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Air India comes a full circle, Tatas win bid to acquire full control of airlines

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The Commune
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The Cabinet Committee on Economic Affairs  (CCEA) – empowered Air India Specific Alternative Mechanism (AISAM) comprising of Union Minister for Home Affairs and Cooperation Amit Shah; Union Minister for Finance & Corporate Affairs Nirmala Sitharaman; Union Minister for Commerce and Industry Piyush Goyal and Union Civil Aviation Minister Jyotiraditya Scindia approved the highest price bid of M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt. Ltd for sale of 100% equity shareholding of Government of India in Air India along with equity shareholding of Air India in AIXL and AISATS. The winning bid is for ₹18,000 crore as Enterprise Value (EV) consideration for AI (100% shares of AI along with AI’s shareholding in AIXL and AISATS).  The transaction does not include non-core assets including land and building, valued at ₹14,718 crore, which are to be transferred to GoI’s Air India Asset Holding Limited (AIAHL).

The process for disinvestment of Air India and its subsidiaries commenced in June 2017 with the ‘in-principle’ approval of CCEA. The first round did not elicit any Expression of Interest. The process re-commenced on 27 January 2020 with issue of Preliminary Information Memorandum (PIM) and request for Expressions of Interest (EOI). The original construct as per the January 2020 PIM envisaged (i) pre-determined, fixed amount of debt to be retained in AI (with balance to be transferred to Air India Asset Holding Limited (AIAHL) and (ii) the sum of certain identified current and non-current liabilities (other than debt) to be retained in AI and AIXL would be equal to the sum of certain identified current and non-current assets of AI and AIXL (excess liabilities to be transferred to AIAHL).

The timelines had to be extended on account of the situation arising from the COVID-19 pandemic. In view of the excessive debt and other liabilities of Air India arising out of huge accumulated losses, the bidding construct was revised in October 2020 to Enterprise Value (EV) to allow prospective bidders an opportunity to resize the balance sheet and increase chances of receiving bids and competition. The EV construct allowed the bidders to bid on the total consideration for equity and debt instead of a pre-determined, fixed debt with minimum cash consideration of 15% for equity. As per both the original and revised construct, all non-core assets (land, buildings, etc.) are to be transferred to AIAHL and are therefore not a part of the transaction. It has been ensured that the interest of the employees and retired employees would be taken care of.

The transaction saw keen competition with seven EOIs being received in December, 2020. Five of the bidders, however, had to be disqualified as they could not meet the requirements set out in the PIM/EOI, even after allowing them an opportunity for clarification. The Request for Proposal (RFP) and draft Share Purchase Agreement (SPA) was issued on 30 March, 2021. Air India provided comprehensive information through the Virtual Data Room to the qualified bidders who were also provided access to inspect the assets and facilities being offered as a part of the transaction. A large number of queries from bidders were responded to. On request of bidders, the bid due date was extended to 15 September, 2021 so that they could complete their due diligence before submission of bid. The final SPA containing detailed terms and conditions and the respective responsibilities to meet the conditions precedent for closing the transaction including release of Government guarantees prior to closing was agreed upon prior to bid submission. Two sealed bids were received on the due date along with non-financial bid documents and bid security from the two qualified bidders.

In line with the approved procedure for strategic disinvestment, a reserve price was fixed after the receipt of sealed financial bids for the transaction, based on valuation using methodologies as per the established process. After the independent fixation of Reserve Price, the already received sealed financial bids were opened in the presence of the bidders, who were as follows:

1. M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt Ltd for an EV of ₹18,000 crore

2. Consortium led by Sh Ajay Singh for an EV of ₹15,100 crore.

Both the bids were above the reserve price of ₹12,906 crore.,

The entire disinvestment process has been carried out in a transparent manner, with due regard to confidentiality of the bidders, through multi-layered decision making involving Inter-Ministerial Group (IMG), Core Group of Secretaries on Disinvestment (CGD) and the empowered Air India Specific Alternative Mechanism (AISAM) at the apex Ministerial level. Transaction Adviser, Legal Adviser, Asset Valuer, professionals in their respective fields, have supported the entire process.

The next step will be to issue the Letter of Intent (LoI) and then sign the Share Purchase Agreement following which, the conditions precedent would need to be satisfied by the successful bidder, the company and Government. It is expected that the transaction will be completed by December 2021.

(Published from PIB)

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India, Croatia to collaborate for academic research and competency building in traditional medicine systems

By
The Commune
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Paving the way for academic collaboration in India’s traditional medicine systems, especially in the field of Ayurveda, between the two countries, the Ministry of Ayush on Wednesday entered into an agreement with Croatia on Wednesday.

