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Tuesday,15-June-2021

Business

Replace Malik as she faces conflict of interest: Air India pilots

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Air-India

Air India pilots have asked the management to immediately replace the airline’s Commercial Director Meenakshi Malik who is heading a consortium bidding for the national carrier.

In a letter to Rajiv Bansal, Air India, Chairman and Managing Director, the pilots’ associations said Malik should be replaced along with any other key management employee bidders holding such sensitive positions.

The letter by Indian Pilots’ Guild and Indian Commercial Pilots’ Association said that an office order directs all participating employees to inform Headquarters and expressly forbids them from handling any policy or strategic matter with a direct or indirect bearing on the disinvestment of Air India.

“We note that the very head of this management consortium, the current Commercial Director, Ms Meenakshi Malik, has not yet come under the purview of this office order. She has been quite vocal in the media in the last few days, so her intent to bid for Air India should not come as a surprise to anyone,” the pilots said.

Air India pilots’ said that Malik has access to insider information and there is a conflict of interest.

“In her position as the head of the commercial department, it is clear that she has access to insider information about our entire network and business plan, both current as well as the future. In fact, her decisions as head of the commercial department directly affect the health of the airline and consequently its market worth to potential bidders. There is a gaping conflict of interest here,” the pilots said.

They have alleged that potential misuse of information to sabotage the airline cannot be overlooked.

“If she does justice to her current role as Commercial Director of Air India, the airline does well and generates more market interest as well as direct competition for her bid for the disinvestment. Alternatively, the potential misuse of insider information to actively sabotage the functioning of the airline and stave off market interest cannot be overlooked. We are certain that you appreciate this Catch-22 situation and have therefore issued the office order in the larger interest of the airline,” the pilots said.

“At this very crucial juncture we do not have the luxury of relinquishing our responsibilities as the national carrier. To see us through these volatile times, it is best if all horses pull in the same direction. We therefore strongly urge you to follow through this office order in letter and spirit and immediately replace her as well as any other key management employee bidders holding such sensitive positions,” they added.

Business

TASMAC sold Rs 164 cr worth of liquor in just one day

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wine-shop

The Tamil Nadu State Marketing Corporation (TASMAC) has sold liquor worth Rs 164 crore in the state in just one day.

All liquor outlets and bars opened in the state on Monday.

According to reports from the TASMAC, Madurai zone accounted for the maximum sales of Rs 49.54 crore followed by Chennai region with sales worth Rs 42.96 crore, Salem Rs 38.72 crore, and Trichy region accounting for the sale of Rs 33.65 crore worth of liquor.

However there was no sale in the Coimbatore region as the shops are closed in the area following the higher number of Covid-19 cases. Shops in Nilgiris, Erode, Salem, Tiruppur, Karur, Namakkal, Thanjavur, Tiruvavur, Nagapattinam, and Myladuthurai remain closed as the number of cases are high.

Of the 5,338 shops in Tamil Nadu, 2,900 reopened on Monday.

The founder president of Pattali Makkal Katchi(PMK), Dr S. Ramadoss has called upon the state government to rework its policy on liquor and to enforce a total prohibition in the state for the health of the people of the state. He has also said that the claims of Chief Minister Stalin that TASMAC shops were allowed to function following the brewing of illicit liquor in the state as well as to prevent smuggling of liquor from neighbouring states.

Ramadoss has in a statement said, “Stalin should work his way to enforce total prohibition in the state of Tamil Nadu for the sake of the health of the people of the state, both mental and physical.”

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Business

Sensex, Nifty climb new record highs

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Bombay-Stock-Exchange

The key Indian equity indices continued their record run on Tuesday.

The BSE Sensex touched a fresh high of 52,836.31 and the Nifty50 on the National Stock Exchange hit an all-time high of 15,889.60 points.

Healthy buying was witnessed in banking and realty stocks.

Around 9.40 a.m., Sensex was trading at 52,813.83, higher by 262.3 points or 0.50 per cent from its previous close of 52,551.53 points.

It opened at 52,751.83 and has touched an intra-day low of 52,671.29 points.

The Nifty50 on the National Stock Exchange was at 15,875.05, higher by 63.20 points or 0.4 per cent from its previous close.

The top gainers on the Sensex were Asian Paints, IndusInd Bank and Tata Steel, while the losers were Dr Reddy’s Laboratories, SBI, Titan Company and L&T.

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Business

Fuel price hike paused: Petrol, diesel prices unchanged

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Petrol

The Oil marketing companies paused the hike in fuel prices on Tuesday providing respite to people already burdened with all time high petrol and diesel retail rates.

Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi.

OMCs had raised the price of the two petroleum products on Monday to take retail levels at new highs across the country.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. Diesel price also increased to reach Rs 94.70 a litre, the highest among metros. The price levels remain unchanged on Tuesday.

Across the country as well petrol and diesel price rise was paused on Tuesday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also already reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Tuesday’s price pause, fuel prices have now increased on 24 days and remained unchanged on 22 days since May 1. The 22 increases hasve taken the petrol prices up by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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