TMC stages protest over Air India disinvestment

The All India Trinamool Congress (TMC) MPs on Monday staged a protest in the Parliament premises against the disinvestment of national carrier Air India (AI).

Trinamool Congress MP Saugata Roy, who was also the Union Minister of State for Urban Development in the Manmohan Singh government, said Air India is the national asset and disinvestment shows that there is possibly a scam going on.

"The Parliamentary Standing Committee is discussing this matter and judging the issue in the house. Disinvestment is wrong and illegal and we are protesting against it, as they should do everything will full transparency but they are not doing it so," he said.

Earlier last week, TMC spokesperson Derek O' Brien had said the government went ahead and announced the "privatisation plan" of Air India while the Parliament's Standing Committee was busy discussing it.

"One by one, every institution is being compromised and subverted. Now even standing committee of Parliament not spared. While it is discussing Air India, government goes ahead and announces privatisation plan and minister gives details today. Democracy hijacked by executive class?" he asked on Twitter.

On March 28, the government appointed Ernst & Young LLP India (EY) as its transaction advisor for advising and managing the proposed strategic disinvestment of Air India.

This includes transfer of management control and sale of 76 percent equity share capital of the airlines held by the government.

The disinvestment proposal also includes AI's shareholding interest in the Air India Express Limited (AIXL) and Air India SATS Airport Services Private Limited (AISATS).

Air India inter alia holds 100 percent equity share capital of AIXL and 50 percent equity share capital of AISATS.

As on December 31 2017, AI's authorised capital is Rs 300 billion divided into 30,00,00,00,000 equity shares of Rs. 10 each and its paid up share capital is Rs. 267 billion divided into 26,75,30,00,000 equity shares held by the President of India.

Air India has an operating fleet of 115 aircraft as on 31st December 2017, mainly comprising Airbus and Boeing aircraft such as A-319, A-320, A-321, B-747, B-777 and B-787 out of which 69 are owned / on finance lease, 24 are on sale and lease back model and balance are on operating lease.