rs 23,000, which one employee, who did not want to be named, described as “peanuts”.

The plan proposes to pay each workman of the corporate debtor Rs 11,000 cash, Rs 5,100 cash as medical expense reimbursement for the parents of the workmen, Rs 5,100 cash as school fee reimbursement for children of the staff, Rs 1,100 for stationery for children of the staff and one-time mobile phone recharge of Rs 500.

This cash payment will be made out of the contingency fund (Rs 8 crore). Additional amounts, if required, will be utilised out of the proceeds of sale of assets received by the corporate debtor.

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LIC Mutual Fund’s large & mid cap funds offer 12.49% CAGR since inception

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The large and mid cap funds of LIC Mutual Funds has offered 12.49 per cent compound annual growth return since its inception in February 2015.

As on July 31, 2022, the compounded annual growth returns performance of LIC MF large and mid cap fund under regular (G) option, for different periods — 5 years, 3 years and 1 year — stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively.

The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022.

While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore.

Banks (15.62 per cent), IT & Software (9.67 per cent), Chemicals & Petrochemicals (8.81 per cent), Consumer Durables (8.69 per cent), and Industrial products (7.38 per cent) are among the top 5 sectors in the fund house’s Large and Mid cap fund category.

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In the Gulf, workers and diplomats join hands to celebrate India’s Independence Day

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Thousands of Non-Resident Indians (NRIs) across the Gulf on Monday proudly celebrated India’s Independence Day, amid the unfurling of the tricolour and distribution of sweets.

The commemoration of Independence Day and flag hoisting is customary at Indian missions. However, the display of tricolour has assumed special significance this year as it has docked with the viral ‘Har Ghar Tiranga’ campaign.

Numerous patriotic Indian workers engaged at different work sites have celebrated the event by cutting cakes and distributing sweets. In early morning hours several NRIs thronged to Indian missions by leaving their work aside to commemorate Independence Day and singing to the tune of the national anthem.

In the United Arab Emirates (UAE) where the largest number of Indian nationals live and work, Ambassador Sunjay Sudhir led the celebrations by hoisting the Indian tricolour at the Indian Embassy in Abu Dhabi. He paid floral tribute at the bust of Mahatma Gandhi.

Sudhir pointed out that under the visionary leadership of Indian Prime Minister Narendra Modi, the tricolour has gained further respect globally. He added: “Today, wearing the tricolour, or flashing the Indian passport, evokes respect for Indians.”

Sudhir read out excerpts from the speech made by Indian President Droupadi Murmu.

The tricolour was also unfurled by the Consul General of India in Dubai by Aman Puri, at the Indian Consulate in Dubai.

The event marked with zeal as part of ‘Har Ghar Tiranga’ with a variety of programmes in Dubai despite adverse weather conditions. In the Dubai ‘Marina a Yacht’ that displayed the tricolour was conspicuous. In Sharjah, blue collar workers participated in an exclusive event held by the Indian Association.

In Saudi Arabia, which houses the second highest number of Indians, Indians celebrated Independence Day with enthusiasm and joy, with DCM N. Ram Prasad hoisting the national flag and paying floral tributes to the father of the nation.

The Indian employees working in a key infrastructure project in Ras Al Khair, seashore town, among others celebrated Indian Independence Day by cutting a cake and distributing sweets.

“Though away from home, we took part in ‘Har Ghar Tiranga’ ,” said Riyadh-based Ch. Shiva Reddy, hailing from Hyderabad.

In Jeddah, Consul General Md. Shahid Alam hoisted the national flag. Enthusiastic celebrations were also held in Kuwait, Qatar, Bahrain and Oman.

(Irfan Mohammed is a Jeddah-based journalist. Views expressed are personal and exclusive to India Narrative)

(The content is being carried under an arrangement with indianarrative.com)

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Equity AUM of mutual funds rises more than 10% on-month in July

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After declining for two consecutive months, equity assets under management (AUM) of domestic mutual funds rose 10.3 per cent month-on-month to Rs 15.2 lakh crore in July as market rebounded after three months of decline, according to a Motilal Oswal report.

The month saw a decline of sales of equity schemes by 14.3 per cent on-month to Rs 304 billion and the pace of redemptions picked up to Rs 148 billion, up 16 per cent on-month. Consequently, net inflows slowed to Rs 157 billion in the July from Rs 228 billion in the previous month.

The Nifty, after three consecutive months of decline, bounced back smartly in July with 8.7 per cent on-month gain, the highest since December 2020. The Nifty Midcap 100 outperformed the markets during the month. FIIs registered inflows of $0.8 billion in July after nine months of outflows totaling $33.3 billion; YTD’CY22 outflows stood at $25.4 billion.

Meanwhile, total AUM for the mutual fund industry increased to Rs 37.7 trillion, up 5.9 per cent on-month in July. This was because of a rise in AUM for equities worth Rs 1,412 billion, other ETFs worth Rs 380 billion, balanced worth Rs 210 billion, and income worth Rs 179 billion funds.

Contributions in systematic investment plans (SIPs) remained strong at Rs 121.4 billion in July, an eleventh consecutive month of Rs 100 billion plus investment in the category.

The month saw notable changes in the sector and stock allocation of funds.

On a month-on-month basis, the weights of NBFCs, Private Banks, Consumer, Retail, Automobiles, Capital Goods, PSU Banks, Metals, Cement, and Media increased, while the weights of Oil & Gas, Technology, Telecom, Healthcare, and Utilities moderated.

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