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Reliance Industries on Wednesday said it had made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders. Hours after Invseco named Reliance as the firm that could help revive the television company's fortunes, Mukesh Ambani's company issued a statement clarifying its position.

"We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate," a media statement by Reliance Industries Limited.

'Continuation of Mr Goenka as Managing Director'

"Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka," the statement added.

It is important to note here that Reliance's media statement also confirms what ZEEL said about continuation of Punit Goenka as Managing Director &amp; CEO of ZEEL.

Also, people in the know of the matter say that 6 names for Board of Directors suggested by Invesco are related to Reliance in some way or the other and this is a matter which now needs to be investigated by SEBI and other agencies.

'Invesco assisted Reliance in arranging discussion'

As per the Reliance Industries Limited's media statement, "In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee. We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee."

"However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases. At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further," the statement concluded.

FULL TEXT: MEDIA STATEMENT by Reliance Industries Limited

"We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate.

In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee.

We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee.

Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka.

However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases.

At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further."

Reliance Industries on Wednesday said it had made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders.

Reliance Industries on Wednesday said it had made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders. Hours after Invseco named Reliance as the firm that could help revive the television company's fortunes, Mukesh Ambani's company issued a statement clarifying its position. "We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate," a media statement by Reliance Industries Limited. 'Continuation of Mr Goenka as Managing Director' "Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka," the statement added. It is important to note here that Reliance's media statement also confirms what ZEEL said about continuation of Punit Goenka as Managing Director & CEO of ZEEL. Also, people in the know of the matter say that 6 names for Board of Directors suggested by Invesco are related to Reliance in some way or the other and this is a matter which now needs to be investigated by SEBI and other agencies. 'Invesco assisted Reliance in arranging discussion' As per the Reliance Industries Limited's media statement, "In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee. We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee." "However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases. At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further," the statement concluded. FULL TEXT: MEDIA STATEMENT by Reliance Industries Limited "We regret our being drawn into the dispute between Zee and Invesco. The reports in the media are not accurate. In February/ March 2021, Invesco assisted Reliance in arranging discussions directly between our representatives and Mr Punit Goenka, member of the founder family and Managing Director of Zee. We had made a broad proposal for merger of our media properties with Zee at fair valuations of Zee and all our properties. The valuations of Zee and our properties were arrived at based on the same parameters. The proposal sought to harness the strengths of all the merging entities and would have helped to create substantial value for all, including the shareholders of Zee. Reliance always endeavours to continue with the existing management of the investee companies and reward them for their performance. Accordingly, the proposal included continuation of Mr Goenka as Managing Director and issue of ESOPs to management, including Mr Goenka. However, differences arose between Mr Goenka and Invesco with respect to a requirement of the founding family for increasing their stake by subscribing to preferential warrants. The investors seemed to be of the view that the founders could always increase their stake through market purchases. At Reliance, we respect all founders and have never resorted to any hostile transactions. So,we did not proceed further."

ZEEL-Invesco: Reliance confirms merger proposal included continuation of Punit Goenka as Zee MD & CEO

India's economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday.

India's growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections.

<a href="https://www.wionews.com/business-economy/imf-cuts-chinas-growth-forecast-amid-disorderly-corporate-debt-defaults-420197">Also Read:&nbsp;IMF cuts China's growth forecast amid 'disorderly corporate debt defaults'</a>

According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, the world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022.

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<blockquote class="twitter-tweet">
IMF Projections: 2022 
 
USA🇺🇸: 5.2% 
Germany🇩🇪: 4.6% 
France🇫🇷: 3.9% 
Italy🇮🇹: 4.2% 
Spain🇪🇸: 6.4% 
Japan🇯🇵: 3.2% 
UK🇬🇧: 5% 
Canada🇨🇦: 4.9% 
China🇨🇳: 5.6% 
India🇮🇳: 8.5% 
Russia🇷🇺: 2.9% 
Brazil🇧🇷: 1.5% 
Mexico🇲🇽: 4% 
KSA🇸🇦: 4.8% 
Nigeria🇳🇬: 2.7% 
S. Africa🇿🇦: 2.2%<a href="https://t.co/j0FIiCr9li">https://t.co/j0FIiCr9li</a> <a href="https://twitter.com/hashtag/WEO?src=hash&amp;ref_src=twsrc%5Etfw">#WEO</a> <a href="https://t.co/SLNNQqHyt1">pic.twitter.com/SLNNQqHyt1</a>
— IMF (@IMFNews) <a href="https://twitter.com/IMFNews/status/1447924122705616902?ref_src=twsrc%5Etfw">October 12, 2021</a></blockquote>
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The United States is projected to grow at six per cent this year and 5.2 per cent the next year.

China, on the other hand, the IMF said is projected to grow at 8 per cent in 2021 and 5.6 per cent in 2022.

Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 per cent and is unchanged for 2022 at 4.9 per cent. However, this modest headline revision masks large downgrades for some countries.

"The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions,? she said.

"Partially offsetting these changes, projections for some commodity exporters have been upgraded on the back of rising commodity prices. Pandemic-related disruptions to contact-intensive sectors have caused the labour market recovery to significantly lag the output recovery in most countries,"&nbsp;the Indian-American economist added.

Observing that the dangerous divergence in economic prospects across countries remains a major concern, she said aggregate output for the advanced economy group is expected to regain its pre-pandemic trend path in 2022 and exceed it by 0.9 per cent in 2024.

"By contrast, aggregate output for the emerging market and developing economy group (excluding China) is expected to remain 5.5 per cent below the pre-pandemic forecast in 2024, resulting in a larger setback to improvements in their living standards,"&nbsp;she added.

Noting that a principal common factor behind these complex challenges is the continued grip of the pandemic on global society, Gopinath said that the foremost policy priority is, therefore, to vaccinate at least 40 per cent of the population in every country by end-2021 and 70 per cent by mid-2022.

"This will require high-income countries to fulfill existing vaccine dose donation pledges, coordinate with manufacturers to prioritise deliveries to COVAX in the near-term and remove trade restrictions on the flow of vaccines and their inputs,"&nbsp;she said.

India's economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday.

