In a latest media report, the National Company Law Tribunal (NCLT) has approved the merger of Air India and Vistara, forming one of the largest airline conglomerates globally.
Air India To Operate As Merge Entity
Under this deal, Singapore Airlines will acquire a 25.1% stake in Air India.
When it comes to Vistara, it is a joint venture between the Tata Group and Singapore Airlines.
Considering the present time lines, Air India plans to finalize its merger with Vistara by the end of this year.
Initially, this merger was announced in November 2022, but now it has received approval from the Chandigarh branch of the National Company Law Tribunal (NCLT).
Further, this comprehensive order endorses a composite scheme of arrangement which will consolidate Air India, Vistara, and Talace under the Tata Group umbrella in coming times.
“A sanction is hereby permitted to the ‘Composite Scheme of Arrangement’ between the petitioner companies and their shareholders under Sections 230 to 232 and Companies Act, 2013 provisions,” NCLT said in its order.
This order also talks about the mandates that Air India must complete the merger within nine months.
Besides this, the merger scheme has received clearances from both the Competition Commission of India (CCI) and the Directorate General of Civil Aviation (DGCA).
It is noteworthy here that the two-member NCLT bench noted that all requisite approvals from the creditors and shareholders of both companies have been secured.
Mumbai Airport Scare
In another development from the Indian airlines, two aircraft came alarmingly close to each other on the runway yesterday, with only 509 meters separating them at Mumbai’s Chhatrapati Shivaji Maharaj International Airport.
Further in this development, an IndiGo flight from Indore landed on the same runway just moments after an Air India jet took off for Thiruvananthapuram.
In this regard, the Directorate General of Civil Aviation (DGCA) has launched an investigation further de-rostered the air traffic controller involved in the incident.
It appears, air traffic control can issue landing clearance only when there is a reasonable assurance that the landing aircraft won’t cross the threshold until the preceding departing aircraft has crossed the end of the runway, said DGCA in its guidelines.
But, this rule seems to have been violated.
“In this particular case that happened on Saturday at the Mumbai airport, the visibility was good and there was no air proximity situation in respect to the landing of the IndiGo flight and the taking off of the Air India flight,” said the guild representing air traffic controllers, in its statement.