The Memorandum of Understanding was signed between All India Institute of Ayurveda (AIIA) and Croatia’s Kvarner Health Tourism Cluster. AIIA is an autonomous body under the Ministry of Ayush.

The MoU with Croatia is a significant step towards bolstering India’s ties with other countries and promoting academic research, clinical and educational activities, medical education, training, and competency building.

Dr Manoj Nesari, Adviser-Ayurveda, Ministry of Ayush, signed the MoU on behalf of AIIA in the presence of Special Secretary Ayush, Shri Pramod Kumar Pathak and the Ambassador of India to Croatia, Shri Raj Shrivastava.

From the Croatian side, President of the Cluster, Assistant Professor Vladimir Mozetič, President of the Management Board of the Cluster, Irena PeršićŽivadinov, and members of the Management Board Prof. Sandra Janković, Sandra Martinčić and Anna Maria Librić attended the event.

A six-member delegation, led by Special SecretaryAyush Shri Pramod Kumar Pathak, were in Croatia to attend the first International Yoga and Ayurveda conference earlier this week.

The two sides will undertake academic activities in the field of Ayurveda in collaboration with the identified institutions. There will be close cooperation and collaboration on research, including study design and execution, developing evidence-based guidelines for integrating Ayurvedic principles and practices with modern medicine, conducting lectures, workshops, seminars and conferences, and other such activities on Ayurveda.

Both sides will also develop academic standards and courses in accordance with the needs of the institution, end users and stakeholders and develop Ayurvedic medical education guidelines for Ayurveda education in Croatia.

“This will promote academic research, clinical and educational activities, medical education, training, and competency building”, said Dr Manoj Nesari, Adviser-Ayurveda, Ministry of Ayush.

“Considering that one of the goals of the Cluster is to connect members with international partners for a more comprehensive offer of health and tourism products, but also to educate members of the Association, we believe that this business cooperation with the Indian Ministry opens a new opportunity to connect our 32 members with potential partners from India. In addition to improving the health and tourism offer in Kvarner, in this way we will work with new partners on education, training and building and strengthening competencies,” said Dr. Vladimir Mozetič.

(Published from PIB)

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TN: Miscreants vandalize Amman temple in Siruvachur that falls under HR&CE’s control

By
The Commune
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In yet another attack on temples under the DMK government in Tamil Nadu, idols of the Maduraikaliamman Temple in Siruvachur near Perambalur were found vandalized by unidentified miscreants.

Madurakaliamman temple is a famous temple located at Siruvachchur in Perambalur district. The Goddess is said to be the family deity of Kanchi Sankaracharya.

The Periyasamy – Chelliyamman Temple and the Sengamalayar Temple are associated temples of the Madurakaliamman temple and fall under the control of Hindu Religious & Charitable Endowments Department.

There are idols of Periyasamy and Chelliyamman and terracotta idols of Sengamalayar, female goddesses and other deities.

When the priests and devotees had gone to the temple on Wednesday morning, the idols of Periyasamy and Chelliyamman, the idols of other female goddesses and attendant deities at Sengamalayar temple were found damaged.

https://twitter.com/bala6358/status/1446352187274137605

Upon coming to know of the incident, the Perambalur police reached the spot and are currently investigating the incident.

The incident comes just within days after a Muslim man identified as Mohammad Khan tried to set fire to a temple chariot in the village of V. Kalathur near Veppanthattai in the same Perambalur district.

It was reported that the Tamil Nadu police tried to mislead the case saying that the man was mentally ill.

Earlier in July 2021,  miscreants had disfigured and ejaculated semen over the idol of Goddess Amman at Panchalingeswarar temple in Ranipet district. Hindu Munnani, who had previously filed a complaint about the incident, claimed that the Police Department and the Hindu Religious and Charitable Endowments Department (HR&CE) had failed to act on the complaints.

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Indian Army temporarily hold PLA soldiers who incurred into Tawang in Arunachal Pradesh

By
The Commune
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china India border soldiers

As China continues to violate the airspace of Taiwan, it has also started getting more aggressive in the Line of Actual Control (LAC) and as per the latest News18 report, the Indian Army stopped a Chinese incursion near Tawang in Arunachal Pradesh.

Some 200 troops of the People’s Liberation Army (PLA) had crossed over into Indian territory and tried to damage unoccupied defences, including bunkers of the Indian Army. However, the army not only managed to stop this, but they temporarily detained few Chinese soldiers during the incursion.The incident took place between the border passes of Bum La and Yangtse (25 km east of Bum La) as per the government, The matter was subsequently resolved at the local military commanders’ level and the “situation was defused,”.

