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Ailing Kingfisher Airlines faces license cancellation

NEW DELHI/MUMBAI: India's aviation regulator is seeking legal opinion on cancelling the license of beleaguered carrier Kingfisher Airlines, which has grounded its fleet since Monday, Civil Aviation Minister Ajit Singh said on Friday. The airline controlled by liquor baron Vijay Mallya is seven months behind on salary payments to employees and has never turned a profit since its launch in 2005.

"Whether (aviation regulator) can suspend the license or not, we will not allow Kingfisher to fly unless they meet the concerns that the DGCA has on safety and on the ability to maintain their operations," the minister told ET Now television channel.

Earlier in the day, scores of Kingfisher Airlines employees, including pilots, engineers and technicians, took out a procession to the airlines office in Mumbai on Friday to demand their pending salaries and other dues. 

The protest came a day after the airlines management sought to increase pressure on its striking employees by extending its partial lock-out till October 12. 

"We are making three demands only — salary, salary, salary. Everything will be normal as soon as the management clears our pending dues since we are not able to run our households," a pilot taking part in the procession said on the condition of anonymity a day after a KFA staffer's wife committed suicide in New Delhi on Thursday. (With inputs from Reuters and IANS)

Hike in insurance FDI limit may attract Rs 30k cr: IRDA

HYDERABAD: The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that the industry requires over the next five years, Insurance Regulatory and Development Authority (IRDA) has said.

A day after the Centre announced its decision to allow up to 49 per cent Foreign Direct Investment in insurance, IRDA Chairman J. Hari Narayan said the move was essential as inflows are necessary for the sector to grow at 11 to 12 per cent.

"It (the FDI) will give boost to the insurance sector. And it is required any way. Otherwise, we don't have required capital for the insurance sector," Hari Narayan told PTI.

"If the insurance sector has to double then it would require at least Rs. 30, 000 crore (in the next five years)," he added.

Carrying forward the big-ticket reforms agenda, the government on Thursday decided to move ahead with its proposal to hike FDI ceiling in the insurance sector to 49 per cent, from 26 per cent at present.

The decision was taken by the Union Cabinet, headed by Prime Minister Manmohan Singh.

The government also gave the green signal to foreign investment in pension funds, saying the FDI limit could go up 49 per cent in line with cap in the insurance sector.

According to Irda, the insurance sector constitutes around 4.5 per cent to the GDP. Last year, the total premium collected was at Rs 2.83 lakh crore.

With the increase in the FDI limit, the percentage of contribution from insurance sector to the GDP may also go up, Hari Narayan said.

"This move will increase insurance sector share in the GDP also. If the GDP also raises then the percentage may remain marginally high," he said.

The premium income of the general insurance industry, comprising 21 private and four public sector insurers, stood at Rs 27,942 crore in the first five months of the current fiscal. It was 18 per cent higher than Rs 23,748 crore in the corresponding period in 2011-12.

However, the premium income of life-insurance industry declined by 15 per cent to Rs 34,358 crore in the first five months of the current fiscal, compared to Rs 40,654 crore in the same period last year. — PTI

SC denies bail to Jagan in disproportionate assets case

NEW DELHI: YSR Congress leader and Member of Parliament Y.S. Jaganmohan Reddy will have to be in jail for some more time with the Supreme Court on Friday dismissing his bail plea in the alleged multi-crore disproportionate assets case against him.

A bench of justices Aftab Alam and Ranjana Prakash Desai ruled that Jagan can apply for bail only after the CBI completes its investigation in all the seven other cases lodged against him.

“The contours are much larger,” the bench observed while refusing to entertain the persistent plea of senior counsel Gopal Subramaniam, who appeared for Jagan.

Responding to queries from the bench, the CBI said it would complete the investigation by March 31, 2013. However, it later told the bench that it would try to complete it much more expeditiously.

The apex court passed the order after Additional Solicitor General (ASG) Mohan Parasaran and senior counsel Ashok Bhan appearing for the CBI contended that Jagan cannot be granted bail as investigations were still underway in seven cases against him and letter rogatories have been issued to various countries as the cases have international ramifications.

Responding to queries from the bench, Parasaran said the total amount accumulated by Jagan and his associates, insofar as the four charge sheets have been filed, amounted to over Rs 3000 crore.

He submitted it would not be proper to release Jagan at this stage as the case “is a very serious economic offence that is unparalleled. The accused is also known for his political prowess. The saga of investigations is still continuing.”

“They are so influential that they can influence the witnesses even while being inside,” the ASG said.

Parasaran’s argument, however, was countered by Subramaniam who said bail was a statutory right and Mr. Jagan was entitled to the same as otherwise it would violate his right under article 21 of the Constitution. — PTI

Tendulkar to reassess his future next month

NEW DELHI: Sachin Tendulkar has for the first time admitted that at 39 he may not have much cricket left in him and will reassess his cricketing future next month.

Tendulkar’s retirement has been a topic of debate for quite some time now and the batting great said though he does not have any immediate plans; the thought of retirement has been on his mind.

He said that taking a decision on retirement after playing the game for close to 23 years will be a “hard one” and he will go by what his heart says.