India's economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund on Tuesday. India's growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections. Also Read: IMF cuts China's growth forecast amid 'disorderly corporate debt defaults' According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, the world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022. IMF Projections: 2022 USA🇺🇸: 5.2% Germany🇩🇪: 4.6% France🇫🇷: 3.9% Italy🇮🇹: 4.2% Spain🇪🇸: 6.4% Japan🇯🇵: 3.2% UK🇬🇧: 5% Canada🇨🇦: 4.9% China🇨🇳: 5.6% India🇮🇳: 8.5% Russia🇷🇺: 2.9% Brazil🇧🇷: 1.5% Mexico🇲🇽: 4% KSA🇸🇦: 4.8% Nigeria🇳🇬: 2.7% S. Africa🇿🇦: 2.2%https://t.co/j0FIiCr9li #WEO pic.twitter.com/SLNNQqHyt1 — IMF (@IMFNews) October 12, 2021 × The United States is projected to grow at six per cent this year and 5.2 per cent the next year. China, on the other hand, the IMF said is projected to grow at 8 per cent in 2021 and 5.6 per cent in 2022. Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 per cent and is unchanged for 2022 at 4.9 per cent. However, this modest headline revision masks large downgrades for some countries. "The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. The downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions,? she said. "Partially offsetting these changes, projections for some commodity exporters have been upgraded on the back of rising commodity prices. Pandemic-related disruptions to contact-intensive sectors have caused the labour market recovery to significantly lag the output recovery in most countries," the Indian-American economist added. Observing that the dangerous divergence in economic prospects across countries remains a major concern, she said aggregate output for the advanced economy group is expected to regain its pre-pandemic trend path in 2022 and exceed it by 0.9 per cent in 2024. "By contrast, aggregate output for the emerging market and developing economy group (excluding China) is expected to remain 5.5 per cent below the pre-pandemic forecast in 2024, resulting in a larger setback to improvements in their living standards," she added. Noting that a principal common factor behind these complex challenges is the continued grip of the pandemic on global society, Gopinath said that the foremost policy priority is, therefore, to vaccinate at least 40 per cent of the population in every country by end-2021 and 70 per cent by mid-2022. "This will require high-income countries to fulfill existing vaccine dose donation pledges, coordinate with manufacturers to prioritise deliveries to COVAX in the near-term and remove trade restrictions on the flow of vaccines and their inputs," she said.

Indian economy to grow at 9.5 per cent in 2021: IMF

The International Monetary Fund(IMF) lowered China's growth for this year citing "large-scale disorderly corporate debt defaults or restructuring".

The IMF added that&nbsp;"China's property sector could reverberate widely". IMF predicted China will grow at 8.0 per cent this year down by 0.1 percentage point from its July estimate.

<a href="https://www.wionews.com/world/now-chinas-move-to-cut-silicon-production-disrupts-global-economy-417923">Also Read |&nbsp;Now, China's move to cut silicon production disrupts global economy</a>

China has been hit by coal and power shortages including the Evergrande property crisis. &nbsp;Evergrande has been struggling to clear its massive&nbsp;$300 billion in liabilities dragging down markets.

"China's prospects for 2021 are marked down slightly due to stronger-than-anticipated scaling back of public investment," the IMF said.

<a href="https://www.wionews.com/world/now-chinas-move-to-cut-silicon-production-disrupts-global-economy-417923">Also Read:&nbsp;Now, China's move to cut silicon production disrupts global economy</a>

In April, the IMF had pegged China's growth this year at 8.4 per cent. The international fund also lowered China's growth for next year to 5.6 per cent.

The IMF also highlighted&nbsp;"stronger-than-anticipated" pullback in public spending in China leading to growth going on a downward spiral.

<a href="https://www.wionews.com/world/china-rust-belt-province-warns-of-more-shortages-in-energy-crisis-419929">Also Read:&nbsp;China rust-belt province warns of more shortages in energy crisis</a>&nbsp;

The IMF projected the global economy would to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022 which is 0.1 percentage points lower for 2021 than the July forecast.&nbsp;

According to IMF, India's economy is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022.

"The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics," Gita Gopinath, chief economist of the IMF, said.

(With inputs from Agencies)

The International Monetary Fund(IMF) lowered China's growth for this year citing "large-scale disorderly corporate debt defaults or restructuring". The IMF added that "China's property sector could reverberate widely".

The International Monetary Fund(IMF) lowered China's growth for this year citing "large-scale disorderly corporate debt defaults or restructuring". The IMF added that "China's property sector could reverberate widely". IMF predicted China will grow at 8.0 per cent this year down by 0.1 percentage point from its July estimate. Also Read | Now, China's move to cut silicon production disrupts global economy China has been hit by coal and power shortages including the Evergrande property crisis. Evergrande has been struggling to clear its massive $300 billion in liabilities dragging down markets. "China's prospects for 2021 are marked down slightly due to stronger-than-anticipated scaling back of public investment," the IMF said. Also Read: Now, China's move to cut silicon production disrupts global economy In April, the IMF had pegged China's growth this year at 8.4 per cent. The international fund also lowered China's growth for next year to 5.6 per cent. The IMF also highlighted "stronger-than-anticipated" pullback in public spending in China leading to growth going on a downward spiral. Also Read: China rust-belt province warns of more shortages in energy crisis The IMF projected the global economy would to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022 which is 0.1 percentage points lower for 2021 than the July forecast. According to IMF, India's economy is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022. "The outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics," Gita Gopinath, chief economist of the IMF, said. (With inputs from Agencies)

IMF cuts China's growth forecast amid 'disorderly corporate debt defaults'

Indian companies are not only performing well in India but they have big global expansion plans as well. One such company is Cars24, which values around 2 billion dollars. It is fast expanding overseas too, to know more about it watch this report.

Cars24: Aiming to disrupt UAE's used car market

Evergrande groups offshore bondholders are now concerned that it is now close to defaulting on debt payments and wants more clarity and transparency.

World Business Watch: Evergrande woes hit China property bonds

Treasury secretary Jenet Yellen is confident that US Congress would approve legislation to implement global corporate minimum tax agreed by 136 countries.

Minimum global tax rate of 15% for big companies

Goldman Sachs cut its U.S. economic growth target to 5.6% for 2021 and to 4% for 2022 citing an expected decline in fiscal support through the end of next year and a more delayed recovery in consumer spending than previously expected.

Goldman cuts growth forecast for 2021, 2022

In a sign of normalcy coming back to the aviation market, tech firm Honeywell International Inc has raised its outlook for jet deliveries as the aviation sector shaves off the effects of the covid 19 pandemic.

Honeywell raises outlook for jet deliveries

The National Company Law Appellate Tribunal (NCLAT) in its order on Thursday has said that the National Company Law Tribunal has not given sufficient time to Zee Entertainment Enterprises Limited (ZEEL) to file its reply on Invesco plea. NCLAT further said that not giving sufficient time to ZEEL to file a reply is against the principles of natural justice.

ZEEL should get sufficient time to file reply- NCLAT tells NCLT

Union minister Nitin Gadkari claimed on Friday that Tesla has been told not to sell vehicles made in China in India and to instead make them here.

He also encouraged the Elon Musk-led firm to export automobiles made in India.

Gadkari went on to say that Tata Motors' electric automobiles are no less good than Tesla's electric cars.

Tesla has requested that import taxes on electric cars (EVs) be reduced in India.&nbsp;

"I have told Tesla that you don't sell electric cars in India that your company has manufactured in China. You should make electric cars in India, and also export cars from India, " he said.

