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SpiceJet has offered to pay Rs.600 crore in cash in the share transfer case with its former promoter Kalanithi Maran and his firm KAL Airways for a full and final settlement of all disputes. The offer was made during the hearing in the Supreme Court today. Out of the principal amount of Rs. 578 crore awarded in arbitration, SpiceJet has already paid Rs. 308 crore in cash and deposited a bank guarantee of Rs.270 crore. Mukul Rohatgi, Senior Counsel appearing for SpiceJet proposed to pay the bank guarantee equivalent amount of Rs.270 crore in cash and top it up with additional Rs.22 crore aggregating the total payout to Rs.600 crore as full and final settlement of all disputes between the Parties. The Court has advised the other side to consider the proposal of SpiceJet and has listed the matter on 14 Feb 2022. Earlier an arbitration tribunal consisting of three retired judges from the Supreme Court, Arijit Pasayat, Hemant Laxman Gokhale and KSP Radhakrishnan in a unanimous decision had rejected the damages claim of Kalanithi Maran and Kal Airways against SpiceJet.   

Arvind Singh, Secretary, MOT, in his address at the Buddhist Circuit conference in Varanasi, shared that in a ministerial meeting, the Prime Minister has said that at the launch of Kushinagar airport, he would like to invite some Buddhist Circuit tour operators as well, so that they can get information about the circuit. Also, there will be 13 Buddhist countries’ ambassadors, as well as airline operators, since the idea is to promote the Buddhist religious tourism in the region.

The second day of FICCI Digital Travel, Hospitality & Innovation Summit 2018 focused on start-ups and what investors look for before they fund new businesses. Two sessions were held on investments, acquisitions and start-ups, followed by another start-up pitching session. The first panel discussion titled ‘The Future of consolidation, Merger & Acquisition & Foreign Investments in the Travel Industry’, was moderated by Alok Mittal, Founder & CEO , Indifi Technologies. The panel included Matt James,  Senior Manager, Corporate Strategy & Business Development, Amadeus Asia Pacific; Ankush Nijhawan, Co-Founder, TBO Group; Vikram Gupta, Founder & Managing Partner, IvyCap Venture; Tej Kapoor, Managing Director & Head, Fosun RZ Capital India; and Bhavik Vasa, Chief Growth Officer, EbixCash. The panelists discussed what it takes to attract investments and how they judge ideas to put money into them. The second panel, ‘Learning Through Peers : Case studies of  successful travel start-ups’, was moderated by Ashish Kumar, Co Chairman, FICCI Travel Technology Committee & Managing Partner, Agnitio Consulting. The panelists included Sakshi Vij, Founder & CEO, Myles; Anirudh Gupta, Co-Founder, Tripoto; Stephanie Strunk, Community Manager, Corporate Startegy, Amadeus Asia Pacific; Aishwarya Kachhal , Co-Chair, Harvard Business Alumni Angels India and Rajiv Malhotra, Founder, Hotel Launcher.

The fifth edition of the Global Panorama Showcase (GPS) has added a new city – Pune – which helps it cover the Vidarbha as well as the Marathwada region of Maharashtra. Madhu Saliankar, Director, EntReps Solutions, that promotes GPS, says, “We are adding a new city this time – Pune – which will be the sixth city to GPS. So in Maharashtra, we will be touching the Vidarbha region which also has a lot of potential as well as the Marathwada region. So two different regions in Maharashtra will be addressed in this edition of GPS. We will also be announcing the prices for the six cities. People can start booking their space. The participation price for one city is Rs 1 lakh, which includes accommodation for one person for two nights, participation fee, setting up of the booth, and networking dinners. We also have extra delegate charges. We are not doing the airfare this time as there are a lot of last-minute changes. For participation in all six cities, the fee is Rs 5,30,000 plus taxes.” The B2B travel event will start with Nagpur from January 19-21, 2017, and then go on to other cities starting from July and through August 2017.