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No decision on taking Jet Airways to NCLT: SBI

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Mumbai, Feb 25 (IANS) The State Bank of India (SBI) on Monday said no decision has been taken on moving the National Company Law Tribunal (NCLT) to recover loans from private carrier Jet Airways and called media reports in this regard “speculative”.

“Reports have been appearing in the media about an SBI decision to refer Jet Airways to the NCLT. These are totally speculative and the SBI would like to state that no such decision has been taken,” an SBI spokesperson said.

Following reports of the state-run bank having decided to take the airline to the NCLT, Jet Airways shares lost 5 per cent in early trade on Monday but recovered somewhat to close 3.70 per cent down at Rs 227.95 per share.

Shareholders of the beleaguered airline had, at an extraordinary general meeting (EGM) here on Thursday, approved by an overwhelming majority a proposal to convert a part of the company’s loans into shares.

The development assumes significance as the approval was required to go ahead with the provisional resolution plan (BLPRP) led by the consortium of the lending banks. As part of the plan, public sector lenders will become the largest equity owners of the airline, virtually making it a nationalised carrier.

According to the bank sources, overseas carrier Etihad, which holds 24 per cent stake in Jet Airways, abstained from voting on various proposals during the EGM.

On Friday, Punjab National Bank (PNB) said the bankers’ consortium is finalising Jet Airways’ resolution plan for the long term as it favours preserving the airline’s value.

“It is too premature to tell about the interim funding plan (of Rs 550 crore). Bankers are working on it and the SBI has taken a lead,” PNB CEO and MD Sunil Mehta said at a bankers’ event.

“Let the entire plan be worked out first. The consortium is looking at the options. Jet’s resolution is a growing concern and we would like to preserve (its) value,” he said.

Both the SBI and the PNB are said to have agreed to provide Jet Airways with Rs 500 crore interim funding to continue operations until a long-term restructuring plan is worked out for its Rs 8,000-crore debt.

Under the BLPRP, lenders are to convert part of the airline’s debt into 11.4 crore shares at a consideration of Re 1 per share, as per RBI norms.

Subsequently, appropriate interim credit facilities would be sanctioned to the airline by lenders.

–IANS
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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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