"Whatever support you (Tesla) want, will be provided by our government," Gadkari added.

Tesla has urged the government to standardise EV pricing and remove the social welfare surcharge placed on them, claiming that it would help the country's EV ecosystem without jeopardising local interests.

Gadkari stated that he was in discussions with Tesla executives over the company's desire for tax breaks.

Last month, the Union minister demanded that Tesla begin manufacturing in India before any tax breaks could be considered.&nbsp;

The Indian government imposes a 100% import tariff on vehicles, whereas fully built units (CBUs) are subject to a customs duty ranging from 60% to 100%, depending on engine size and cost, insurance, and freight (CIF) value less or greater than $40,000.

The taxes are intended to safeguard domestic producers, and despite Musk's open appeal, the government's stance has remained unaltered thus far.&nbsp;

(With inputs from agencies)

Union minister Nitin Gadkari claimed on Friday that Tesla has been told not to sell vehicles made in China in India and to instead make them here. He also encouraged the Elon Musk-led firm to export automobiles made in India.

Union minister Nitin Gadkari claimed on Friday that Tesla has been told not to sell vehicles made in China in India and to instead make them here. He also encouraged the Elon Musk-led firm to export automobiles made in India. Gadkari went on to say that Tata Motors' electric automobiles are no less good than Tesla's electric cars. Tesla has requested that import taxes on electric cars (EVs) be reduced in India. "I have told Tesla that you don't sell electric cars in India that your company has manufactured in China. You should make electric cars in India, and also export cars from India, " he said. "Whatever support you (Tesla) want, will be provided by our government," Gadkari added. Tesla has urged the government to standardise EV pricing and remove the social welfare surcharge placed on them, claiming that it would help the country's EV ecosystem without jeopardising local interests. Gadkari stated that he was in discussions with Tesla executives over the company's desire for tax breaks. Last month, the Union minister demanded that Tesla begin manufacturing in India before any tax breaks could be considered. The Indian government imposes a 100% import tariff on vehicles, whereas fully built units (CBUs) are subject to a customs duty ranging from 60% to 100%, depending on engine size and cost, insurance, and freight (CIF) value less or greater than $40,000. The taxes are intended to safeguard domestic producers, and despite Musk's open appeal, the government's stance has remained unaltered thus far. (With inputs from agencies)

China-made electric vehicles should not be sold in India: Modi govt to Elon Musk

Ratan Tata, the legendary Indian businessman and chairman of Tata Trusts, welcomed back Air India through a tweet as the Tata Sons regained control of Air India - nearly 70 years after its nationalisation.

The transaction brings Air India full circle, since it was launched in 1932 as Tata Airlines by family heir and aviation enthusiast Jehangir Ratanji Dadabhoy Tata. 
 
<a href="https://www.wionews.com/business-economy/tata-sons-wins-the-bid-for-acquiring-national-carrier-air-india-for-rs-180-billion-419139">Also read | Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion</a> 
&nbsp;

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Welcome back, Air India 🛬🏠 <a href="https://t.co/euIREDIzkV">pic.twitter.com/euIREDIzkV</a>
— Ratan N. Tata (@RNTata2000) <a href="https://twitter.com/RNTata2000/status/1446431109122650118?ref_src=twsrc%5Etfw">October 8, 2021</a></blockquote>
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The link between the Tata Group and Air India dates back to 1932, when famous businessman and India's first commercially certified pilot JRD Tata founded the national airline.

The original service provided a weekly airmail service from Karachi to Madras via Ahmedabad and Bombay.

The airline quickly grew to include passenger planes, and in 1938 it began international flights.

With the addition of Columbo to its list of destinations, the airline's name was changed to Tata Air Services, and then to Tata Airlines.&nbsp;

During World War II, the famous airlines performed support flights for the British Royal Air Force in Burma.

After the war, the airline changed its name to the now-iconic Air India.

The Union government then became interested in Air India and purchased a 49 percent share in it.

Soon after, the government seized control of the airline from Tata Sons and nationalised it under the Air Corporations Act in 1953.

(With inputs from agencies)

Ratan Tata, the legendary Indian businessman and chairman of Tata Trusts, welcomed back Air India through a tweet as the Tata Sons regained control of Air India - nearly 70 years after its nationalisation.

Ratan Tata, the legendary Indian businessman and chairman of Tata Trusts, welcomed back Air India through a tweet as the Tata Sons regained control of Air India - nearly 70 years after its nationalisation. The transaction brings Air India full circle, since it was launched in 1932 as Tata Airlines by family heir and aviation enthusiast Jehangir Ratanji Dadabhoy Tata. Also read | Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion Welcome back, Air India 🛬🏠 pic.twitter.com/euIREDIzkV — Ratan N. Tata (@RNTata2000) October 8, 2021 × The link between the Tata Group and Air India dates back to 1932, when famous businessman and India's first commercially certified pilot JRD Tata founded the national airline. The original service provided a weekly airmail service from Karachi to Madras via Ahmedabad and Bombay. The airline quickly grew to include passenger planes, and in 1938 it began international flights. With the addition of Columbo to its list of destinations, the airline's name was changed to Tata Air Services, and then to Tata Airlines. During World War II, the famous airlines performed support flights for the British Royal Air Force in Burma. After the war, the airline changed its name to the now-iconic Air India. The Union government then became interested in Air India and purchased a 49 percent share in it. Soon after, the government seized control of the airline from Tata Sons and nationalised it under the Air Corporations Act in 1953. (With inputs from agencies)

'Welcome back, Air India': Ratan Tata tweets as airline returns to Bombay House after 68 years

In a significant step, the National Company Law Tribunal (NCLT) has granted time to Zee Entertainment Enterprises Limited (ZEEL) till October 22nd to file its response to the Invesco case.

The development comes a day after the National Company Law Appellate Tribunal (NCLAT) ruled that the National Company Law Tribunal (NCLT) did not allow Zee Entertainment Enterprises Limited (ZEEL) enough time to respond to Invesco's petition.

NCLAT went on to say that not providing ZEEL enough time to file a response is a violation of natural justice principles.

The appeal tribunal ruled that ZEEL should have been given more time to respond to Invesco's request.&nbsp;

Commenting on the NCLAT order and hailing it, ZEEL spokesperson said, "The decision of the National Company Law Appellate Tribunal (NCLAT) today, justifies our complete faith in the Indian judicial system."

The ZEEL spokesperson added, "The due process of the law grants everyone an opportunity to present their case. NCLAT has taken cognizance of our plea and has reinforced the principles of natural justice, granting us a reasonable opportunity to be heard. The Company will continue to take all the necessary steps that are in the best interests of all its shareholders and as per the applicable law."

