Top headlines: Air India owner can trim fleet; India monitors Covid strain

From stock benefits for contract workers of listed companies to Delhi HC rejecting plea for injunction against Amazon, here are top headlines this morning

Air India's new owner may be allowed to trim fleet size, lay off staff

The central government is likely to make it easier for the new owner of Air India (AI) to trim the national carrier’s fleet size by hiving off surplus aircraft lying grounded, even as the aviation sector waits for the pandemic’s vise-like grip to loosen. Since the skies are far from clear, the new owner will also be allowed to lay off employees, given their requirement will shrink with the reduction in the fleet size, said officials in the know. Read More

Contract workers of listed companies may soon have stock benefits

Workers hired on contract by listed companies may soon become eligible for stock-related employee benefits, including stock-option plans. Currently permanent employees, directors, and executives are eligible for such allotments. However, promoters and independent directors will remain ineligible for employee benefits. The move will be a shot in the arm for start-ups and technology companies that hire consultants at middle levels. Read More

New Covid-19 strain: India alert, no need to panic, says Harsh Vardhan

Union Health Minister Harsh Vardhan on Monday sought to calm nerves over the new and more infectious strain of coronavirus gripping parts of the United Kingdom, saying the government was "fully alert". “Do not get tangled in imaginary situations, talks and panic. The government is fully alert. In the last one year, we have taken all necessary measures to ensure the safety of people. There's no reason to panic so much,” Vardhan said on the sidelines of the India International Science Festival 2020. Read More

New coronavirus strain infects global markets; Sensex, Nifty fall over 3%

Global stocks tumbled on Monday amid panic selling as a new strain of coronavirus emerging from the UK led to fresh travel restrictions, casting a cloud over the prospects of economic recovery. The Sensex plunged 1,407 points, or 3 per cent, to end at 45,554 in its biggest fall in percentage terms since April, while the Nifty dropped 432 points, or 3.14 per cent, to end the session at 13,328. Read More

IBC to remain 'rightfully' suspended till FY21 end: FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Monday said the Insolvency and Bankruptcy Code (IBC) would remain suspended until the end of the current financial year in view of “major stress” owing to the Covid-19 pandemic. “The suspension of the IBC has been postponed even further, from 25th of December to, I think, March 31, 2021,” Sitharaman said while addressing the Bangalore Chamber of Industry and Commerce via videoconferencing. Read More

Wistron plant violence: Enough stocks of iPhone SE 2020, says Apple

Labour trouble at the Wistron plant in Bengaluru has not affected Apple Inc, which has enough stocks of iPhone SE 2020 and is in a position to divert the ones for export to the market in India. It will continue to manufacture the model in accordance with the existing order because only new orders have been put on hold. Read More

Gulf travel ban imposed for 7-8 days, to hit Indian and West Asian airlines

Closure of borders by Kuwait, Oman and Saudi Arabia will hurt Indian and West Asian airlines which were seeing a pick up in traffic. While India has suspended all flights from UK till December 31, the three West Asian states have stopped air travel from countries around the world for next 7-9 days. Read More

Mahindra-owned SsangYong files for bankruptcy second time in 11 years

Mahindra & Mahindra (M&M)-owned SsangYong Motor Company (SYMC) has filed for bankruptcy. While there are enough instances of failed overseas acquisitions, the company — bought from a court receivership by an Indian company — heading back to bankruptcy after a decade is unheard of. On Monday, SYMC intimated the Korean Stock Exchange regarding the commencement of rehabilitation procedure with the Seoul Bankruptcy Court, M&M said in a notification to the stock exchanges. Read More

Reliance-Future deal: Delhi HC rejects plea for injunction against Amazon

The Delhi High Court on Monday refused to restrain Jeff Bezos-led Amazon from interfering in Kishore Biyani-headed Future Retail’s $3.4 billion deal with Mukesh Ambani-owned Reliance Retail by writing to statutory authorities. The order was pronounced by a Single Judge Bench of Justice Mukta Gupta in the suit by Future Retail Ltd after an Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) restrained Future Group from taking any steps in furtherance of the transaction with Reliance Retail, according to the information available on law platform Bar & Bench. Read More