Reacting to the FIPB's go-ahead, Kumkum Sen, partner, Bharucha Partners points out that a conditional clearance would not in any manner hamper the deal. "If the FIPB feels that is the way of overcoming the roadblock then why not? Etihad and Jet will both have to comply certain conditions going forward." On the government placing the decision in Sebi hands, Kumkum Sen adds, "It is up to Sebi, however, all regulators are trying to make this deal happen."
Market expert SP Tulsian of sptulsian.com says that the FIPB clearance would be seen as positive by the market.
Amber Dubey, partner and head — aviation, KPMG, terms the clearance as a positive development. "However, one has to also step back and just take a look at the amount of hours, weeks or months spent on going through a private contract between two private entities in a sector where there is very little for government to intervene in. The whole process, due to the number of approvals needed, has completely wasted the time of various government agencies. Frankly, this needs to be debated upon. I am sure if we go by the Mayaram Committee, the FDI limit should be taken to 100 percent or at least 74 percent for foreign carriers."
On how the benefits and the synergies will translate into reality, Dubey says, "We have to just step back a little and view the whole deal in its entirety. It is not a question of whether this is good or bad. This deal is very essential to keep Jet Airways alive. Frankly speaking, there is little to lose on shift of MRO operations to Abu Dhabi and all concerns are due to an irrational taxation policy. The deal will enable synergy of benefits in procurement of oil, spare parts, aircrafts or even training of personnel."
On the aspect of effective control, officials from Jet and Etihad have amended the shareholder and various other agreements, Ravi Nath of RNC Legal says that the open offer at this point may be announced. "In my opinion, there is no need for an open offer. On the issue of control, Sebi will have to check if there is effective control in the revised agreement."
Clarifying Sebi's role, JN Gupta, former executive director, Sebi explains, "First, we have the meaning of control according to the government needs to understood. The takeover code is limited to the protection for the minority shareholders concerned. Second, it needs to be seen if the provisions of the takeover code or FIPB's riders are followed in spirit."
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