Earlier, the founder of Zee Entertainment Enterprises Limited (ZEEL), Dr Subhash Chandra, on Wednesday spoke to Zee News Editor-in-Chief Sudhir Chaudhary on the most popular news programme, DNA, on the matter of ZEEL and Invesco.

Slamming Invesco and people hidden behind Invesco and issuing directions to the investor, Dr Subhash Chandra said, "Invesco is trying to take over ZEEL by illegal means. This is very wrong. I don't know if China is trying to do this but this won't happen at any cost. "

"The government of this country and laws of this nation will never let take over of ZEEL happen by Invesco," Dr Chandra added.

In a significant step, the National Company Law Tribunal (NCLT) has granted time to Zee Entertainment Enterprises Limited (ZEEL) till October 22nd to file its response to the Invesco case.

In a significant step, the National Company Law Tribunal (NCLT) has granted time to Zee Entertainment Enterprises Limited (ZEEL) till October 22nd to file its response to the Invesco case. The development comes a day after the National Company Law Appellate Tribunal (NCLAT) ruled that the National Company Law Tribunal (NCLT) did not allow Zee Entertainment Enterprises Limited (ZEEL) enough time to respond to Invesco's petition. NCLAT went on to say that not providing ZEEL enough time to file a response is a violation of natural justice principles. The appeal tribunal ruled that ZEEL should have been given more time to respond to Invesco's request. Commenting on the NCLAT order and hailing it, ZEEL spokesperson said, "The decision of the National Company Law Appellate Tribunal (NCLAT) today, justifies our complete faith in the Indian judicial system." The ZEEL spokesperson added, "The due process of the law grants everyone an opportunity to present their case. NCLAT has taken cognizance of our plea and has reinforced the principles of natural justice, granting us a reasonable opportunity to be heard. The Company will continue to take all the necessary steps that are in the best interests of all its shareholders and as per the applicable law." Earlier, the founder of Zee Entertainment Enterprises Limited (ZEEL), Dr Subhash Chandra, on Wednesday spoke to Zee News Editor-in-Chief Sudhir Chaudhary on the most popular news programme, DNA, on the matter of ZEEL and Invesco. Slamming Invesco and people hidden behind Invesco and issuing directions to the investor, Dr Subhash Chandra said, "Invesco is trying to take over ZEEL by illegal means. This is very wrong. I don't know if China is trying to do this but this won't happen at any cost. " "The government of this country and laws of this nation will never let take over of ZEEL happen by Invesco," Dr Chandra added.

NCLT grants ZEEL time to file a response to the Invesco case by October 22

The Indian government announced on Friday that Tata Sons has been chosen as the winning bidder to take over state-run carrier Air India, bringing an end to years of negotiations to privatise the financially ailing airline. 
&nbsp; 
Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid Rs 180 billion&nbsp;($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told reporters.&nbsp; 
 
<a href="https://www.wionews.com/business-economy/welcome-back-air-india-ratan-tata-tweets-as-airline-returns-to-bombay-house-after-68-years-419150">Also read | 'Welcome back, Air India': Ratan Tata tweets as airline returns to Bombay House after 68 years</a>

On October 4, a panel of ministers led by Home Minister Amit Shah authorised the bid, according to Pandey.

Financial proposals submitted by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days ago and evaluated by the Cabinet Secretary-led Core Group of Secretaries on Disinvestment.

The offers were compared to the reserve price, and Tatas was the top bidder.&nbsp;

In the opening remarks and presentation by DIPAM, Tuhin Kanta Pandey said: “The FM had said in her Budget speech that the Govt of India aims to complete the Air India divestment in FY22. The competitive process has been carried out in a transparent manner.”

He added: “Bidders had to quote min 15% of enterprise value for cash consideration. Bidders were to quote max 85% of quoted enterprise value for retained debt.”

Key takeaways from the Air India-Tata agreement&nbsp;

Tata Sons' winning bid of Rs 180 billion ($2.4 billion) for Air India was more than the federal government's reserve price of Rs 129 billion, DIPAM Secretary said, adding that the Centre will get Rs 27 billion in cash from Tatas for the sale of its whole share.

Notably, Tatas' winning proposal of Rs 180 billion includes taking over Rs 153 billion in debt and paying the remainder in cash, according to DIPAM Secretary.

The central government has imposed constraints on Tata.Tatas, according to the DIPAM Secretary, are not permitted to transfer the Air India trademark and logo for a period of five years. After five years, they may only be transferred to Indians.&nbsp;

Tatas will have to retain all the staff of Air India for one year. However, the group can subsequently offer a voluntary retirement scheme (VRS) in the second year, the Aviation Secretary was quoted as saying by PTI. 
 
Tata Group-Air India relationship

The link between the Tata Group and Air India dates back to 1932, when famous businessman and India's first commercially certified pilot JRD Tata founded the national airline.

The original service provided a weekly airmail service from Karachi to Madras via Ahmedabad and Bombay.

The airline quickly grew to include passenger planes, and in 1938 it began international flights.

With the addition of Columbo to its list of destinations, the airline's name was changed to Tata Air Services, and then to Tata Airlines.&nbsp;

During World War II, the famous airlines performed support flights for the British Royal Air Force in Burma.

After the war, the airline changed its name to the now-iconic Air India.

The Union government then became interested in Air India and purchased a 49 percent share in it.

Soon after, the government seized control of the airline from Tata Sons and nationalised it under the Air Corporations Act in 1953.

(With inputs from agencies)

The Indian government announced on Friday that Tata Sons has been chosen as the winning bidder to take over state-run carrier Air India, bringing an end to years of negotiations to privatise the financially ailing airline.

