QBiz: Jet Airways Close to Securing Loan From SBI & More

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1. Jet Airways Close to Securing ₹1,500 Crore Loan From SBI

India’s debt-laden Jet Airways is close to reaching a deal with State Bank of India (SBI) for a fresh loan of ₹1,500 crore ($215 million) to meet its working capital needs, two people aware of the matter told Reuters.

The airline has scheduled a meeting on 8 January with its vendors and lessors, many of whom are getting increasingly concerned over non-payment of dues, and SBI officials to discuss the debt restructuring plan, the first person said.

(Source: Livemint)

2. Government to Form Panel to Roll Out In-Flight Mobile Phone Services by March

The government on Friday decided to form an inter-ministerial panel to roll out in-flight and maritime mobile services within three months, an official source said.

The inter-ministerial group will meet every 15 days to sort out issues and expedite the process of approvals till the roll out of in-flight and maritime connectivity (IFMC) services stabilises, the source told PTI.

(Source: Economic Times)

3. 27 Economic Offenders Fled India in Past 5 Yrs: Govt Informs Parliament

Twenty-seven defaulting businessmen and economic offenders have fled the country in the last five years, Parliament was informed on Friday.

Interpol has been approached to issue red corner notices (RCNs) against 20 persons out of these 27, Minister of State for Finance Shiv Pratap Shukla said in a written reply in Lok Sabha.

(Source: Business Standard)

4. CBDT Chief Cautions I-T Officials About Direct Tax Collection Growth Rate

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has cautioned income-tax (I-T) officials about the direct tax collection growth rate, and said it can adversely affect the Budget estimate of Rs 11.5 trillion for the current financial year.

In an internal communication to principal chief commissioners of income-tax on January 4, the apex body for direct taxes asked its field officers to step up efforts and put more focus on recovering tax arrears and the current demand.

(Source: Business Standard)

5. Nestle Plans Consumer Outreach to Soften Impact of Class-Action Lawsuit

Nestlé India has decided to take proactive steps to contain any adverse impact of the revival of the class-action lawsuit against it. The company is launching a consumer outreach campaign, starting Saturday, to allay any fears about presence of harmful ingredients in the popular instant noodle.

(Source: Business Standard)

6. Printing of Rs 2,000 Notes Not Stopped, Clarifies Government

Denying reports that the Reserve Bank of India (RBI) had stopped the production of Rs 2,000 currency notes, the finance ministry today said printing was planned according to the projected requirement.

“Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2,000 in the system with over 35% of notes by value in circulation being of Rs 2,000,” Economic Affairs Secretary Subhash Chandra Garg said on Twitter. He also said that there had been no decision regarding Rs 2,000 note production recently.

(Source: Livemint)

7. Ericsson Seeks Contempt Action Against Anil Ambani for Failing to Clear Dues

Ericsson India Pvt Ltd. on Friday moved the Supreme Court seeking initiation of contempt proceedings for the second time against Reliance Communications Ltd.’s chairman for allegedly not complying with its order to clear dues worth Rs 550 crore.

Besides seeking contempt proceedings against Anil Ambani and two others, Ericsson also sought that they be "detained in civil prison" unless they purge themselves by making the payment.

(Source: BloombergQuint)

8. Punjab National Bank Not Part Of Pension, Gratuity Fund Diversion: Jaitley

Finance Minister Arun Jaitley said Punjab National Bank did not engage in any misappropriation of pension and gratuity funds in the past and no amount was taken from the trusts’ account.

The minister was responding to a question asked by Bhartiya Janata Party Minister Kirit Somaiya, if the government was aware of the misappropriation of the Employees’ Pension Fund Trust and Gratuity Fund by PNB in 2016-17, and, if so, the minister also sought details.

(Source: BloombergQuint)

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