AIR INDIA BACK WITH TATAS AFTER 68 YEARS

Tata Sons has won the final bid to acquire the debt-ridden Air India’s 100 per cent equity share by offering Rs 18,000 crore against the reserve price of Rs 12,906 crore.

Of the bid amount of Rs 18,000 crore, the Tatas will pay Rs 2,700 crore in cash, while taking the remaining Rs 15,300 crore as debt.

Besides 100 per cent stake in Air India and its low-cost arm, Air India Express, the winning bid also includes 50 per cent stake in ground-handling company Air India SATS Airport Services Private Limited (AISATS).

Expressing his happiness over the development, Ratan Tata in an official statement said: “Welcome back, Air India! On an emotional note, Air India, under the leadership of Mr JRD Tata had, at one time, gained the reputation of being one of the most prestigious Airlines in the world. Tatas will have the opportunity of regaining the image and reputation it enjoyed in earlier years. Mr JRD Tata would have been overjoyed if he was in our midst today.”

JRD Tata founded the airline in 1932. It was called Tata Airlines then. In 1946, the aviation division of Tata Sons was listed as Air India. In 1953, Air India was nationalised.

As on August 31, 2021, Air India had a total debt of Rs 61,562 crore, out of that Rs 15,300 crore would be taken over by the bidder and Rs 46,262 crore would be transferred to Air India Assets Holding Limited (AIAHL). The AIAHL is a special purpose vehicle (SPV) formed by the government.

Civil Aviation Secretary Rajiv Bansal said the winning bidder would not retrench any employee for a minimum period of one year and if retrenched after a year, they would have to be offered VRS, Gratuity and Provident Fund (PF) benefits would be provided to all employees, he added.

In what experts termed a win-win transaction, Tata Sons, which operates two airlines Vistara and AirAsia India, will become the second-largest airline in domestic market with around a 25 per cent market share while becoming the largest Indian airline on international routes.

INDIA, CHINA TROOPS FACE OFF NEAR TAWANG, RETREAT

Military patrol parties of India and China stood face to face for hours just north-east of Tawang in Arunachal Pradesh on September 30. Both sides insisted on each other to return, said sources, adding that no one was detained, just that patrol parties came face to face and stood their ground. To say one patrol party detained the other would be incorrect. The patrol of the People’s Liberation Army (PLA) had 200 men.

The LAC is not demarcated on ground and both sides have overlapping claims. Whenever patrols of both sides physically meet, the situation is managed according to established protocols and mechanisms agreed to by both sides. One part of the protocol is unfurling a banner at each other asking the other one to return.

NO QUICKFIX SOLUTIONS TO DEEP-ROOTED PROBLEMS OF CONG: PRASHANT KISHOR

While Congress leaders Rahul Gandhi and Priyanka Gandhi Vadra strive to create a buzz for the party on the Lakhimpur Kheri incident, strategist Prashant Kishor believes there are “no quickfix solutions to deep-rooted problems and structural weakness of GOP (Grand Old Party), thereby indicating what political observers see as a “a fallout” with the Congress.

His pointing to “deep-rooted problems and structural weakness” in the Congress appeared to hint towards its internal troubles in Punjab, Rajasthan, and perhaps his own disenchantment with the Party, observers say. This after reports that he was in negotiations with the Gandhis to create a role within the Congress that would give him power and responsibility to bring it out of the political slump.

Meanwhile, Congress leader Randeep Singh Surjewala refused to comment on Kishor’s observation saying “I do not comment on the remarks made by any consultant”.

IAF SHOWCASES ITS MIGHT ON 89TH FOUNDATION DAY

Celebrating its 89th anniversary, the Indian Air Force on Friday put up a dazzling show with 75 aircraft, drawn from its vintage and modern fleet, performing skilful manoeuvres also marking the platinum jubilee year of India's Independence.

The air show at the Hindon airbase showcased Dakota, Dornier, LCA Tejas and Rafale fighter jets among other aircraft.

Chief of Air Staff Air Chief Marshal V R Chaudhary in his address before the show, hailed the contributions of previous IAF chiefs for their visionary leadership and also saluted the brave warriors who have laid down their lives in the line of duty.

KEY COVID NUMBERS

Current Active Cases Countrywide: 2,30,141

New Cases in last 24 hours: 19,864

Recovered in last 24 hours: 23,066

Change in no. of Active cases in last 24 hours: -3,450

No. of deaths in last 24 hours (Total Covid Deaths so far): 248 (4,50,408)

Daily Tests (Thursday): 13,85,706

Daily Positivity Rate (Proportion of Positives among total Tested): 1.4%

Percentage of Population Vaccinated (At Least One Dose / Two Doses): 50.5% / 19.4%

INTERNATIONAL AFFAIRS

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46 KILLED, 140 INJURED IN AFGHAN MOSQUE BLAST

An Islamic State suicide bomber struck at a mosque packed with Shiite Muslim worshippers in northern Afghanistan on Friday, killing at least 46 persons and wounding more than 140 in the latest security challenge to the Taliban as they transition from insurgency to governance.

