Vibrant Gujarat investor summit takes off

Good morning friends.  It was being told that 15 private executive class jets parked at the airport.  Airport officials said even the newly-extended apron of old international building was totally occupied. Movement of routine aircraft was delayed by 10 to 15 minutes because of heavy traffic.   

Private jets were jostling for space over Ahmedabad’s skies on Monday morning when Vibrant Gujarat investor summit took off.  Officials at Air Traffic Control (ATC) had a busy time handling unscheduled flights. Around the time when summit was being inaugurated, there were 15 private executive class jets parked at the airport.

Besides there were four choppers in the parking. At one point, ATC Officials began to permit them at an interval of 10 minutes and each jet was cleared to fly 2000 feet below the first one, to avoid a mishap.

Airport officials said that if the first jet was given permission to fly at 28,000 feet, another one was given permission to fly at 26,000 feet and third at 24,000.

On an average, take off and landing movement of aircrafts is around 60 each, but on Monday, this shot up by 25 per cent increasing movement to around 75 landing and take off each.

They added that there was a parking space crunch as almost all aprons were totally packed. Ahmedabad Airport, after expansion, has the capacity to house 27 aircrafts and four jumbo aircrafts.

Officials said even the newly-extended apron of old international building was totally occupied. Because of heavy traffic, movement of routine aircraft was delayed by 10 to 15 minutes in the afternoon.

The movement of private executive jets continued till late night and at 9 pm, there were two jets, of which, one was scheduled to leave in the morning on Tuesday.

Officials said two choppers left for Jamnagar, probably flying Mukesh Ambani to Reliance refinery after the Vibrant inauguration. Officials said that majority of the private jets had come from Mumbai or Delhi and all were handled by private operators who usually managed the flight movement of the VIPs.

ref: thetimesofindia

Board task: New team, meeting working capital – 2

At present, Satyam has no cash reserves, despite the fact that the balance sheet prepared on March 31, 2008, shows a cash reserve of Rs 5,700 crore. To ensure smooth functioning of the company, a senior official said the company would require a new management, which could be trusted by clients and lenders, who have stopped giving Satyam money after the revealation of accounting fraud.

According to sources, interim CEO Ram Mynampati may be sacked. Government has criticized his role as a director, in its application to the Company Law Board (CLB), where it had sought permission to sack the earlier board.

While it’s unlikely that the new board will continue with Mynampati as CEO, at the same time, it will have to ensure that the new CEO must be aware of the functioning of the Satyam, having over 500 clients.

Parekh will also discuss availability of working capital for the company as it is facing acute financial crunch. It immediately needs credit from banks to continue operation. Because of fraud fiasco, banks are not ready to lend the company against receivables as collateral, saying it is very difficult to believe on the company’s statement as its balance sheet is under cloud.

Sources said that the board may decide to offer a seat to a bank, which will give it working capital. The board seat will give the bank inside information of its functioning and financial condition.

The board may also discuss appointment of remaining members. The government had sought permission from CLB to appoint 10 members, though it may not take the strength to 10. A senior official said the final number could be kept at five or seven.

The source added that as a first step, the government restricted itself to appointment of three members only, to avoid any clash of personality, which is crucial for smooth functioning of the board. So, government decided to select a core team first and later expand it. Some representation on the board could be given to institutional investors like Life Insurance Corporation.

 

ref:  thetimesofindia