More MPs raise queries on Jet-Etihad FDI deal

Jul 10, 2013 |

Age Correspondent

Serious questions continue to be raised over the Jet-Etihad FDI deal, with two more members of Parliament now joining the ranks of those maintaining the deal benefits only Jet Airways’ promoters and not the country.

The FDI deal is yet to receive approval from the Foreign Investment Promotion Board due to several concerns in top government circles on the number of foreign nationals on Jet Airways’ board, fears over alleged attempts at effective transferring of the place of business from India to Abu Dhabi and concerns over who will command “substantial ownership and effective control” over Jet Airways. This comes after the `2,050-crore FDI deal between the Indian carrier and Abu Dhabi-based Etihad Airways was announced in April for the sale of 24 per cent of Jet’s stake to Etihad.
In a letter to economic affairs secretary Arvind Mayaram, Rajya Sabha MP Ajay Sancheti alleged part of control of the company (Jet) is being transferred by the promoters to Etihad through the shareholder agreement. But sources in Jet Airways sources have denied the allegations by Mr Sancheti.
Lok Sabha MP Nishikant Dubey has in a letter to the chief vigilance commissioner also raised questions over the alleged sale of some Jet Airways flight slots in London to Etihad, and sought an investigation by the CBI and the Enforcement Directorate.

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