In its claim of responsibility, the region’s IS affiliate identified the bomber as a Uygher Muslim, saying the attack targeted both Shiites and the Taliban for their purported willingness to expel Uyghers to meet demands from China. The statement was carried by the IS-linked Aamaq news agency.

The blast tore through a crowded mosque in the city of Kunduz during Friday noon prayers, the highlight of the Muslim religious week. It was the latest in a series of IS bombings and shootings that have targeted Afghanistan’s new Taliban rulers, as well as religious institutions and minority Shiites since US and NATO troops left in August.

Warning that any instability in Afghanistan could have severe implications for Pakistan, a high-level meeting of the country's civilian and military leadership on Friday emphasised the urgent need for the international community to provide assistance to avert a humanitarian crisis in the war-torn neighbouring country. The meeting was chaired by Prime Minister Imran Khan.

NOBEL PEACE FOR TWO JOURNALISTS

Journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia won the 2021 Nobel Peace Prize on Friday for their fight for freedom of expression in countries where reporters have faced persistent attacks, harassment and even murder.

“Free, independent and fact-based journalism serves to protect against abuse of power, lies and war propaganda,” said Berit Reiss-Andersen, chair of the Norwegian Nobel Committee.“Without freedom of expression and freedom of the Press, it will be difficult to successfully promote fraternity between nations, disarmament and a better world order to succeed in our time,” she said.

The Nobel committee noted that Ressa in 2012 co-founded Rappler, a news website focused attention on President Rodrigo Duterte’s “controversial, murderous anti-drug campaign” in the Philippines.

Muratov was one of the founders in 1993 of the independent Russian newspaper Novaya Gazeta.

GOOGLE, FACEBOOK AND NETFLIX TO PAY A MINIMUM GLOBAL TAX AT 15%

Representatives from 136 nations, including India have finalised a global tax deal which will ensure large digital players--Google, Facebook, Netflix, and Microsoft-- pay a minimum tax rate of 15 per cent, wherever they operate, said the Organisation for Economic Cooperation and Development (OECD) on Friday. The tax deal will come into effect from 2023.

The OECD has also sought for an immediate withdrawal of unilateral digital services tax measures like equalization levy and a commitment to not introduce such measures in future. Besides, no newly enacted digital taxes or other relevant similar measures will be imposed on any company from October 8 2021 and until the earlier of December 31, 2023.

Of 140 countries, 136 have agreed to two-pillar solution to address the tax implications arising from digitisation of economy in Paris on Friday. However four nations- Sri Lanka, Kenya, Nigeria and Pakistan had not joined the agreement.

This deal now will be delivered to the G20 Finance Ministers meeting in Washington DC on 13 October, then to the G20 Leaders Summit in Rome at the end of the month.

The global minimum tax agreement does not seek to eliminate tax competition, but puts multilaterally agreed limitations on it, and will see countries collect around USD 150 billion in new revenues annually, OECD highlighted.

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LAKHIMPUR KHERI VIOLENCE: SUPREME COURT PULLS UP UTTAR PRADESH POLICE

The Supreme Court on Friday said it was “not satisfied” with the steps taken by the Uttar Pradesh Government in the “brutal” killing of eight persons, including four farmers, in the Lakhimpur Kheri violence and pulled up the Uttar Pradesh Police for failing to arrest accused Ashish Mishra, son of Union Minister of State for Home Ajay Kumar Mishra Teni.

A three-judge Bench led by Chief Justice NV Ramana hinted at handing over the probe to an agency other than the CBI. “The charges are very serious...What’s the message we are sending? Is this the same way we treat other accused too — like sending notices, etc,” the Bench, that also included Justice Surya Kant and Justice Hima Kohli, asked senior advocate Harish Salve (who represented UP), hinting at handing over the probe to an agency other than the CBI.

Asking the DGP to ensure that the evidence was not destroyed by the time another agency took over the investigation, the Bench posted the matter for October 20. The “proof of the pudding is in the eating”, the Bench observed after Salve said some arrests had been made and a notice sent to accused Ashish Mishra, asking him to join the probe on Saturday. Terming the murder of eight people as “brutal”, the Bench said, “If a Section 302 (murder) case is registered, the accused has to be apprehended immediately... The law must take its own course against all accused. Whatever has been done so far is not satisfactory. They (UP Police) should have done the needful.” Salve conceded that not enough had been done by the authorities.

