Daily News Podcast: AirAsia CEO booked by CBI for violating norms : Bulletin: Business Today
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Daily News Podcast: AirAsia CEO booked by CBI for violating norms

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May 30, 2018

AirAsia CEO Tony Fernandes booked by CBI for violating aviation norms
The CBI has booked AirAsia CEO Tony Fernandes and several others for allegedly violating aviation norms. The crime branch is also carrying out searches at six locations. On Tuesday, the CBI said that they booked these officials over alleged violation of aviation norms, namely the 5/20 rule for getting international flying licenses as well as violation of Foreign Investment Promotion Board (FIPB) rules. The 5/20 rule essentially states that in order to be eligible for international flying licenses, aviation companies would need 5 years of experience and 20 aircraft. AirAsia Group CEO Tony Fernandes allegedly lobbied with government servants for clearances, removal of existing 5/20 rule of aviation and change in regulatory policies, the agency has alleged.

Insolvency order against Anil Ambani's firms: RCom offers Rs 500 cr upfront payment to Ericsson
After Swedish networking company Ericsson decided to take the fight over non-payment of dues worth Rs 978 crore with debt-ridden RCom to the NCLT, the beleaguered telecom company on Tuesday came out with a fresh offer of Rs 500-crore upfront payment to Ericsson to settle the matter. RCom on Monday moved the National Company Law Appellate Tribunal (NCLAT) against the NCLT order to admit an insolvency petition filed by Ericsson against the company. The appellate tribunal has now suggested the matter to be solved between the parties, if they wish to do so, and listed the matter for a hearing.  RCom and its two subsidiaries -- Reliance Infratel Limited and Reliance Telecom Limited -- owe around Rs 978 crore to Ericsson.

Coca-Cola's first alcoholic drink, Lemon-Do, now on shelves in Kyushu, Japan
Discounting its beginnings as a cocaine-and-wine concoction, and its short-lived wine arm in the 1970s, Coca-Cola largely stayed away from the business of delivering a high in its 125-year history. The company has now launched its first-ever alcoholic drink, Lemon-Do, in Japan. According to AFP, the new fizzy, lemon-flavoured concoction laced with spirits seeks to capitalise on the growing popularity of "chuhai" alcopops, enjoyed especially by young Japanese women. Lemon-Do drinks - containing three, five and seven per cent alcohol - is now available only in the southern Kyushu region of Japan

Fortis initiates fresh bidding; invites 3 companies to take part in process
Fortis Healthcare today decided to initiate a fresh, time-bound bidding process for its sale and terminated the offer from Munjal-Burman combine that was earlier accepted by the company's board. The move comes a day after the Munjal-Burman combine had given their consent to re-open the bidding process. After its two-day meeting that began on Monday, the Fortis board has decided to initiate a fresh, time-bound process to optimise the company's and shareholders' short and long term interests, according to a regulatory filing.

Petrol, diesel prices in India: relief for consumers as fuel rates slashed
In a much needed relief for people across the country, petrol prices were slashed by 59 paise in Mumbai and 60 paise in Delhi today, according to ANI report. Meanwhile, Diesel prices went down by 59 paise in Mumbai and 56 paise in the national capital. On Wednesday, Petrol prices stand at Rs 77.83 per litre in Delhi and Rs 85.65 per litre in Mumbai. The price of Diesel is now down to Rs 68.75 per litre in Delhi and Rs 73.20 per litre in Mumbai. The rates went down after it has been learnt that rising prices of fuel are likely to weigh on the Reserve Bank's rate-setting panel, Monetary Policy Committee (MPC), at its 3-day meet from June 4. This is the first time that the Monetary Policy Committee will meet for three days due to "administrative exigencies".

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