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Monday
May 2019
4:41 PM IST
News Headlines
PM visits Gujarat, post grand electoral triumph        CBI summons ex-Kolkata police chief, asks him to appear before it on Monday        Irani''s aide shot dead in Amethi; FIR lodged against 5 persons        Former Thai PM Prem Tinsulanonda dies at 98        Trump downplays North Korea launches on Japan visit        Imran Khan speaks to PM Modi, expresses desire to work together: FO        Fifth-seeded Kerber stunned in French Open opening round        No need to press panic button yet, says Tendulkar after India''s loss to NZ in warm-up game        World Cup Munich: Chandela clinches gold in 10m air rifle        Twenty-four killed in Afghanistan floods        New Zealand beat India by six wickets in warm-up match        President appoints Modi as Prime Minister        Modi asks NDA MPs to work without discrimination, reach out to minorities        Day after BJP''s massive victory, all eyes now on govt formation        Cong-JDS cabinet reposes faith in Kumaramaswamy after dismal show in LS polls        Surat: 19 students die as fire engulfs commercial complex        Britain''s Brexit-beaten Theresa May announces resignation, to step down on June 7        Two more Indian mountaineers die on Mount Everest, toll of Indians rises to 8        Nadal, Federer set up potential semifinal at Roland Garros        India, New Zealand seek tune-up in warm-up clash        
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Business News
Lenders to Jet working on revival, no final decision yet: PNB MD
 
New Delhi: Lenders to the cash-strapped Jet Airways are committed to reviving the air carrier but nothing has been finalised yet, Punjab National Bank (PNB) Managing Director Sunil Mehta said on Tuesday.

PNB is part of a consortium of 26 lenders, led by State Bank of India (SBI), which have exposure to Jet Airways' debt of over Rs 8,000 crore.

"Discussions for reviving the airline are underway and nothing has been finalised as of now. SBI Capital Markets is working on the revival package for Jet Airways," Mehta told reporters here.

On Monday, SBI said the bid process for the orderly sale of equity in Jet Airways is currently being run by SBI Caps and is being vetted by the legal team and the prospective bidders will be shortlisted by SBI Caps shortly.

SBI spokesperson Monday also said, "The bid process for the orderly sale of equity in Jet Airways is currently being run by SBI Caps and is being vetted by the legal team. The prospective bidders will be shortlisted by SBI Caps shortly."

The lender also said the proposed equity conversion by banks, if any, will be undertaken as a transitory mechanism to facilitate the bidding-cum-sale process.

SBI is acting on behalf of the group of lenders as part of the bank-led resolution process.

"Necessary support to facilitate the process is being extended by the banks in the consortium. Cooperation by and support from all the other stakeholders will be the key to the success of the process," the SBI spokesperson had said.

With no funds coming in from its lenders, the beleaguered Jet Airways had to extend the suspension of its international flights till April 18. Banks had earlier promised to pump Rs 1,500 crore into the airline.

"The interim funding has not been forthcoming thus far, and as a result, we have extended cancellation of international operations through Thursday," said Jet Airways (India) CEO Vinay Dube in a letter on Monday to the airline's over 20,000 employees.


Sensex, Nifty hit record highs as early trends hint at NDA win
Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha elections outcome
Chinese man guilty of defrauding Apple out of 1,500 iPhones
ILFS crisis: ED conducts fresh raids in Mumbai
Tata Motors shares fall 7 pc post quarterly results
Indices off record highs; Sensex trips 383 pts on profit-booking
Uber partners with ICC for Men''s cricket World Cup 2019
Markets soar in early trade; Sensex zooms 942 points, rupee gains 79 paise
Exports grow marginally, imports up 4.5pc in Apr
Jet Airways crisis: CEO, Deputy CEO resign
Demonetisation: ED attaches over Rs 2 crore assets in Axis Bank PMLA case
China hikes tariff on US products; says will not succumb to Trump''s pressure tactics
Andhra Bank net loss down by 51.34pc in Q4
Imminent crisis in NBFC sector: Corp Affairs Secy
China : Volvo to recall over six thousand cars
Pak to continue talks with IMF on bailout over weekend
Chinese envoy says trade talks with US have not broken down
Amazon's Bezos unveils lunar lander project 'Blue Moon'
UPL announces 26.75 pc stake buy in Allfresh
SBI reports net profit of Rs 838 cr in Mar 2019 quarter; trims bad loan ratio
KERALA NEWS
Rahul elected from Wayanad LS seat
 Thiruvananthapuram: Congress president Rahul Gandhi was Thursday declared elected from the Wayanad L  
LS polls candidate attacked in Kerala
Two women abort their plan to enter Lord Ayyappa temple Sabarimala
Kerala CM meets CEOs of leading business firms in Switzerland
INTERNATIONAL NEWS
Former Thai PM Prem Tinsulanonda dies at 98
 Bangkok: Thailand''s former prime minister Prem Tinsulanonda died at the age of 98 on Sunday, accord
Trump downplays North Korea launches on Japan visit
Imran Khan speaks to PM Modi, expresses desire to work together: FO
Twenty-four killed in Afghanistan floods
NATIONAL NEWS
CBI summons ex-Kolkata police chief, asks him to appear before it on Monday
 New Delhi: The CBI has summoned former Kolkata police commissioner Rajeev Kumar, asking him to appea
Irani''s aide shot dead in Amethi; FIR lodged against 5 persons
President appoints Modi as Prime Minister
Day after BJP''s massive victory, all eyes now on govt formation
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