Nov 27, 2013, 09.09 PM IST
The rectification was sought on the portion talking about Etihad's right to nominate certain board members being "significant", as also on the observation that Etihad was getting a "joint control" in running Jet Airways.
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Jet-Etihad: CII rejects plea to remove 'joint-control' view
The rectification was sought on the portion talking about Etihad's right to nominate certain board members being "significant", as also on the observation that Etihad was getting a "joint control" in running Jet Airways.
Like this story, share it with millions of investors on M3
Jet-Etihad: CII rejects plea to remove 'joint-control' view
The rectification was sought on the portion talking about Etihad's right to nominate certain board members being "significant", as also on the observation that Etihad was getting a "joint control" in running Jet Airways.
Also read: CCI's stance on Jet-Etihad deal unlikely to change
The two parties -- Abu Dhabi-based Etihad and Naresh Goyal-led Jet Airways -- had sought "rectification" to two parts of the order passed by the Competition Commission of India (CCI) on November 12 while clearing the deal.
The rectification was sought on the portion talking about Etihad's right to nominate certain board members being "significant", as also on the observation that Etihad was getting a "joint control" in running Jet Airways.
Both pleas were rejected by CCI, the fair trade regulator, in a fresh order dated November 26 and published today. This would not have any impact on the earlier CCI order passed on November 12 which said the Jet-Etihad deal did not pose any threat to competition. However, CCI's observations about Etihad gaining joint control and "significant" rights to appoint directors on Jet's board differ from the companies' assertion and submissions before other regulators and agencies in this regard.
Passing the order, CCI said that the views/observations of the Commission regarding Etihad's joint control over Jet which are based on certain facts discussed in the November 12 order.
"While mistakes apparent on the record could be rectified ..., observation(s)/decision(s) of the Commission cannot be a subject matter of rectification," CCI said.
The deal was announced earlier this year and its closure was announced by the two companies last week. Etihad is acquiring 24 per cent stake for about Rs 2,060 crore. Besides CCI, Sebi, FIPB and other agencies have also cleared the deal but it has been taken to the Supreme Court by Subramanian Swamy.
Jet Airways stock price
On November 27, 2013, Jet Airways closed at Rs 293.80, down Rs 12.6, or 4.11 percent. The 52-week high of the share was Rs 688.60 and the 52-week low was Rs 280.00.
The latest book value of the company is Rs -27.75 per share. At current value, the price-to-book value of the company was -10.59.
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