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NCLT approves Kalrock-Jalan resolution plan for Jet Airways

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In a much-anticipated breakthrough in the Jet Airways resolution, the National Company Law Tribunal (NCLT) has approved the resolution of Kalrock-Jalan consortium for the bankrupt airline.

The Mumbai-bench of the tribunal in its verdict on Tuesday gave 90 days to the aviation regulator DGCA and the Ministry of Civil Aviation to allot slots to Jet Airways.

It said if the slot allotment is not completed within the stipulated timeline, then the tribunal may be approached for an extension in the resolution period.

Last November, the resolution professional of Jet Airways submitted the successful resolution plan of Kalrock Capital and Murari Lal Jalan for the bankrupt airline at the NCLT. The Committee of Creditors (CoC) of the airline had approved the bid by Jalan and Fritsch in October 2020.

The admitted debt of Jet Airways was Rs 8,000 crore.

In a statement in December, the consortium had said: “The Jet 2.0 programme is aimed at reviving the past glory of Jet Airways, with a fresh set of processes and systems to ensure greater efficiency and productivity across all routes.”

As per the resolution plan, Jet Airways intends to operate all of its historic domestic slots in India and restart international operations.

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Global cues push up equities, Zomato’s Mcap crosses Rs 1 lk cr (Roundup)

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 India’s key equity indices made marginal gains on Thursday following supportive global cues.

Besides, expectations of healthy quarterly results and encouraging response to Zomato’s debut pushed the markets higher.

Both indices opened slightly higher, went up and down in a range through the day, and closed marginally higher for the day.

On the global front, stocks markets perked up on Friday after a volatile week in which sentiment over the global economic outlook rose and fell with each new headline on the Delta variant of the coronavirus

The S&P BSE Sensex was trading at 52,975.80, higher by 138.59 points, or 0.26 per cent, from its previous close.

The NSE Nifty50 was trading at 15,856.05, higher by 32 points, or 0.20 per cent, from its previous close.

“Stellar Zomato IPO listing contributed to an improvement in volumes though advance decline ratio was in the negative,” HDFC Securities’s Head, Retail Research, Deepak Jasani said.

“The Supreme Court dismissed the applications by telecom companies seeking permission to approach the DoT on calculation of the dues in the adjusted gross revenue case. Telecom shares were hence one of the highest losers alongwith auto and capital goods.”

Geojit Financial Services’ Head of Research, Vinod Nair, said: “Domestic indices continued to advance ahead tracking rising global risk appetite and higher domestic inflows from local investors.”

“Earnings season continued to pump in optimism in India and global markets while the Fed is set to deliberate their easy-money policy in the meeting ahead. Attractive IPOs, Banking and realty stocks attracted domestic buyers while mid and small-cap traded mixed.”

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redBus announces rollout of India’s first vaccinated bus service

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In a first for the bus transport sector, redBus, India’s largest online bus ticketing platform, announced the launch of vaccinated bus services across 600+ major routes in the country.

This new arrangement guarantees that passengers of an intercity bus get to travel with vaccinated co-passengers and crew. Booking a ticket on this service requires the travellers to have received at least the first shot of the Covid-19 vaccine and they must submit proof of the same at the time of boarding.

Vaccinated Bus is being introduced in collaboration with private partner bus operators that have a customer rating of more than four stars out of five on the platform. Presently vaccinated bus services have begun operating across 600+ routes on redBus, with the crew and passengers having had at least the first dose of Covid-19 vaccine.

redBus already implements various safety measures under its ‘Safety+’ programme, which is a unique certification given to partner bus operators who meet the highest standards of safety and sanitisation. These include deep cleaning of buses after each trip, compulsory masking, hand sanitisation and thermal screening of both passengers and the crew.

In order to ensure proper execution of this new system, boarding for passengers who book their tickets on vaccinated buses will only be allowed once they produce their ID proof and vaccination certificate at the time of boarding. The travellers will also be informed of these requirements before the journey through e-mail and SMS. The partner bus operator staff will physically verify the vaccination certificates/ID proofs for all adult passengers before boarding, with the exception of passengers aged below 18. Passengers who fail to provide the necessary proof will be denied boarding.

redBus CEO Prakash Sangam stated: “According to a survey that we recently undertook with our customers, 89 per cent of the respondents said that they prefer to travel in a bus which had all the bus staff and co-passengers vaccinated with at least one dose of the Covid-19 vaccine. It is therefore evident that a vaccinated bus rids passengers of their anxiety to a large extent and restores their confidence to undertake travel, which they are all so eagerly looking forward to. It is also extremely encouraging to witness our partner bus operators stepping up efforts to support us in this undertaking. At the moment, these services are spread across 600+ routes in the country and we will look at further scaling this initiative based on the response to it.”

Some of the top routes across the country where vaccinated buses are currently operational are listed below:

1. Delhi – Chandigarh – Delhi

2. Hyderabad – Tirupati – Hyderabad

3. Ahmedabad – Udaipur – Ahmedabad

4. Bengaluru – Coimbatore – Bengaluru

5. Delhi – Lucknow – Delhi

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SEBI extends timeline for top 100 companies to hold AGM

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The Securities and Exchange Board of India (SEBI) on Friday extended the timeline for the top 100 companies to hold their Annual General Meetings (AGM) due to the ongoing pandemic situation.

In a circular, the capital market regulator said that such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21.

The SEBI said that it is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI), requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the Covid-19 pandemic.

After consideration, it has been decided to extend the timeline for conduct of AGM by top-100 listed entities by market capitalisation, it said.

Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 requires top 100 listed entities by market capitalisation to hold their AGM within a period of five months from the date of closing of the financial year.

The circular comes into force with immediate effect.

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