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BI India Bureau
22 Sep 2023, 09:58

Glenmark to divest 75% stake in Glenmark Life Sciences to Nirma; stock slips

Glenmark to divest 75% stake in Glenmark Life Sciences to Nirma; stock slips

Glenmark to divest 75% stake in Glenmark Life Sciences to Nirma; stock slips

​The Glenmark Pharmaceuticals stock was almost down 5% in Friday morning trade after the pharma major announced last evening that its board has approved to divest 75% stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,651.5 crore. Glenmark says one of the reasons for divestment is the divergent business models of the company and its subsidiary.

Indian aviation regulator suspends Air India's Chief of Flight Safety
21 Sep 2023, 13:10

Indian aviation regulator suspends Air India's Chief of Flight Safety

The Directorate General of Civil Aviation has suspended Air India's Chief of Flight Safety for a month after an inspection found lapses in the airline's accident prevention protocol. DGCA found deficiencies in the accident prevention work carried out by the airline and the availability of the requisite technical manpower as required in the approved Flight Safety Manual and the relevant civil aviation requirements.

Pilot resignations leave Akasa Air in 'state of crisis'; Delhi HC to hear case on Sept 22
BI India Bureau
21 Sep 2023, 09:41

Pilot resignations leave Akasa Air in 'state of crisis'; Delhi HC to hear case on Sept 22

Budget airline Akasa Air has moved the Delhi High Court, seeking direction to aviation watchdog Directorate General of Civil Aviation (DGCA) to take action against those pilots who left the airline without serving their mandatory contractual notice period. 40 pilots have left the airline without serving the mandatory notice period. The CEO has said that the airline is well-run with strong finances.