“The moment of retirement is going to be hard because I haven’t experienced anything close to what I might go through when I retire. It depends on what my heart tells me then. I need not take a call right now. When I play in November, I will reassess things,” he said.

“I am 39 and I don’t think I have plenty of cricket left in me. But it depends on my frame of mind and my physical ability to deliver. When I feel that I am not delivering what is needed, and then I will re-look at the scheme of things. I am already 39 and no one expects me to go on playing forever,” Tendulkar told Times Now.

India play a four-match home Test series against England starting on November 15 in Ahmedabad.

Tendulkar, who holds almost all the records in world cricket after playing 190 Tests and 463 ODIs, said that it would be a tough call for him to hang his bat and he will go by what his heart says.

“I don’t know. It is going to be hard because I haven’t experienced anything close to what I might go through when I retire. I cannot relate this moment with any other moment in my life. It will be a tough call. I will go with what my heart says,” said Tendulkar, who has scored 15,533 in Tests and 18,426 runs in ODIs.

But I am still the best judge of what happens to my mind and body. When I feel it is time, I will take a call. It is going to be a tough call nevertheless. It is going to be tough because this is what I have been doing all my life. It is going to be difficult to suddenly hang my boots one day,” Tendulkar said.

The champion batsman also said he has been thinking about the moment of retirement for some time.

“Of course, I have been (thinking about it). I am 39 plus and it is not abnormal for me to think of it. At that moment, I will go by what my heart says. At this moment, my heart says I am okay. But you will have to look at series by series.”

One of his most cherished dreams was realised last year when India won the 50—over World Cup. Asked if he was game for competing in the 2015 edition, Tendulkar ruled out the possibility.

“At this stage, I don’t think it is possible. I am being very honest and straightforward. I am going series by series because it is also about what the team feels and what I feel inside...whether I have the motivation to continue,” he said.

Asked if he was pushing himself too hard to stay competitive and in top form at this stage of career, Tendulkar said, “I have always been pushing myself, for the last 22 years and more, to play for India. It had always been a dream.

There is no reason why I should not be pushing myself too hard. In fact, if I don’t, then you should question me on why I am not pushing myself hard enough.

“When you play for India, you are playing a team sport.

The team to move in the direction that the team wants you to move in. Everyone is striving to achieve something unique.

Especially because it is a matter of pride and honour to play for India.

“Playing cricket for India is something I am not willing to make a compromise on. The day I stop playing, I do not want to feel that I did not give it my best shot,” he added.

Tendulkar, however, refused to give a specific time frame for his retirement.

“Nobody decides in this manner. I do not know what is in store. I wish I knew. If I did know, I wouldn’t have had to wait for 22 years to lift the World Cup. Perhaps, I would have done it in the first instance in Australia in 91-92 then.

“I am looking at it series by series. As long as I feel that I can deliver, I will continue playing. It also depends on what the team feels and whether I am motivated enough to continue being on top of the game.”

Asked if his retirement would be from all forms of the game, he said, “It again depends on what my heart tells me then. I need not take a call right now.”

Sunil Gavaskar had suggested that age has caught up with Tendulkar after he was bowled thrice in the recent home Test series against New Zealand, but he conceded that it was natural for others to raise such questions.

“Sunil Gavaskar has also said positive things about me.

When there have been a lot of positive feedback as well, why keep harping only on the negative comments?” he asked

“Ultimately, if I am out, I am out. I can’t get stuck on one article about me and try to create something that the person is hoping to create out of it. I need to stay focused on the game and constantly keep finding ways to improve myself,” he said.

“There are two different things — scoring runs and what I feel. For instance, if this three-wicket ordeal had happened when I was 25, no one would have questioned it. Incidentally, it happened when I am 39, so questions were raised. This is natural,” he added.

Asked about another former captain Mohammed Azharuddin’s comments that his reflexes have slowed down with age, Tendulkar said, “When I met Sir Don Bradman in 1998-99 on his 90th birthday, he told me that it is natural for a batsman to change after he is 30. I have played quite well for nine years after I turned 30. It is natural for any person to slow down as he grows older.”

Tendulkar said he stays away from opinion of others about him to avoid getting affected.

“I have always stayed away from what people say about me, right from my younger days. My brother always told me that I need to keep away from all this to stay focused on the game.

Irrespective of criticisms or praises that come your way, it is important to stay focused and keep improving your game. — PTI

Online death threat to Roger Federer

Shanghai: World No. 1 Roger Federer has been a target of online death threat prompting the organisers of the Shanghai Masters to tighten his security. Federer, along with his family, is in China to take part in the Shanghai Masters.

As per media reports, an unknown blogger posted on a Chinese website revealing his plan to ‘assassinate’ the player under the name ‘Blue Cat Polytheistic Religion Founder 07.

"On October 6, I plan to assassinate Federer for the purpose of tennis extermination," the message read on the website.

The blogger even went on to the extent of posting a doctored image depicting a decapitated Federer on his knees on a tennis court with an executioner dressed in black holding an axe standing next to him.

Taking no chances, police and other security agencies have been contacted to bolster security cover around the Swiss, an an official with the tournament`s organising committee was quoted as saying in a leading Chinese daily.