Airlines slash flight ticket prices in Diwali fortnight amid weak demand
Airlines are offering a Diwali bonanza to travellers in the form of sharp cuts in flight ticket prices, a sign that demand for plane seats in the festive season is weak. Typically, flight fares in the fortnight leading up to Diwali and in the quarter to 10 January are among the highest in the year, helping airlines make up for losses in the lean seasons.
Scope of insolvency rules to be expanded to individual businesses
The government on Tuesday expanded the scope of the new insolvency rules to bring individual businesses under its purview. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process of individuals and firms on its website (www.ibbi.gov.in); public comments can be submitted till 31 October. Once notified, even individual businesses such as proprietorships will come under the bankruptcy regime. This will enable an orderly bankruptcy resolution within the purview of a transparent rules-based regime. The existing insolvency and bankruptcy code, at present, applies only to corporate defaulters.
Adani may buy RInfra’s Mumbai power business
Anil Ambani-led Reliance Infrastructure (RInfra) has entered into exclusive talks with Adani Transmission for selling its Mumbai power business. “The company has entered into a period of exclusivity until January 15, 2018 in relation to discussions for the proposed sale of its integrated business of generation, transmission and distribution of power for Mumbai city to Adani Transmission,” said Mumbai-based Reliance Infrastructure in a BSE filing.
SBI-led consortium orders forensic audit of Punj Lloyd accounts
A consortium of banks led by State Bank of India has ordered a forensic audit of construction group Punj Lloyd’s accounts after the borrower failed to service its loans for eight successive quarters. The audit is being conducted in line with Reserve Bank of India’s guidelines that stipulate borrowers undergo a forensic audit to avail benefits of its S4A loan restructuring scheme.
Coach overcrowded, 100 escaped: Gujarat HC on commuting death sentence of 11 convicts to life imprisonment
The Gujarat High Court, while commuting to life imprisonment the death sentences awarded to 11 convicts in the Godhra train burning incident that triggered riots across the state in 2002, cited “two circumstances not justifying capital punishment” — “overcrowdedness” of coach S-6 of Sabarmati Express, and the fact that “more than 100 people could escape” from the other side of the coach suggested that while “the accused had the intention to cause death and maximum damage, they did not intend to enhance the number of casualties”.
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