Citizens' Issues
Dr Subramanian Swamy moves EC over AirAsia, Tata-SIA licensing

Besides Dr Swamy, the Federation of Indian Airlines has also filed two separate petitions challenging the approvals granted to the Tata-Airasia and Tata-SIA Airlines deals

Bharatiya Janata Party (BJP) leader Dr Subramanian Swamy has urged the Election Commission to restrain Directorate-General of Civil Aviation (DGCA) from giving flying licences to AirAsia India and Tata-SIA Airlines till a new Government takes over.


Dr Swamy, in a memorandum presented to Chief Election Commissioner VS Sampath, urged the EC to “formally restrain the DGCA from proceeding any further in the matter till after the new Government takes office after the election.”


“My information is that the Ministry of Civil Aviation is unaware of the principle laid down by the Election Commission in enforcing the model code, that is, no administrative or policy decision impacting the benefits accruable to any section of the society, should be cleared if there is no operational urgency in the matter,” he said.


He claimed, he had information that the DGCA “appears hell bent on issuing the Airline Operators' Permit to these two joint ventures”, even though the Delhi High Court was in “an advanced stage” on the matter.


The court had on 1st May decided to constitute a special bench to hear pleas seeking quashing of approvals being granted by the Centre to operationalise the $30-million deal between Tata Sons and Malaysia-based AirAsia.


Chief Justice G Rohini said a special bench comprising her and Justices Pradeep Nandrajog and Rajiv Sahai Endlaw will start hearing the petitions, that also include a PIL filed by Swamy, on 11th July.


Besides Swamy, the Federation of Indian Airlines has filed two separate petitions challenging the approvals granted to the Tata-Airasia and Tata-SIA Airlines deals respectively.


Tata-SIA Airlines Ltd is a joint venture between Tata Sons and Singapore Airlines (SIA), while AirAsia India is a joint venture between Tata Sons, Malaysia-based AirAsia and infrastructre firm Telstra Trade.


PayPal fires executive after offensive Tweets

An Indian-origin executive of online payment processing firm PayPal has been fired for allegedly posting derogatory and offensive tweets

Online payment services provider PayPal has fired an Indian origin executive for allegedly posting derogatory and offensive tweets, including a few targeting a senior company official.


Rakesh Agrawal was hired by PayPal about two months ago as its director of strategy.


In a Twitter post on Saturday, PayPal said Agrawal is no longer with the company, which has zero tolerance towards offensive language and behaviour.


"Rakesh Agrawal is no longer with the company. Treat everyone with respect. No excuses. PayPal has zero tolerance," it tweeted.


Agrawal sent a series of offensive and sometimes incoherent Twitter messages while he was at a jazz festival in New Orleans.


Some of the tweets were directed at PayPal's vice president of communications Christina Smedley, with Agrawal calling her a "useless middle manager" and using an expletive for her.


Another tweet, which was incoherent, read, "People who should be fire from paypal Don Christmas a pool a kick (sic)."


He went on to tweet that he could make Foursquare a 50 billion dollar company.


"I can turn foursquare into a USD 50 bill OK n company let's chat," he tweeted.


After several incoherent and grammatically incorrect posts, Agrawal tweeted that he had quit the firm.


"Oh. I quit pay a tonight because of self at son and aortic and ah our and hill e a s th (sic)," he tweeted.


He then quickly deleted the offending tweets and publicly apologised to PayPal president David Marcus and vice president of growth and global strategy Stan Chudnovsky.


Agrawal claimed he was trying to send the messages to a colleague as he was trying out his new phone and that he did not realise the messages were being tweeted instead of being sent to his colleague.


"Last night I was using a new phone that I bought because I wanted to test experiences on android. Those messages were meant for a colleague," he said in a later tweet.


Capital First raises Rs178 crore from Warburg Pincus, HDFC Life

Warburg Pincus-backed Capital First raised Rs178 crore from its promoter as well as from HDFC Standard Life through preferential shares at Rs153.80 per share, a premium of Rs143.8 per share

Capital First Ltd, a non-banking finance company (NBFC), said it raised Rs 178 crore by issuing shares on a preferential basis to its promoter Warburg Pincus through Cloverdell Investment Ltd and HDFC Standard Life Insurance Co Ltd.

As per the preferential issue plan, Walburg Pincus bought 83.6 lakh shares worth Rs128 crore through its affiliate Cloverdell while retaining its existing stake at 72% in Capital First. HDFC Standard Life bought 32.5 lakh shares worth Rs50 crore. These shares were issued at a price of Rs153.80 per share at a premium of Rs143.80 and about 13% over Capital First's last one month's price at the time of closing of the issue.

V Vaidyanathan, chairman and managing director of Capital First, said, “The proceeds from teh issue will be used to increase capital adequacy and future growth plans of the company. Post this transactions, the company's total capital will be Rs1,791 crore and capital adequacy ratio (CAR) would increase to 24%, a 2.65% hike, from 21.35% as of December 2013.”

Capital First provides loans to MSMEs, consumer durables and two wheeler financing. As on 31 December 2013, its assets under management (AUM) increased 29% to Rs9,070 crore, majority of which are in retail business.


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