The Indian government announced on Friday that Tata Sons has been chosen as the winning bidder to take over state-run carrier Air India, bringing an end to years of negotiations to privatise the financially ailing airline. Tata Sons, the holding company for the autos-to-steel Tata conglomerate, bid Rs 180 billion ($2.40 billion) for the government's 100% stake in Air India, a finance ministry official told reporters. Also read | 'Welcome back, Air India': Ratan Tata tweets as airline returns to Bombay House after 68 years On October 4, a panel of ministers led by Home Minister Amit Shah authorised the bid, according to Pandey. Financial proposals submitted by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days ago and evaluated by the Cabinet Secretary-led Core Group of Secretaries on Disinvestment. The offers were compared to the reserve price, and Tatas was the top bidder. In the opening remarks and presentation by DIPAM, Tuhin Kanta Pandey said: “The FM had said in her Budget speech that the Govt of India aims to complete the Air India divestment in FY22. The competitive process has been carried out in a transparent manner.” He added: “Bidders had to quote min 15% of enterprise value for cash consideration. Bidders were to quote max 85% of quoted enterprise value for retained debt.” Key takeaways from the Air India-Tata agreement Tata Sons' winning bid of Rs 180 billion ($2.4 billion) for Air India was more than the federal government's reserve price of Rs 129 billion, DIPAM Secretary said, adding that the Centre will get Rs 27 billion in cash from Tatas for the sale of its whole share. Notably, Tatas' winning proposal of Rs 180 billion includes taking over Rs 153 billion in debt and paying the remainder in cash, according to DIPAM Secretary. The central government has imposed constraints on Tata.Tatas, according to the DIPAM Secretary, are not permitted to transfer the Air India trademark and logo for a period of five years. After five years, they may only be transferred to Indians. Tatas will have to retain all the staff of Air India for one year. However, the group can subsequently offer a voluntary retirement scheme (VRS) in the second year, the Aviation Secretary was quoted as saying by PTI. Tata Group-Air India relationship The link between the Tata Group and Air India dates back to 1932, when famous businessman and India's first commercially certified pilot JRD Tata founded the national airline. The original service provided a weekly airmail service from Karachi to Madras via Ahmedabad and Bombay. The airline quickly grew to include passenger planes, and in 1938 it began international flights. With the addition of Columbo to its list of destinations, the airline's name was changed to Tata Air Services, and then to Tata Airlines. During World War II, the famous airlines performed support flights for the British Royal Air Force in Burma. After the war, the airline changed its name to the now-iconic Air India. The Union government then became interested in Air India and purchased a 49 percent share in it. Soon after, the government seized control of the airline from Tata Sons and nationalised it under the Air Corporations Act in 1953. (With inputs from agencies)

Tata Sons wins the bid for acquiring national carrier Air India for Rs 180 billion

For the past few days, especially after the mega-merger announcement between ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI), some media houses are publishing baseless and hollow reports to fight a losing battle against ZEEL, and especially against Punit Goenka as he will continue as the Managing Director (MD) and Chief Executive Officer (CEO) of ZEEL.

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Some media reports are falsely citing Invesco's version to take on ZEEL MD &amp; CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD &amp; CEO Punit Goenka. The reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself has come forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited has now left no room for any confusion and will leave publishers of false and baseless reports red-faced.

“No matter who runs ZEEL but the company, to which I’ve and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don’t have any profit or loss associated with this,” said Dr Subhash Chandr as he spoke on the matter.&nbsp;

"I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom," he added.

Talking about the Invesco, Dr Chandra said, "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?"

"You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal, "Dr Chandra said posing some really tough questions to Invesco.

For the past few days, especially after the mega-merger announcement between ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI), some media houses are publishing baseless and hollow reports to fight a losing battle against ZEEL, and especially against Punit Goenka as he will continue as the Managing Director (MD) and Chief Executive Officer (CEO) of ZEEL.

For the past few days, especially after the mega-merger announcement between ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI), some media houses are publishing baseless and hollow reports to fight a losing battle against ZEEL, and especially against Punit Goenka as he will continue as the Managing Director (MD) and Chief Executive Officer (CEO) of ZEEL. × Some media reports are falsely citing Invesco's version to take on ZEEL MD & CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD & CEO Punit Goenka. The reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself has come forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited has now left no room for any confusion and will leave publishers of false and baseless reports red-faced. “No matter who runs ZEEL but the company, to which I’ve and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don’t have any profit or loss associated with this,” said Dr Subhash Chandr as he spoke on the matter. "I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom," he added. Talking about the Invesco, Dr Chandra said, "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?" "You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal, "Dr Chandra said posing some really tough questions to Invesco.

‘On whose directions Invesco is acting?’ Dr Subhash Chandra asks tough questions making Invesco uncomfortable

Dr Subhash Chandra said, "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?" A statement by Dr Subhash Chandra, Founder, Zee Entertainment Enterprises Ltd has come out on this matter to clear the air on Invesco, ZEEL and Punit Goenka.

On whose behest is Invesco acting?: Dr Chandra questions Invesco's 'real intent' on ZEEL-Sony deal

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment.

The partially convertible rupee was trading at 74.59/60 per dollar, as of 0600 GMT, after touching 74.6450, its lowest since July 20. It had closed at 74.4450 on Tuesday.

"Overall risk tone is that of caution given several lingering risks i.e. higher energy prices, China real estate concerns, withdrawal of accommodation by central banks," Abhishek Goenka, chief executive officer at forex advisory firm IFA Global, wrote in a note.

"We are likely to see a 74.45-74.85 range in USD/INR for the day with an upside bias. Forwards continue to grind higher with 1-year forward yield now at 4.48&nbsp;per cent ."

Most Asian currencies were also trading weaker against the dollar, which rose amid heightened nerves about the global economic growth outlook and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening.

Economists said Moody's upward revision of India`s sovereign rating outlook should bode well, particularly for bonds, as it reduces the chances of the country getting downgraded to junk and will aid the government`s efforts to get India included in global bond indexes.

India's benchmark 10-year bond yield, however, was up 2 basis points at 6.28 per cent , tracking higher U.S. Treasury yields and firm oil prices.

U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.&nbsp;

India imports 80 per cent of its oil requirements and higher crude prices tend to push up domestic inflation.

Traders were also cautious ahead of the monetary policy committee meeting outcome on Friday, which is being closed watched for clues on when the Reserve Bank of India will start its exit from the pandemic-era stimulus.

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment.

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment. The partially convertible rupee was trading at 74.59/60 per dollar, as of 0600 GMT, after touching 74.6450, its lowest since July 20. It had closed at 74.4450 on Tuesday. "Overall risk tone is that of caution given several lingering risks i.e. higher energy prices, China real estate concerns, withdrawal of accommodation by central banks," Abhishek Goenka, chief executive officer at forex advisory firm IFA Global, wrote in a note. "We are likely to see a 74.45-74.85 range in USD/INR for the day with an upside bias. Forwards continue to grind higher with 1-year forward yield now at 4.48 per cent ." Most Asian currencies were also trading weaker against the dollar, which rose amid heightened nerves about the global economic growth outlook and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening. Economists said Moody's upward revision of India`s sovereign rating outlook should bode well, particularly for bonds, as it reduces the chances of the country getting downgraded to junk and will aid the government`s efforts to get India included in global bond indexes. India's benchmark 10-year bond yield, however, was up 2 basis points at 6.28 per cent , tracking higher U.S. Treasury yields and firm oil prices. U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. India imports 80 per cent of its oil requirements and higher crude prices tend to push up domestic inflation. Traders were also cautious ahead of the monetary policy committee meeting outcome on Friday, which is being closed watched for clues on when the Reserve Bank of India will start its exit from the pandemic-era stimulus.

Indian rupee hits two-and-half month low, bond yields up as oil spikes

Mega-merger of ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) has created a media behemoth that is sure to redefine entertainment in India. However, soon after the mega-deal,&nbsp;investment firm Invesco appears to have started acting at someone's behest. The shockwaves of the mega-merger have been felt even in China.