This latest incursion comes just weeks after dozens of Chinese soldiers transgressed over 5 km into Indian territory in Barahoti in Uttarakhand’s Chamoli district and after spending few hours the Chinese soldiers left the area.

China considers all of Arunachal as “South Tibet” and Xi Jinping in a recent speech said, “China has not yet achieved the complete reunification of the motherland, and has disputes over territorial sovereignty and maritime rights and interests with many neighbouring countries. Solving these problems is a hurdle we must cross, and it is also a major risk and challenge that we must correctly handle…The motherland must be unified”.

For China, Tawang, the birthplace of the sixth Dalai Lama and hosts to the Galden Namgey Lhatse (also called Tawang Monastery), the second-largest monastery of Tibetan Buddhism in the world and the largest outside Tibet is of huge interest because the totalitarian regime fears the Dalai Lama may ordain his successor outside Tibet — within the Tibetan community in India, perhaps at Tawang.

Ergo, China wants to control Tawang and it also wants India to drop its claim on Aksai Chin and parts of eastern Ladakh in the west.

Beijing is known for bullying all its neighbours that shares a land border with it and also wants to claim the entire South China Sea which will than give China access to the Pacific. However, with India, things are a bit different as China learned from the Galwan valley incident.

For a while, China has been demanding territorial concessions in Arunachal Pradesh and China’s Special Representative Dai Bingguo, who served as on the boundary issue between 2003 and 2013, suggested that the border dispute could be resolved if New Delhi accepts Beijing’s claim over Tawang.

“If the Indian side takes care of China’s concerns in the eastern sector of their border,” Dai said in 2017, adding, “the Chinese side will respond accordingly and address India’s concerns elsewhere.”

The Chinese incursion into Tawang comes when the two sides are preparing for the 13th round of talks for disengagement of troops in the Hot Springs area of eastern Ladakh. However, China is known for holding talks but at the same time, it is famous for ratcheting up conflicts as a form of deception.

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Former US NSA wants Pakistan accountable for the fall of Kabul and remove its status as a major non-NATO ally

By
The Commune
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Former United States National Security Advisor (NSA) under President Donald Trump, General H R McMaster has advised US lawmakers against any fresh aid to Pakistan and also said it would be a good idea to remove Pakistan’s status as a major non-NATO ally.

McMaster made this statement when he testified before the Congressional hearing of the House Foreign Affairs Committee said that Pakistan has “had it both ways” for way too long and asked the lawmakers to hold Pakistani Prime Minister Imran Khan accountable for his statements after the fall of Kabul in August.

“I think we ought to hold Imran Khan responsible for his comments when Kabul fell and he said that the Afghan people have been unshackled. Why should we send a dime to Pakistan under any conditions? I think that they should be confronted with international isolation because of their support for jihadist terrorists, who are threats to humanity, including the Haqqani network, the Taliban, and groups like Lashkar-e-Taiba,” he said.

“I don’t think we should give any assistance to Pakistan at all. I think Pakistan has had it both ways for way too long. I think Pakistan should be confronted with its behavior over the years that has actually resulted, I think, in large measure in this outcome,” McMaster said, reports Hindustan Times.

Under Donald Trump, the US had blocked all security assistance to Pakistan the Biden administration has also not resumed the security aid as of now.

MacMaster also said during the hearing, “I think it’s an extremely dangerous situation in South Asia broadly. …I do think that it is in China’s interest, right? That the Pakistani government and army go after these jihadist groups less selectively. It’s also in the interest obviously of security and stability across South Asia.

“One of the greatest dangers I think would be India suffering this kind of cycle of sectarian violence that you see across the greater Middle East. That could be incited by some of these groups like, you know, Al-Qaeda and Lashkar-e-Taiba,” McMaster said.

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UK bows to India: Fully vaccinated Indians who took Covishield will not be quarantined

By
The Commune
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After India decided to reciprocate quarantine to UK travellers, the United Kingdom has now said that Indians who are fully vaccinated with Covishield or any other UK-approved vaccine travelling will not have to undergo quarantine from Monday (11 October), British High Commissioner to India, Alex Ellis, said on Thursday (7 October).

Ellis tweeted, “No quarantine for Indian travellers to United Kingdom fully vaccinated with Covishield or other UK-approved vaccines from October 11. Thanks to Indian government for close cooperation over last month.”

Earlier last month, a UK travel advisory had made 10-day quarantine mandatory for Indian travellers, even those who have received both doses of Covishield which is the same as the AstraZeneca manufactured by the Serum Institute of India (SII).