Going through the composition of SIT, which includes the DIG, SP and circle officers, the Bench noted that most of them were local officers. As the Bench asked if there was any request by the state to hand this over to the CBI, Salve replied: “It’s entirely in your Lordship’s hand....If you are not satisfied with the progress... hand it over to the CBI.” The top court, however, wasn’t receptive to the idea.

“Because of the sensitivity of the issue, we are not commenting. The CBI is not a solution for reasons known to you…because of the persons.... it’s better you find some other mode,” the CJI said.

As Salve said the postmortem did not show gunshot injury, the Bench shot back, “So this is a ground for not taking custody of the accused?” The Bench took exception to certain TV news channel claiming the CJI had met a victim’s family. “We are sorry to see how the media is exceeding freedom of speech and expression. The CJI is gracious enough to let this go, ” Justice Surya Kant said.

UP Police on Friday issued a fresh notice to Ashish Mishra, asking him to appear before it by 11 am on Saturday in Lakhimpur Kheri violence case, after he missed the Friday deadline. Meanwhile, Samyukt Kisan Morcha expressed its “serious concern and shock” at Mishra not yet being arrested.

HARYANA CHIEF MINISTER WITHDRAWS "TIT FOR TAT" REMARK AMID FARMERS' ANGER

Days after he was seen speaking of raising volunteer groups, which, he said, can administer "tit for tat" treatment to counter farmers protesting the agricultural laws, Haryana Chief Minister Manohar Lal Khattar has withdrawn his controversial remarks. Khattar withdrew his statement and issued an 'apology' after backlash from farmers and the opposition.

"I withdraw my statement. I don't want to encourage any sort of clash in the society," he said in Panchkula.

The Chief Minister said he will be skipping tomorrow an event as farmers were planning to protest. "Tomorrow, I was scheduled to attend a social programme by the Aggarwal community in Kaithal district. But farmers have given a call to oppose it despite my apology. Haryana's assembly speaker will attend the event, he said.

KASHMIR MINORITIES FEAR ‘RETURN OF 1990’ AFTER KILLINGS

With five civilians killed by terrorists in the last few days, including a Sikh and a Hindu after an identification parade in a government school, fear has gripped Kashmir’s minority communities.

Several families from these communities have even temporarily moved out to safer locations for the time being.

The atmosphere of fear is being fuelled by rumours that terrorists have drawn up a ‘hit list’, and many more could be targeted.

While the killing of Makhan Lal Bindroo (70), owner of Bindroo Medicate Pharmacy in Srinagar’s Iqbal Park Tuesday shocked many, the subsequent murders of a young schoolteacher Deepak Chand and principal Supinder Kour have had a ripple effect, because they were singled out and shot dead after being identified as non-Muslims by the terrorists Thursday at the Government Boys Higher Secondary school in Eidgah.

Sanjay Tickoo, president of the Kashmiri Pandit Sangharsh Samiti, called it the “return of 1990”, the year which saw large migration of Pandits from the Valley.

I-T DEPT RAIDED AJIT PAWAR’S KIN BECAUSE OF MY COMMENTS: SHARAD PAWAR

NCP president Sharad Pawar on Friday sais that the Income Tax Department’s raids on Maharashtra Dy CM Ajit Pawar’s relatives and aides came after his comparison of the Lakhimpur Kheri violence in Uttar Pradesh to the Jallianwala Bagh massacre during the British rule.

Speaking at a meeting of his party in Solapur, Pawar wondered if people had the right to express their views freely in the country.

The I-T department on Thursday raided some businesses linked to family members of Ajit Pawar and some real estate developers on charges of alleged tax evasion.

31 PRIVATE SECTOR PROFESSIONALS SELECTED TO JOIN THE GOVT

The UPSC yesterday said it had selected 31 professionals from the private sector as joint secretaries, directors and deputy secretaries in Central Government departments. Those selected include three joint secretaries, 19 directors and nine deputy secretaries.

Minister of State for Personnel Jitendra Singh said it was a major step towards placing the right talent in the right role. “As a major step to place the right talent for the right role, #DoPT announces 31 lateral entry recruitments, after due selection process by the UPSC, as Joint Secretary, Director, Deputy Secretary in different ministries, departments of Government of India,” Singh tweeted.

EVEN AFTER RAPE, MURDER CONVICTIONS, FOLLOWERS STAND BY DERA HEAD

Dera Sacha Sauda chief Gurmeet Ram Rahim Singh might have been convicted for rape and murder, but troubles with the law have not made his followers question him. Pita ji, as Premis (a term for Dera’s followers) call him, is currently serving a 20-year prison term for the rape of two women followers.