Some mediahouses are also publishing baseless and hollow reports to make a vain attempt at battling ZEEL and its Chief Executive Officer Punit Goenka.&nbsp;

Invesco's moves in past few days have raised questions about whether it is a puppet of China acting against ZEEL-Sony mega-merger.

Some media reports are falsely citing Invesco's version to take on ZEEL MD &amp; CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD &amp; CEO Punit Goenka.&nbsp;

On Tuesday, the reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself came forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra has now left no room for any confusion and will leave publishers of false and baseless reports red-faced.

Watch | ZEEL-Sony merger: Dr Subhash Chandra questions Invesco's 'real intent'

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"No matter who runs ZEEL but the company, to which I've and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don't have any profit or loss associated with this," said Dr Subhash Chandra.

Vested interests of someone

"I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom," Dr Chandra added.

Also Read | <a href="https://www.wionews.com/business-economy/on-whose-directions-invesco-is-acting-dr-subhash-chandra-asks-tough-questions-making-invesco-uncomfortable-418507">‘On whose directions Invesco is acting?’ Dr Subhash Chandra asks tough questions making Invesco uncomfortable</a>

Dr Subhash Chandra's questions to Invesco

"Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?" asked Dr Chandra.

"You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal," Dr Chandra said posing some really tough questions to Invesco.

Questions to regulators

On regulators, Dr Chandra said, "The first and prime responsibility of the regulators is to protect the interest minority shareholders. So, they should ask Invesco that it should come out transparently. And, regulators should make sure that minority shareholders have both the things in hand to decide whether to vote for Invesco or Sony's deal with ZEEL."

Mega-merger of ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) has created a media behemoth that is sure to redefine entertainment in India.

Mega-merger of ZEE Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) has created a media behemoth that is sure to redefine entertainment in India. However, soon after the mega-deal, investment firm Invesco appears to have started acting at someone's behest. The shockwaves of the mega-merger have been felt even in China. Some mediahouses are also publishing baseless and hollow reports to make a vain attempt at battling ZEEL and its Chief Executive Officer Punit Goenka. Invesco's moves in past few days have raised questions about whether it is a puppet of China acting against ZEEL-Sony mega-merger. Some media reports are falsely citing Invesco's version to take on ZEEL MD & CEO Punit Goenka but in vain. These reports have failed terribly in their mala fide attempt to malign the image of esteemed organisation - ZEEL and its MD & CEO Punit Goenka. On Tuesday, the reports lacking truth have fallen flat on the face of their publishers as Dr Subhash Chandra - Founder, Zee Entertainment Enterprises Limited, himself came forward to clear the air on Invesco, ZEEL and Punit Goenka. The facts-laden statement by Dr Subhash Chandra has now left no room for any confusion and will leave publishers of false and baseless reports red-faced. Watch | ZEEL-Sony merger: Dr Subhash Chandra questions Invesco's 'real intent' × "No matter who runs ZEEL but the company, to which I've and many of my friends have given their blood and sweat for the past 30 years, should be in the hands of someone under whose leadership the organisation should prosper and shareholders should be benefitted since I don't have any profit or loss associated with this," said Dr Subhash Chandra. Vested interests of someone "I wanted to give an interview to my friends at CNBC and Moneycontrol but they won't take it neither run it because it seems although he is a friend of mine but has a vested interest in the entire matter; I don't know whatever it is but I wish God give him good sense and wisdom," Dr Chandra added. Also Read | ‘On whose directions Invesco is acting?’ Dr Subhash Chandra asks tough questions making Invesco uncomfortable Dr Subhash Chandra's questions to Invesco "Invesco is a good investor but in this case of ZEEL they are not revealing that what they will do after taking ZEEL, and in whose hands management will go?" asked Dr Chandra. "You want to remove Punit Goenka? Okay, fine but what next? Have you done any deal with someone? The 6 directors given by them - what's their background? Do they have any relation with any particular company that wants to take over? Hence, Invesco should come out transparently and openly, and let the shareholders decide - whether they want to take the deal of Invesco or want to go with Sony's deal," Dr Chandra said posing some really tough questions to Invesco. Questions to regulators On regulators, Dr Chandra said, "The first and prime responsibility of the regulators is to protect the interest minority shareholders. So, they should ask Invesco that it should come out transparently. And, regulators should make sure that minority shareholders have both the things in hand to decide whether to vote for Invesco or Sony's deal with ZEEL."

ZEEL-Sony mega-merger: Is Invesco a puppet of Chinese interests?

A jury ordered Tesla to pay $137 million to Owen Diaz, a Black former employee who accused the carmaker of ignoring racial abuse he faced while working there, his lawyer, Lawrence Organ, said late Monday.

"It’s a great thing when one of the richest corporations in America has to have a reckoning of the abhorrent conditions at its factory for Black people," Organ, of the California Civil Rights Law Group, said in an interview.

The decision by the jury, in federal court in San Francisco, was reported earlier by Bloomberg News. Tesla’s lawyers did not immediately provide comment.

In an interview, Diaz said he was relieved by the jury’s decision.

"It took four long years to get to this point," he said Monday evening. "It’s like a big weight has been pulled off my shoulders."

Diaz said he worked as an elevator operator at Tesla’s factory in Fremont, California, for about a year in 2015 and 2016. There, he said, a supervisor and other colleagues repeatedly referred to him using racial slurs. He also said employees had drawn swastikas and scratched a racial epithet in a bathroom stall and left drawings of derogatory caricatures of Black children around the factory. Despite repeated complaints, the company did little to address the behavior, he said.

"It’s not like they were removing the offensive behavior, they would just let people keep adding and adding," he said.

After deliberating for about four hours, the jury agreed with Diaz’s assertion that Tesla had created a hostile work environment by failing to address the racism he faced, Organ said. The vast majority of the award — $130 million — was punitive damages for the company. The rest was for emotional distress Diaz suffered, Organ said.

Despite the abuse he himself faced, Diaz said, he reached a breaking point when he witnessed similar racist epithets directed at his son, Demetric, who secured a job — his first — at the company with Diaz’s help.

"My son watched his father being broken in front of him," Owen Diaz said.

In an internal email to Tesla staff obtained by Organ and shared with the Times, Valerie Capers Workman, a human resources executive, downplayed the allegations in the lawsuit.

"In addition to Mr. Diaz, three other witnesses (all non-Tesla contract employees) testified at trial that they regularly heard racial slurs (including the N-word) on the Fremont factory floor," she wrote. "While they all agreed that the use of the N-word was not appropriate in the workplace, they also agreed that most of the time they thought the language was used in a ‘friendly’ manner and usually by African-American colleagues."

The company, she wrote in the email, was responsive to Diaz’s complaints, firing two contractors and suspending another. Tesla does not believe the facts justify the verdict, she wrote, but acknowledges that the company was "not perfect" in 2015 and 2016. "We’re still not perfect," she added. "But we have come a long way."