However, this decision was seen as a vestige of colonialism and now from UK government has said, “Formulations of the listed vaccines — Astra Zeneca Covishield, Astra Zeneca Vaxzevira and Moderna Takeda — qualify as approved vaccines.”

However, those in India who took Covixin still needed to go for quarantine in UK as the country did not recognise the Indian vaccine certificates.

On Thursday, the UK government released a statement in which it announced the removal of 47 countries and territories from the ‘Red List’.

It also announced that from Monday (11 October), eligible travellers vaccinated in over 37 new countries and territories including Brazil, Ghana, Hong Kong and India “will also be treated the same as returning fully vaccinated UK residents, so long as they have not visited a red list country or territory in the 10 days before arriving in England”.

“The measures announced today mark the next step as we continue to open up travel and provide stability for passengers and industry while remaining on track to keep travel open for good,” Britain’s Secretary of State for Transport, Grant Shapps, tweeted.

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“Liquor outlets & cinemas open on all days, temples remain shut on weekends”: BJP slams DMK Govt for anti-spiritual move

By
The Commune
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The Tamil Nadu unit of the BJP held a massive protest across the state against the DMK government’s move to keep liquor outlets and cinemas open on all days while temples remain shut on weekends and holidays especially at a time when the festive season has arrived.

Protests were held at 12 temples across the state in Chennai, Coimbatore, Chidambaram, Madurai, Nagercoil, Namakal, Palani, Rameshwaram,  Srirangam,  Tiruchendur, and Tiruvannamalai.

BJP Tamil Nadu President K Annamalai and BJYM Tamil Nadu President Vinoj P Selvam led the protest at the Sri Kalikambal temple in Chennai’s Harbour constituency, which is the same constituency that voted DMK HR&CE Minister Sekar Babu to power.

Annamalai said that the DMK is forcing its atheistic ideology upon people by keeping the temples shut and allowing liquor outlets and cinemas to be open.

“Cinema theaters are air-conditioned spaces, all temples are open spaces. COVID-19 spreads in closed AC halls, rather than open spaces. But the Chief Minister’s son and Chepauk MLA Udhayanidhi Stalin is tweeting and encouraging people to visit cinema halls. The reasons for COVID-19 spread is not being mentioned against cinema halls, but is being applied for temples, mosques and churches,” Annamalai questioned.

Annamalai issued an ultimatum to the DMK government saying that if they don’t take any action in 10 days, they would further intensify the protests in thousands of temples across the state.

Former BJP MP Pon Radhakrishnan and Coimbatore South BJP MLA Vanathi Srinivasan led the protests in Madurai and Coimbatore respectively.

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VHP calls govt to setup commission to investigate past and present crimes of Church in India

By
The Commune
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After the news of sitting up of an inquiry commission in France to investigate the crimes committed by the Catholic Church, the Vishwa Hindu Parishad (VHP) has released a statement demanding the government of India also needs to set up a commission of inquiry to investigate the various misdeeds of the Church.

On October 6, the VHP in a statement stated, “There is an urgent need to set up a commission like the Niyogi Commission to expose the misdeeds of Church priests and missionaries engaged in horizontal conversions in India.”

VHP chief Dr Surendra Jain said, “like France, Bharatiyas also need to learn about the unacceptable sins and activities of the clergy. He added that strict laws are needed to liberate Bharat from the curse of illegal conversions being carried out by force, fraud and allurement by the Church.”

The statement further read, “In France alone, over 330,000 children have been the victims of sexual abuse in the hands of the Christian clergy. Research carried out over a period of 2 and half years has released the report and exposed the truth that was denied for years by the Church. Today, the Churches all over the world are entangled in allegations of sexual abuse and sexual scandals. When the crimes are exposed, the Church and the clergy have to apologise. That is the reason Christians in many nations are turning away from religion.”

Dr Surendra Jain then highlighted the Church’s past and present role in India are full of disgraceful incidents, from the Goa inquisition, murders of Hindu Sadhus (Odisha and Palghar) and the Church has only converted people by force, fraud and allurement.

The VHP leader also talked about multiple incidents of sexual harassment of nuns, and other victims who have been silenced by the church.

The statement also brought to light the many incidents of human trafficking and the selling of orphaned children by the Church-run orphanages.

The statement also states how several state governments have also highlighted the Church’s links with Naxalites and the terrorist organisations of the North-East. “It is the misfortune of Bharat that whenever such crimes of the Church come to the fore, the Church glorifies the guilty instead of apologizing,” the statement added.

“The VHP demands that a nationwide inquiry commission like the Niyogi commission should be set up to enquire into the conspiracies of the Church in Bharat and the culprits should be given exemplary punishment. The central government should bring a law banning horizontal conversions by those who see themselves to be outside the cultural commonwealth and fraternity of Bharat.”