On Friday, he was convicted for murdering a Dera manager in 2002. But at the Dera headquarters in Haryana’s Sirsa, the “terrible news” was met with a call to keep the faith in Guru ji and the higher courts of law.

Although the Dera chief is lodged in jail, the sect has continued with its routine activities with him as their “spiritual master”. From the prison, Ram Rahim has been writing letters to his followers that are read out during regular Satsangs at the Dera. His old video messages are also shown on huge television screens installed for the gathering.

IMPS LIMIT RAISED TO RS 5L FROM RS 2L

The RBI has raised the transaction limit in Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. IMPS offers instant domestic funds transfer facility 24×7 through banking channels. “In view of the importance of the IMPS system and for enhanced consumer convenience, it is proposed to increase the per transaction limit from Rs two lakh to Rs five lakh,” the RBI said.

IPL MATCH 55: MUMBAI INDIANS KNOCKED OUT OF IPL DESPITE WIN OVER SRH

Mumbai Indians blazed away to their highest ever total in the Indian Premier League, but despite a 42-run victory over Sunrisers Hyderabad failed to make it to the Indian Premier League play-offs, in Abu Dhabi, on Friday.

Batting first, opener Ishan Kishan registered the fastest fifty of IPL 2021 with a rollicking 84 off 32 balls while Suryakumar Yadav slammed an 82 off 40 balls to power Mumbai Indians to a huge 235 for 9.

However, they failed to restrict the Sunrisers to below the 65-run mark, which would have taken them to fourth place in the eight-team league standings ahead of Kolkata Knight Riders.

Sunrisers managed to reach 193/8 in a high-scoring game.

IPL MATCH 56: BHARAT'S LAST-BALL SIX TAKES RCB PAST DELHI

Srikar Bharat and Glenn Maxwell scored unbeaten knocks of 78 and 51 respectively as Royal Challengers Bangalore defeated Delhi Capitals by seven wickets in the last league match, on Friday.

Chasing 165, the Royal Challengers were off to the worst possible start as they were reduced to 6 for 2.

In the end, Srikar Bharat and Glenn Maxwell maintained their composure to guide the team to victory. RCB needed five for victory off the last ball and Bharat sealed it by hitting a six.

After the end of league rounds, with 14 matches each, here are each team’s wins and NRR:

DELHI CAPITALS                     10        0.481

CSK                                         9          0.455

RCB                                         9          -0.14

KKR                                         7          0.587

MUMBAI INDIANS                    7          0.116

PUNJAB KINGS                        6          -0.001

RAJASTHAN ROYALS              9          -0.993

SUNRISERS HYDERABAD       14        -0.545

PLAY OFFS: Delhi Capitals will now take on Chennai Super Kings in Qualifier 1 on Sunday.

Royal Challengers will face Kolkata Knight Riders in the ‘Eliminator’ on Monday.

INDICATORS

Sensex 60,059 (+381), Nifty 17,895 (+105), Trading Value NSE (Rs.crores) 74,295

Nasdaq 14,560 (-74) Dow 34,746 (-9), S&P 4,391 (-8)

US$-Rs. 74,90 GBP-Rs. 101.99, Euro-Rs. 86.60, UAE Dhm-Rs.20.39, Can$-Rs. 59.85, Aus$- Rs. 54.72

GBP 0.73 /US$, Euro 0.86 /US$, Jap.Yen 111.97 /US$, Aus$ 1.36 /US$, Sing 1.35 /US$, Bang Taka 84.05 /US$, Can$ 1.25 /US$, Mal Ring 4.17 /US$,

Pak Re 170.39 /US$, Phil Peso 50.50 /US$, Russian Rouble 71.84 /US$, NZ$ 1.44 /US$, Thai Baht 33.83 /US$, Ukraine Hryvnia 26.13 /US$

Bitcoin - USD 54,113

Dollar Index 94.11 Brent Crude 82.39 BDI 5,526

Gold world Spot Price USD/aoz 1,756 India (Rs. per gm 24k/22k) 4,694 / 4,594, Silver (Rs. Per KG) 65,200

THOUGHT FOR THE DAY

Friendship is always a sweet responsibility, never an opportunity. - Kahil Gibran

OFF TRACK

High petrol prices leave a bad taste in people's mouths, have you noticed that? That's mostly from the siphoning.

........I get those maternal feelings sometimes, like when I'm lying on the couch and can't reach the remote, I think, 'Boy, a kid would be nice right now.'