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Revival plan approved, SpiceJet opens bookings

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New Delhi: A day after the civil aviation ministry approved its revival plan, budget passenger carrier SpiceJet Thursday opened bookings for flights in the upcoming summer schedule.

According to the airline, the bookings are now open for flights from March 29 to Oct 24, 2015.

On Wednesday, the ministry had approved the revival plan of the cash-strapped airline.

According to a ministry official, the revival plan which includes influx of fresh funds to restore the airline’s operations under the new promoters was approved by the ministry.

The official further said that the ministry has forwarded the revival plan to market regulator Securities and Exchange Board of India (SEBI) which will take a call on whether to exempt the airline from going ahead with transfer of ownership.

Under the current regulations any transaction of more than 25 percent in a listed company triggers an open offer.

The airline has asked the market regulator to exempt it from the regulation so that it can go ahead with the planned transaction that is expected to restore its financial health and operations.

On Jan 15, the airline said that its current promoter Kalanithi Maran will off-load his stake in the company to new promoter Ajay Singh after regulatory clearances.

A regulatory filing was made in this regard at the Bombay Stock Exchange (BSE). However, the filing did not disclose any financial details.

This is Singh’s second innings with the airlines which he co-founded with Bhupendra Kansagra in 2005. However, he had sold his stake along with Kansagra and assets buyout specialist Wilbur Ross in 2010 to Sun Group’s Kalanithi Maran.

Currently, Maran, together with his KAL Airways, holds 53.5 percent stake in SpiceJet, while Singh has a 4.5 percent stake. Maran acquired SpiceJet for close to Rs.750 crore.

In December, Maran made it clear that no fresh bailout package could be put together for the airline in which nearly $400 million or Rs.2,500 crore has been invested since 2010.

The airline is hopeful that with the new promoter at the helm, fresh funds will be infused to strengthen its operations.

The company had also made it apparent to the ministry that new promoter Singh — with his revival plan — will help it tide over the current financial turmoil.

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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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