In conclusion, the VHP statement added, “Church functionaries should come forward and voluntarily confess their sins, stop illegal conversions and other illegal activities, otherwise VHP will launch a massive movement to expose their conspiracies and stop illegal conversions.”

The Niyogi Committee report is a comprehensive report on the activities of Christian missionaries in India, published in 1956 by the government of Madhya Pradesh.

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UN and WFP want India to give food aid to Taliban controlled Afghanistan who glorify Mahmud Ghaznavi

By
The Commune
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taliban india

The United Nations (UN) and the World Food Programme (WFP) have said that Taliban-controlled Afghanistan is facing a food crisis and they are in talks with India for wheat donation because about 3.2 million Afghan children under five could suffer from acute malnutrition by the end of the year and at least one million are at risk of dying.

Mary-Ellen McGroarty, the WFP country director in Afghanistan, said discussions have taken place over the last two weeks and she hoped donations from India will resume to Afghanistan as the country is now faced with the real threat of mass starvation.

McGroarty has asked if India, which had donated 75,000 tonnes of wheat last year to do the same and resume food aid. However, since Pakistan did not like the democratically elected government in Afghanistan, the food aid of 75,000 tonnes which could have been easily sent directly by land, had to be sent from the Indian-built port at Chabahar in Iran and from there into Afghanistan via roads constructed by India. 

She said, “It’s a conversation that’s going on with my office, locally in India. So this conversation has been going on for a couple of weeks now. So hopefully, we can bring that to a good conclusion and hopefully we’ll see another donation coming in because … there’s a big deficit of 2.5 million tons this year in Afghanistan. “So really we need all the help we can get,” she said remotely at a news conference.

However, the major impediment is Pakistan which is blocking land routes for India to send food aid to Afghanistan and this problem was highlighted by External Affairs Minister S. Jaishankar pointed at a high-level meeting convened last month by UN Secretary-General Antonio Guterres on emergency aid for Afghanistan.

At the meeting, Jaishshankar said, “Among the challenges that the current situation poses, is that of efficient logistics. It is therefore essential that humanitarian assistance providers are accorded unimpeded, unrestricted, and direct access to Afghanistan,”.

India did not make any aid commitments at the meeting but there are other donors who pledged aid worth more than $1 billion, but the issue at hand is will the aid reach the people of Afghanistan as no one wants to hand over aid to the Taliban as it is controlled by the corrupt army of Pakistan.

However, Pakistan or China is a wheat exporter and now the Taliban whose Pakistan army-backed leader Anas Haqqani, in a provocative act, glorified Mahmud Ghaznavi who destroyed the Somnath temple. Haqqani took to Twitter as he glorified Ghaznavi who had demolished the Somnath idol 

Now the Taliban who control Afghanistan have to rely on India for quick supplies of wheat to avert a massive humanitarian crisis.

Describing the situation in Afghanistan which has suffered two droughts in three years, McGroarty said at her news conference, “They are not eating every day, they’re decreasing the portion sizes, they’re eating less healthy foods, and many parents are forgoing to feed their children. In Herat, we saw the hospitals that are becoming overcrowded with severely malnourished children. We’ve met women who are able to feed their children,”.

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J&K: Islamic terrorists kill two school teachers in cold blood

By
The Commune
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Kashmiri Islamic terrorists supported by Pakistan today (October 7) killed two two civilians, Sangam School principal Satinder Kaur and teacher Deepak Chand in Jammu and Kashmir.

This adds to five minorities being murdered in cold blood in the last five days and the latest victims, both school teachers were shot at point-blank range by the terrorists and both were declared brought dead when they were taken to the hospital.

Earlier terrorists killed the owner of Bindroo Medicate Makhan Lal Bindroo near Iqbal Park in Srinagar on Tuesday. Bindroo was shifted to a hospital where he succumbed to his injuries. And on the same day, terrorists killed Virender Paswan, a street hawker who hailed from Bihar, near Madina Chowk in Srinagar’s Lalbazar.

As per reports, the Islamic State which has emerged as the new player has claimed responsibility for the attack on the street vendor in Srinagar.

In show of solidarity, after the brutal killing of ML Bindroo, owner of Bindroo Medicate, a road in Srinagar is being named after him and this decision was taken by Srinagar Muncipal Corporation (SMC) Mayor Juanid Mattoo who said, “The road from Haft Chinar Chowk to Jehangir Chowk (where Bindroo Medicate is located) will be named Shaheed Makhan Lal Bindroo Road as a tribute to his contributions to society. A resolution to this effect will be formally proposed in the SMC General Council,”.

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