Weekly Moneylife Indices & Sector Trends
INDIAN MARKET TRENDS
The Sensex, NIFTY, ML Mid-cap Index and ML Small-cap Index gained 2% each for the period 17 May 2019 to 23 May 2019. ML Large-cap Index and ML Mega-cap Index rose 1% each. ML Micro-cap Index fell 1%.
 
 
FUND FLOWS
Foreigners: Foreign institutional investors were net buyers of equities for the week (Rs3,307.07 crore). They purchased shares worth...
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  • EY Back on Job for Air India Sale, EoI To Be Ready Soon
    The government has put top consultancy firm EY to work for divesting its stake in flag carrier Air India and "quickly" issue expression of interest (EoI).
     
    "EY continues to be the transaction advisor for the sale of Air India. We have been directed to close the accounts for FY 2018-19 and provide updated data for EoI to take the disinvestment process forward," said a senior Air India official.
     
    "Until the transaction gets completed EY is our advisor. They will be paid their fees after disinvestment process is complete. The instruction now is immediately start the process for EoI. Of course, approval of the Union Cabinet will be required for it," he added.
     
    The development comes close on the heels of prime minister's office (PMO) directing the aviation ministry to speed up the process of strategic disinvestment of Air India and three of its subsidiaries.
     
    In a letter to Air India chairman Ashwani Lohani, civil aviation secretary Pradeep Singh Kharola had advised to finalise the financials of Air India and its subsidiaries by end of June, 2019.
     
    "Also, the accounts for FY 2018-19 would form the basis of bidding. Therefore, it is necessary that they are prepared with utmost caution so as to reflect the correct financial status," Mr Kharola had written in the letter which has been reviewed by IANS.
     
    The aviation secretary directed the airline to get contingent liabilities and account receivables verified thoroughly besides a physical verification of the inventories. A list of pending litigations is also required to be drawn up.
     
    The government had, last year, initiated the process to sell majority 74% stake in the national carrier but the plan proved a damp squib with no private investor turning up for the offer.
     
    In view of rising fuel price and weak investment environment, the government had put the process on hold maintaining that it would be taken up after Lok Sabha elections 2019.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Colur Colour

    7 months ago

    Dilip Rath, the current Chairman of NDDB is the real strategist in all this. He was in IAS and Joint Secretary (DADF). He did not rise in IAS as per normal promotion timelines (can check the progress of his batch mates of 1979). This was because of his poor performance and charges of corruption and benami assets. Ask anyone in IAS of the time and he tells you everything.

    Rath was feeling complex facing his cadre. He also did not want to leave a well paid and powered job. While being JS (DADF) he was on Board of NDDB. He saw that Tikku is due for retirement and drew a master plan. He ganged up with Tikku and Amrita, then MD and Chairman of NDDB respectively. He left his IAS job and joined NDDB as MD.

    The level of corruption and mismanagement has grown manifold since. He is promoting and shielding people who support him in corruption. Also, as quid pro quo he keeps Amrita, Tikku and the old lot in juicy positions. Taking advantage, even these people are minting money. All this is evident in your well covered and elaborate story, which is entirely factual leaving nothing to doubt. Even appointment at ED at NDDB and MD at subsidiary levels are done without looking at age, competency or procedures.For instance a case of sexual harassment was made by lady staff against Rajesh Subramaniam, MD of IDMC- a subsidiary of NDDB. Without any investigation and enquiry, Rath used his IAS network to get the case dismissed only because Rajesh is among those who are hand in glove in corruption with Dilip Rath. In greed, they stoop to such low levels

    A great work by Sucheta and team. In fact, the notification of 3 December 2018 extending Raths term was not put up on DOPT site nor in any public domain. Why? What was intention of ACC. Why was Rath then given 2 years before model code of conduct in March 2019? There can be no answers to this. A questionnaire needs to be sent to Agriculture Ministry, DOPT and PMO.

    The shameless people put money in ILFS Inter Corporate Deposit - unsecured - after scam.was in public domain. To show genuineness, they also put money of NDDB Employees PF Trust in ILFS. We inside NDDB are.the worst lot. The Chairman is taking us for a ride. Appointing his favorites to key positions and blindly taking actions on those not cooperating with him.on his sins. .

    Thousands of crores of farmer monies have been siphoned to make properties in India and abroad.
    We need a voice and thanks for becoming the our voice.
    voice.

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