Aviation Minister Ajit Singh told CNBC-TV18 that civil aviation ministry had many issues with the earlier agreement, but now the agreement has only one issue and that is with the language of the deal. According to him any company in India has to be governed by the Indian laws and thus some change in language is needed.
Sebi has not come out with it officially, to which Singh feels said that Sebi had sent their comments to FIPB and it is finally clearing it. "So, it is for the FIPB to announce it and they have done it,' he added.
Singh said the clearance of the deal restores faith of investors. "All issues pertaining to place of business have been resolved," he told CNBC-TV18.
The minister also assured of clarity on bilateral treaty soon.
Also read: FIPB clears Jet Airways-Etihad Airways deal but with riders
Below is the verbatim transcript of his interview to CNBC-TV18
Q: What is the issue with the agreement now?
A: There were lot of problems earlier put forward by Securities and Exchange Board of India (Sebi) and Corporate Affairs Ministry. Civil Aviation Ministry had many issues with the earlier agreement. But now the agreement has only one issue and that is about some change in language because one of the clauses says it is governed by the English law and under London rules of arbitration all disputes will be taken there. For arbitration it is acceptable, that is what happens in most deals between two countries, but it has to be governed by Indian laws and it is just some change in language. Obviously, any company in India has to be governed by the Indian laws.
Q: There are also clauses where it says any change in shareholders' agreement (SHA) will have to first approved by the Indian government?
A: That is always there whether it says or not. The shareholders' agreement means number of directors, how decisions are taken and all that. So, under the Indian Aircraft Act of 1934 any change they make, they have to take approval from the Civil Aviation Ministry.
Q: What about the clearance from Sebi? It had written to Jet explaining what are the possible roadblocks and hurdles that it has in clearing it?
A: Sebi has cleared everything. All they said was that shareholder agreement doesn't have to be signed now, but whatever they have signed and we have raised their issues, they have already changed it and they have met all the requirements.
Q: Sebi has not come out with it officially. It is something that is market-moving information that you are giving it to us?
A: Sebi send their comments to FIPB. FIPB is finally clearing it. So, it is for the FIPB to announce it and they have announced it.
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