Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

No Violation of FDI Norms in Approval to Set up AirAsia India, Centre tells HC

On the issue of grant of international flying licence to AirAsia, the government said it will take a decision after considering all aspects of the matter as well as the rules and laid down policy in this regard.

PTI

Updated:March 29, 2019, 5:41 PM IST
facebookTwitterskypewhatsapp
No Violation of FDI Norms in Approval to Set up AirAsia India, Centre tells HC
Image for Representation. (Reuters)

New Delhi: The Centre on Friday denied in the Delhi High Court that there was any violation of FDI norms while granting approval to low-cost carrier AirAsia (India) Pvt Ltd — a joint venture of Tata Group and Malaysia-based AirAsia Berhad.

The government also opposed BJP leader Subramanian Swamy's plea seeking stay on AirAsia India's application for an international flying licence, saying it will take a decision in this regard.

The submissions were made in an affidavit placed before a bench of Chief Justice Rajendra Menon and Justice A J Bhambhani in response to Swamy's application in which he has alleged that Foreign Direct Investment (FDI) norms were violated while granting approval to set up AirAsia India.

The matter, however, was not taken up and listed for hearing on May 13.

In its affidavit, the central government said that FDI was permissible in an existing airline as well as a new venture.

On the issue of grant of international flying licence to AirAsia, the government said it will take a decision after considering all aspects of the matter as well as the rules and laid down policy in this regard, and there was no need to pass an order putting on hold the low-cost airline's application.

The government has contended that Swamy's application was "devoid of any merit" and "it may be dismissed".

In his application, Swamy has claimed that since the legality and validity of the principal licence — the domestic flying licence — granted to AirAsia India has been challenged in the court, the airline ought not to be granted a licence to fly internationally.

He has sought directions to the Union of India not to process the application of AirAsia until the final disposal of the main petition in which the principal licence has been challenged.

Swamy had earlier argued that the flying licence granted to the carrier was in violation of the government's policy on foreign investment.

He had said that according to the policy, foreign investment was allowed only in existing airlines and was not meant for floating or starting a new airline, like AirAsia India.

The BJP MP had also alleged that there were questionable transactions in connection with the setting up of AirAsia India.

The Federation of Indian Airlines (FIA) had earlier alleged that the Directorate General of Civil Aviation (DGCA) was "deliberately turning a blind eye" to the issue.

Malaysia's largest budget-carrier AirAsia had set up the joint venture, AirAsia India, with the Tata Group and Telestra Tradeplace to launch the regional airline in India.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Lombard 1,207.25 -4.63
Reliance 1,372.35 0.60
BPCL 512.40 4.51
Bajaj Finance 4,016.40 3.53
Indiabulls Hsg 173.05 -8.49
Company Price Change %Gain
ICICI Lombard 1,206.75 -4.77
Indiabulls Hsg 172.90 -8.54
Larsen 1,424.80 -0.58
HDFC 2,050.05 1.83
Yes Bank 41.15 1.35
Top Gainers
Company Price Change %Gain
BPCL 512.40 4.51
Grasim 730.85 3.86
Zee Entertain 259.65 3.57
Bajaj Finance 4,016.40 3.53
ONGC 141.65 2.16
Company Price Change %Gain
Bajaj Finance 4,018.75 3.57
ONGC 141.60 2.05
HDFC 2,050.05 1.83
Coal India 194.65 1.75
HCL Tech 1,100.85 1.55
Top Losers
Company Price Change %Gain
Hero Motocorp 2,602.35 -2.74
Hindalco 187.95 -2.39
Vedanta 149.90 -2.35
Asian Paints 1,765.70 -2.07
NTPC 117.40 -1.68
Company Price Change %Gain
Hero Motocorp 2,603.00 -2.73
Vedanta 149.70 -2.44
Asian Paints 1,765.70 -2.04
NTPC 117.50 -1.63
ITC 243.70 -1.54

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results