 "Top headlines: HC upholds verdict favouring RIL, Go First insolvency & more")
Go First insolvency: Travel agents claim Rs 900 crore stuck, seek govt help
A key association of travel and tourism companies in India has claimed that around Rs 900 crore is stuck with Go First in the form of advances and forward bookings, and sought the government’s help in securing refunds.
The Travel Agents Association of India (TAAI), which has about 2,500 companies as its members, put forth the estimate in a representation to Civil Aviation Minister Jyotiraditya Scindia on Tuesday. “We need to be protected, and a law regarding refunds needs to be reconsidered. We pay advances to low-cost airlines and all tickets are issued from our credit shells created by the airline and under its possession,” it said. Read more...
IT capital Bengaluru sees 22 per cent decline in voters aged 20-29
In a worrying trend for Karnataka, which goes to the polls on Wednesday, India’s IT capital, Bengaluru city, has seen a 22 per cent decline in voters in the 20-29 age group from the previous election.
In the absence of the decennial Census, experts feel this could indicate a slowdown in the state and its inability to generate enough jobs to retain its workforce, and is a cause for concern much beyond the current elections.
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Numbers have dipped in absolute terms in all 33 voting districts in Karnataka in the age group, but 13 districts have seen double-digit declines. Overall, there has been a 10.5 per cent decline in this age group since 2018, from 11.1 million voters last time to 9.9 million in this election. Read more...
Air India pilot union not keen on accepting revised compensation structure
Members of Air India's two pilot unions held a joint meeting on Tuesday to discuss the airline's revised compensation structure, and a large section of them remained firm on their stance of not signing the new contracts, according to a source.
The airline has given more time till the end of this week for pilots to decide on signing the new contracts. The initial deadline for accepting the revised compensation structure ended on April 30. Read more...
HC upholds tribunal verdict favouring Reliance Industries in gas sale case
The Delhi High Court (HC) on Tuesday dismissed the Centre’s petition accusing Reliance Industries (RIL) and its partners of draining gas from their deposits and making a profit off it.
In doing so, Justice Anup Jairam Bhambhani upheld the international arbitration award of July 24, 2018, in favour of the RIL-led consortium. The consortium includes UK-based BP Plc and Niko Resources of Canada. Read more...
Edtech giant Byju's may soon raise $1 billion from ADQ and Oaktree
Edtech giant Byju’s is in the process of raising $1 billion in a mix of equity and structured instruments at its current valuation of $22 billion, according to the people familiar with the matter.
This will make it one of the largest funding rounds amid a funding winter and macroeconomic uncertainty, which has resulted in an increasing number of firms laying off employees in a bid to conserve cash and focus on profitability. Byju’s is expected to close the round in the next few weeks. Read more...