Owen Diaz said in the suit that he was left feeling "demeaned, disrespected and devalued." He sued Tesla alongside his son and another Black former employee, but only the elder Diaz’s claims made it to trial.

It was not immediately clear whether Tesla planned to appeal the decision.

A jury ordered Tesla to pay $137 million to Owen Diaz, a Black former employee who accused the carmaker of ignoring racial abuse he faced while working there, his lawyer, Lawrence Organ, said late Monday.

A jury ordered Tesla to pay $137 million to Owen Diaz, a Black former employee who accused the carmaker of ignoring racial abuse he faced while working there, his lawyer, Lawrence Organ, said late Monday. "It’s a great thing when one of the richest corporations in America has to have a reckoning of the abhorrent conditions at its factory for Black people," Organ, of the California Civil Rights Law Group, said in an interview. The decision by the jury, in federal court in San Francisco, was reported earlier by Bloomberg News. Tesla’s lawyers did not immediately provide comment. In an interview, Diaz said he was relieved by the jury’s decision. "It took four long years to get to this point," he said Monday evening. "It’s like a big weight has been pulled off my shoulders." Diaz said he worked as an elevator operator at Tesla’s factory in Fremont, California, for about a year in 2015 and 2016. There, he said, a supervisor and other colleagues repeatedly referred to him using racial slurs. He also said employees had drawn swastikas and scratched a racial epithet in a bathroom stall and left drawings of derogatory caricatures of Black children around the factory. Despite repeated complaints, the company did little to address the behavior, he said. "It’s not like they were removing the offensive behavior, they would just let people keep adding and adding," he said. After deliberating for about four hours, the jury agreed with Diaz’s assertion that Tesla had created a hostile work environment by failing to address the racism he faced, Organ said. The vast majority of the award — $130 million — was punitive damages for the company. The rest was for emotional distress Diaz suffered, Organ said. Despite the abuse he himself faced, Diaz said, he reached a breaking point when he witnessed similar racist epithets directed at his son, Demetric, who secured a job — his first — at the company with Diaz’s help. "My son watched his father being broken in front of him," Owen Diaz said. In an internal email to Tesla staff obtained by Organ and shared with the Times, Valerie Capers Workman, a human resources executive, downplayed the allegations in the lawsuit. "In addition to Mr. Diaz, three other witnesses (all non-Tesla contract employees) testified at trial that they regularly heard racial slurs (including the N-word) on the Fremont factory floor," she wrote. "While they all agreed that the use of the N-word was not appropriate in the workplace, they also agreed that most of the time they thought the language was used in a ‘friendly’ manner and usually by African-American colleagues." The company, she wrote in the email, was responsive to Diaz’s complaints, firing two contractors and suspending another. Tesla does not believe the facts justify the verdict, she wrote, but acknowledges that the company was "not perfect" in 2015 and 2016. "We’re still not perfect," she added. "But we have come a long way." Owen Diaz said in the suit that he was left feeling "demeaned, disrespected and devalued." He sued Tesla alongside his son and another Black former employee, but only the elder Diaz’s claims made it to trial. It was not immediately clear whether Tesla planned to appeal the decision.

Jury orders Tesla to pay $137 million over racist treatment

Another Chinese homebuilder has hit financial trouble after it missed payments on debt obligations, adding to worries over the country's property sector as embattled giant China Evergrande teeters on the brink of collapse.

Fears of contagion through the Chinese economy have grown as Evergrande, the most indebted of the country's private homebuilders, struggles with more than $300 billion in liabilities and heads towards a massive restructuring.

Fantasia Holdings failed to repay a $205.7 million note Monday, the Shenzhen-based company said in a statement.

This came as property management firm Country Garden Services Holdings added that a unit of Fantasia had missed repayment on a 700 million yuan ($108 million) loan, saying it was likely Fantasia would default.

The news comes as investors await news from Evergrande after it suspended trading of its shares Monday pending an announcement on a "major transaction", with reports saying Hong Kong real estate firm Hopson Development Holdings planned to buy a 51 percent stake in its property services arm.

While Fantasia is a smaller player in the market than Evergrande, its struggles highlight investor concerns over companies' financial disclosures.

Fitch Ratings downgraded Fantasia to "CCC-" on Monday, a move that points to default as a possibility.

The ratings agency added in a statement that although media reports said Fantasia missed an earlier payment to bondholders, the bond "does not appear to have been disclosed in the company's financial reports".

"We believe the existence of these bonds means that the company's liquidity situation could be tighter than we previously expected.

"Furthermore, this incident casts doubt on the transparency of the company's financial disclosures," Fitch added.

Separately, S&amp;P Global Ratings has downgraded another Chinese property firm -- Sinic Holdings -- saying its "debt-servicing ability has almost been depleted".

Sinic has been unable to service interest repayments, which could result in "accelerating repayments on Sinic's other debt obligations", S&amp;P said on Monday.

Fitch downgraded Sinic from "CCC" to "C" on Tuesday, reflecting its view that "a default-like process has begun" for the company.

The boss of Shanghai-based Sinic hit the headlines last month when he lost more than a billion dollars in a market meltdown linked to fears about Evergrande.

Zhang Yuanlin saw his net worth drop from $1.3 billion to $250.7 million on September 20, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price.

China's real-estate sector has been under tightened scrutiny in recent months, with regulators announcing caps for three different debt ratios in a scheme dubbed "three red lines" last year.

Beijing has stayed silent on the travails of Evergrande, but state media has trailed various responses in a nod to the mood towards a private company that grew on a debt binge in the boom years of Chinese real estate.

Another Chinese homebuilder has hit financial trouble after it missed payments on debt obligations, adding to worries over the country's property sector as embattled giant China Evergrande teeters on the brink of collapse.

