The state-owned airline has incurred an approximate loss of Rs26.5 crore in the past three days due to the pilots’ strike which forced it to cancel at least 280 flights
New Delhi: The Delhi High Court today decided to initiate contempt proceedings against striking Air India (AI) pilots belonging to Indian Commercial Pilots Association (ICPA) for defying its order to resume work, saying “it amounts to disrespect of its orders.”
The contempt proceedings were taken up suo motu by justice Geeta Mittal based on media reports that despite its order the pilots have not called off their strike and passengers are hard pressed, reports PTI.
“It is clearly evident that the conduct of pilots is brazen and wilful and smacks of sheer arrogance,” the court said, adding, “There is complete lack of respect for the court orders.”
The bench referred the matter to the chief justice of the high court for further action by an appropriate division bench.
While passing the order, the judge said, “This conduct of the pilots is covered in the definition of the criminal contempt of court” and “such persons are liable to face appropriate proceedings under the law.”
The high court had yesterday castigated striking Air India pilots for defying its order to immediately call off the agitation and had also issued notices to their union’s office bearers seeking replies as to why contempt of court proceedings should not be initiated against them.
The court had warned that property of their trade union ICPA will be attached if they did not return to work immediately.
Justice Mittal had issued notices to president AS Bhinder, general secretary Rishabh Kapoor and regional secretary Amitesh Ahuja of ICPA and asked them to be present before her on next date of hearing on Monday to answer the contempt charge.
Meanwhile, the state-owned airline has incurred an approximate loss of Rs26.5 crore in the past three days due to the pilots’ strike which forced it to cancel at least 280 flights.
Air India, which normally operates 320 flights on a daily basis, cancelled 57 flights on April 27, 96 yesterday and at least 126 today, an official said.
The number of cancellations was more today because of the management’s decision to refuse fresh bookings for the next five days, he said.
The estimated losses on these three days were Rs4.5 crore, Rs10 crore and Rs12 crore respectively, he added.
Anup Bagchi takes charge as the MD and CEO of ICICI Securities effective 1 May 2011
Mr Bagchi will spearhead the company’s initiatives in corporate finance which includes Equity Capital Markets Advisory Services, and Institutional Equities; Retail Equities which includes ICICIdirect.com, one of the largest players in the internet brokerage space and Financial.
Prior to his appointment, Mr Bagchi was the executive director at ICICI Securities. He has been responsible for the development and business growth of the retail broking, distribution of retail financial products, and wealth management services. Mr Bagchi pioneered seamless online broking in India through ICICIdirect.com. ICICIdirect.com is the leader in the online share trading space with over 2 million customers. Today, ICICI Securities has the largest reach to the retail segment through its two avant-garde brands – ICICIdirect.com and ICICIdirect. During his tenure of 17 years with ICICI Bank, Mr. Bagchi has held many key positions in field of Retail Banking, Corporate Banking and Treasury.
Mr Bagchi holds a Management degree in Finance from IIM, Bangalore along with an engineering degree from IIT, Kanpur.
Ms Madhabi Puri-Buch, presently managing director & CEO, ICICI Securities will move to ICICI Bank and proceed on a sabbatical for personal reasons, to join her husband who is based overseas.
Hero Honda said the amount is in line with its existing rate of royalty payment, which is about 2.7% to 2.8% of net sales. For the existing products, the Indian group will stop paying royalty by June 2014
New Delhi: India's largest two wheeler-maker Hero Honda will pay Honda 45 billion yen (about Rs2,450 crore) till 2014 as part of a new licensing agreement signed between the Hero Group and the Japanese auto major after deciding to part ways on their joint venture, reports PTI.
Hero Honda Motors (HHML) said the amount is in line with its existing rate of royalty payment, which is about 2.7% to 2.8% of net sales. For the existing products, the Indian group will stop paying royalty by June 2014, it added.
"... Honda and HHML have signed a new licensing agreement, which enables HHML to continue producing, selling and servicing its current products. Consideration for the licensing agreement was 45,000 million yen and becomes due through 2014," Honda Motor Co said in a statement.
Last December, the Hero Group and Honda had agreed to end their 26-year-old relationship, with the Indian partner agreeing to buy out Honda's 26% stake in Hero Honda for Rs3,841.83 crore.
When contacted, HHML chief financial officer Ravi Sud said the amount to be paid to Honda till June 2014, does not reflect any increase in royalty payment.
"Hero Honda has been paying royalty to Honda at around 2.7% to 2.8% of net sales and it will remain the same even in future," Mr Sud told PTI.
The royalty payment will gradually taper off from about 2.75% now to 2.2% by 2014 and after that for the existing products, the Hero group will not pay any royalty for the existing products, he insisted.
"Even for new products, which we may get from Honda after June 2014, the royalty will be in line with what we are paying today," Mr Sud said.
Shares of Hero Honda ended 0.80% higher at Rs1,709.65 apiece on the Bombay Stock Exchange today.