Subramanian Swamy Moves Delhi HC Seeking Quashing Of Air India Disinvestment Process

Dr. Subramanian Swamy has moved the Delhi High Court seeking to quash the Air India Disinvestment process, ANI reported

A Division Bench of Justice DN Patel and Justice Jyoti Singh will hear the matter on Tuesday

In the petition, Swamy sought direction to set aside and revoke any decision or grant of any further approvals/ permissions/permits, etc. by the authorities with respect to the present Air India disinvestment process.

Swamy, through Advocate Satya Sabarwal, also sought direction to the Central Bureau of Investigation (CBI) to investigate the role and functioning of the respondent authorities and submit a detailed report in the present Air India Disinvestment process exclusively to the Court.

Tata Sons had recently won the bid for acquiring national carrier Air India for Rs 18,000 crore successfully Centre's attempts to privatize the debt-laden airline.

In October last year, the central government accepted the highest bid made by a Tata Sons company for 100 per cent equity shares of Air India and Air India Express along with its 50 per cent stake in ground-handling company AISATS -- the first privatisation in 20 years.

On October 25 last year, the government had signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and takeover Rs 13,500 crore of the airline’s debt.

Tatas beat the Rs 15,100 crore offer by a consortium led by Spicejet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrier.

As of August 31, 2021, Air India had a total debt of Rs 61,562 crore. 75 per cent of this debt or Rs 46,262 crore will be transferred to a special purpose vehicle AIAHL before handing over the airline to the Tata group.