Another Chinese homebuilder has hit financial trouble after it missed payments on debt obligations, adding to worries over the country's property sector as embattled giant China Evergrande teeters on the brink of collapse. Fears of contagion through the Chinese economy have grown as Evergrande, the most indebted of the country's private homebuilders, struggles with more than $300 billion in liabilities and heads towards a massive restructuring. Fantasia Holdings failed to repay a $205.7 million note Monday, the Shenzhen-based company said in a statement. This came as property management firm Country Garden Services Holdings added that a unit of Fantasia had missed repayment on a 700 million yuan ($108 million) loan, saying it was likely Fantasia would default. The news comes as investors await news from Evergrande after it suspended trading of its shares Monday pending an announcement on a "major transaction", with reports saying Hong Kong real estate firm Hopson Development Holdings planned to buy a 51 percent stake in its property services arm. While Fantasia is a smaller player in the market than Evergrande, its struggles highlight investor concerns over companies' financial disclosures. Fitch Ratings downgraded Fantasia to "CCC-" on Monday, a move that points to default as a possibility. The ratings agency added in a statement that although media reports said Fantasia missed an earlier payment to bondholders, the bond "does not appear to have been disclosed in the company's financial reports". "We believe the existence of these bonds means that the company's liquidity situation could be tighter than we previously expected. "Furthermore, this incident casts doubt on the transparency of the company's financial disclosures," Fitch added. Separately, S&P Global Ratings has downgraded another Chinese property firm -- Sinic Holdings -- saying its "debt-servicing ability has almost been depleted". Sinic has been unable to service interest repayments, which could result in "accelerating repayments on Sinic's other debt obligations", S&P said on Monday. Fitch downgraded Sinic from "CCC" to "C" on Tuesday, reflecting its view that "a default-like process has begun" for the company. The boss of Shanghai-based Sinic hit the headlines last month when he lost more than a billion dollars in a market meltdown linked to fears about Evergrande. Zhang Yuanlin saw his net worth drop from $1.3 billion to $250.7 million on September 20, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price. China's real-estate sector has been under tightened scrutiny in recent months, with regulators announcing caps for three different debt ratios in a scheme dubbed "three red lines" last year. Beijing has stayed silent on the travails of Evergrande, but state media has trailed various responses in a nod to the mood towards a private company that grew on a debt binge in the boom years of Chinese real estate.

Chinese developer Fantasia fails to make debt payments

ZEEL-Sony merger: Dr Subhash Chandra questions Invesco's 'real intent'

Trading in shares of debt-laden China Evergrande was suspended on Monday after it missed a key bond interest payment last week, its second offshore debt obligation in a week, with market watchers jittery as the group’s troubles unravel. Watch this report for more details.

Shares of China Evergrande and property services unit suspended: HKEX

Air carriers'&nbsp;association IATA said on Monday that the global net aviation industry losses are expected to come in at $11.6 billion in 2022, down from $51.8 billion on a year-on-year basis.

"The magnitude of the COVID-19 crisis for airlines is enormous. Over the 2020-2022 period, total losses could top $200 billion. To survive, the airlines have dramatically cut costs and adapted their business to whatever opportunities are available, " said IATA`s Director General, Willie Walsh.

"That will see the $137.7 billion loss of 2020 reduce to $52 billion this year. And by 2022, that figure will have dropped to $12 billion.We are well past the deepest point of the crisis. While serious issues remain, the path to recovery is coming into view. Aviation is demonstrating its resilience yet again," Walsh added.

According to IATA, domestic travel demand will near pre-crisis levels in 2022.

However, the association pointed out that challenge remains in international markets, which are still severely depressed as government-imposed restrictions continue.

"People have not lost their desire to travel as we see in solid domestic market resilience. But they are being held back from international travel by restrictions, uncertainty and complexity. More governments are seeing vaccinations as a way out of this crisis.

"We fully agree that vaccinated people should not have their freedom of movement limited in any way. In fact, the freedom to travel is a good incentive for more people to be vaccinated. Governments must work together and do everything in their power to ensure that vaccines are available to anybody who wants them," Walsh added.&nbsp;

Air carriers' association IATA said on Monday that the global net aviation industry losses are expected to come in at $11.6 billion in 2022, down from $51.8 billion on a year-on-year basis.

Air carriers' association IATA said on Monday that the global net aviation industry losses are expected to come in at $11.6 billion in 2022, down from $51.8 billion on a year-on-year basis. "The magnitude of the COVID-19 crisis for airlines is enormous. Over the 2020-2022 period, total losses could top $200 billion. To survive, the airlines have dramatically cut costs and adapted their business to whatever opportunities are available, " said IATA`s Director General, Willie Walsh. "That will see the $137.7 billion loss of 2020 reduce to $52 billion this year. And by 2022, that figure will have dropped to $12 billion.We are well past the deepest point of the crisis. While serious issues remain, the path to recovery is coming into view. Aviation is demonstrating its resilience yet again," Walsh added. According to IATA, domestic travel demand will near pre-crisis levels in 2022. However, the association pointed out that challenge remains in international markets, which are still severely depressed as government-imposed restrictions continue. "People have not lost their desire to travel as we see in solid domestic market resilience. But they are being held back from international travel by restrictions, uncertainty and complexity. More governments are seeing vaccinations as a way out of this crisis. "We fully agree that vaccinated people should not have their freedom of movement limited in any way. In fact, the freedom to travel is a good incentive for more people to be vaccinated. Governments must work together and do everything in their power to ensure that vaccines are available to anybody who wants them," Walsh added.

Global airlines' net losses expected at $11.6 bn in 2022: IATA

In what can be another blow to reputation of China's debt-laden Evergrande, Hong Kong stock exchange said that it had suspended trading in its shares. The action has come days after some bondholders said the property developed had missed the second payment of interest on bonds. The Evergrande crisis is at the center of jitters in China's financial system.

Hong Kong stock exchange did not say why stock trading had been halted. It was unclear who had initiated the suspension.

Evergrande's liabilities make it the most indebted property firm in the world. The debts stretch into hundreds of billions of dollars. This makes it equal to 2 per cent of Chinese GDP. &nbsp;Initial worries have eased somewhat after China's central bank vowed to protect homebuyers' interests.

Shares in Evergrande have plunged 80% so far this year, while its property services unit has dropped 43% as the group scrambles to raise funds to pay its many lenders and suppliers.

In what can be another blow to reputation of China's debt-laden Evergrande, Hong Kong stock exchange said that it had suspended trading in its shares. The action has come days after some bondholders said the property developed had missed the second payment of interest on bonds.

In what can be another blow to reputation of China's debt-laden Evergrande, Hong Kong stock exchange said that it had suspended trading in its shares. The action has come days after some bondholders said the property developed had missed the second payment of interest on bonds. The Evergrande crisis is at the center of jitters in China's financial system. Hong Kong stock exchange did not say why stock trading had been halted. It was unclear who had initiated the suspension. Evergrande's liabilities make it the most indebted property firm in the world. The debts stretch into hundreds of billions of dollars. This makes it equal to 2 per cent of Chinese GDP. Initial worries have eased somewhat after China's central bank vowed to protect homebuyers' interests. Shares in Evergrande have plunged 80% so far this year, while its property services unit has dropped 43% as the group scrambles to raise funds to pay its many lenders and suppliers.

Hong Kong Stock Exchange halts trading of Evergrande shares

Lufthansa said it has agreed to lease four new Airbus A350-900 long-haul passenger jets, taking on newer planes left without homes as airlines restructure their balance sheets amid the coronavirus crisis. Watch this report for more details.

Lufthansa adds four new Airbus A350s to its fleet

Semiconductor issue hitting Indian auto industry very hard, sales of major auto companies have declined.On this WION speaks to Ashish Gupta, Brand Director, VW Passenger Cars India Watch this report for more details.

WION speaks to Ashish Gupta, Brand Director, VW Passenger Cars India