A sword, which once belonged to Mysore's ruler Tipu Sultan and was gifted to former British governor-general of India Charles Cornwallis before he was reappointed to the same post after the decline of Seringapatam and till now stayed with the family of Cornwallis failed to attract bidders at a Christie's auction. 
 
The sword was priced between £1.5 million (approximately $1.82 million) to £2 million (approximately $2.43 million). 
 
It was expected that the sword would be purchased by a museum in the Middle East and that it would be sold for a huge amount after Tipu Sultan's bedchamber sword was sold for £14 million ($16.98 million) at Bonhams on May 23.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/world-heritage-day-this-sultanas-tomb-a-summer-palace-whisper-tales-of-yore-from-lanes-of-delhi-583560">World Heritage Day | This Sultana's tomb, a summer palace whisper tales of yore from lanes of Delhi</a>

The bedchamber sword was handed over to Major General Baird who had laid the final siege of Seringapatam, the capital city of Mysore.

<h2>All about the sword that failed to get bidders</h2>

The sword was one of the two swords which were kept in Tipu Sultan's personal armour and was later given to Charles, the 1st Marquess and 2nd Earl Cornwallis in 1799, just after the defeat of Tipu and was passed down in his family. 
 
In February 1786, Cornwallis was appointed commander-in-chief and governor-general of British India and headed the British forces during the Third Anglo-Mysore War. 
 
In 1805, he was reappointed to the position but he died after serving for barely two months. The two swords were put up for sale by his descendants to pay for their stately home Port Eliot's expensive restoration in Cornwall, where they have been living. 
 
The second sword which was placed for auction by the family along with a gem-set and enamelled sword and scabbard finally sold for £100,800 (approximately $122250).

WATCH |&nbsp;King Charles to acknowledge painful Kenyan history

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It was estimated to be priced at £80k to £120k ($97k to $145k). Two other weapons which belonged to the armies of Tipu Sultan and were placed at the same sale for auction by a different collection, were also not purchased. 
 
One weapon has a captured English blade which was taken as a war booty by Tipu in the previous battle. The blade has been held in the jaws of a head-shaped pommel of a tiger. Tipu Sultan's flintlock musketoon also failed to fetch its reserve price. 
 
It is believed that the Israel-Hamas war may have impacted bis on these swords at Thursday's "Art of the Islamic and Indian Worlds" sale, along with inflation and high-interest rates.

(With inputs from agencies)

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A sword, which once belonged to Mysore's ruler Tipu Sultan and was gifted to former British governor-general of India Charles Cornwallis before he was reappointed to the same post after the decline of Seringapatam and till now stayed with the family of Cornwallis failed to attract bidders at a Christie's auction.

A sword, which once belonged to Mysore's ruler Tipu Sultan and was gifted to former British governor-general of India Charles Cornwallis before he was reappointed to the same post after the decline of Seringapatam and till now stayed with the family of Cornwallis failed to attract bidders at a Christie's auction. The sword was priced between £1.5 million (approximately $1.82 million) to £2 million (approximately $2.43 million). It was expected that the sword would be purchased by a museum in the Middle East and that it would be sold for a huge amount after Tipu Sultan's bedchamber sword was sold for £14 million ($16.98 million) at Bonhams on May 23. ALSO READ | World Heritage Day | This Sultana's tomb, a summer palace whisper tales of yore from lanes of Delhi The bedchamber sword was handed over to Major General Baird who had laid the final siege of Seringapatam, the capital city of Mysore. All about the sword that failed to get bidders The sword was one of the two swords which were kept in Tipu Sultan's personal armour and was later given to Charles, the 1st Marquess and 2nd Earl Cornwallis in 1799, just after the defeat of Tipu and was passed down in his family. In February 1786, Cornwallis was appointed commander-in-chief and governor-general of British India and headed the British forces during the Third Anglo-Mysore War. In 1805, he was reappointed to the position but he died after serving for barely two months. The two swords were put up for sale by his descendants to pay for their stately home Port Eliot's expensive restoration in Cornwall, where they have been living. The second sword which was placed for auction by the family along with a gem-set and enamelled sword and scabbard finally sold for £100,800 (approximately $122250). WATCH | King Charles to acknowledge painful Kenyan history It was estimated to be priced at £80k to £120k ($97k to $145k). Two other weapons which belonged to the armies of Tipu Sultan and were placed at the same sale for auction by a different collection, were also not purchased. One weapon has a captured English blade which was taken as a war booty by Tipu in the previous battle. The blade has been held in the jaws of a head-shaped pommel of a tiger. Tipu Sultan's flintlock musketoon also failed to fetch its reserve price. It is believed that the Israel-Hamas war may have impacted bis on these swords at Thursday's "Art of the Islamic and Indian Worlds" sale, along with inflation and high-interest rates. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Tipu Sultan's sword, priced $2mn, fails to attract bidders at Christie's auction

In a major setback to the Air India disinvestment process, the government today said no initial bids were received for the proposed stake sale and various options would be explored for the future of the debt-laden national carrier.

The deadline for submission of Expression of Interest (EoI) ended today with not a single bidder evincing interest in the airline, nearly one year after the Prime Minister Narendra Modi-led NDA government gave its nod for the stake sale.

In nearly two decades, this is the second time that Air India stake sale has not taken off. Back in 2001, during the then NDA government, the disinvestment process was scrapped.

"As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet.

"Further course of action will be decided appropriately," it added.

EY is the transaction adviser for the process.

Civil Aviation Secretary R N Choubey said the government was expecting better participation for the Air India stake sale and indicated that there could be a re-think on the strategy.

The alternative mechanism headed by the finance minister would decide the future course of action on Air India disinvestment, Choubey said, even as he emphasised that the government would not like the airline to lose the market share.

A joint forum of Air India employee unions claimed "victory" as the government failed to attract bidders.

To a query on the possible impact on the government's fiscal deficit and disinvestment target, Economic Affairs Secretary Subhash Chandra Garg said, "We would need to look at what these options are whichever option is chosen... will have an implication for the current year".

The government has proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players, as per the preliminary information memorandum.

The transaction would involve Air India, its low-cost arm Air India Express and Air India SATS Airport Services Pvt Ltd. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.

Under the proposed disinvestment process, around Rs 33,000 crore debt would have remained with Air India. The national carrier's debt burden was about Rs 50,000 crore at the end of March 2017.

Earlier this month, the government had extended the EoI submission deadline to May 31 from the previous date of May 14. The qualified interested bidders were to be intimated on June 15.

"The buzz we received (about Air India stake sale) was certainly encouraging... The transaction adviser will be finding out what is it that they (potential bidders) still found to be a deterrent. We will sit together and take stock," he noted.

Choubey said the entire process has been a great learning experience and we are in a much better position to judge what the market wants.

"We, again and again, informed the market that the government has no intention of doing any kind of control other than whatever is the limited rights that we will get as part of shareholders' agreement. We did not leave it ambiguous. Our impression is that we were very very clear which ought to have given the comfort that the new buyer can run exactly as it wants," he said.

The government would retain 24 per cent stake in the national carrier, the winning bidder would be required to stay invested in the airline for at least three years, as per the memorandum that was issued on March 28.

Indicating that there would be a re-think on disinvestment strategy, Choubey said the government would factor in all the learnings, including those related to employees and debt while deciding the future course of action.

The government will ensure that the airline does not face "any operational difficulties following the latest developments", Choubey said.

He was responding to a query on whether the airline would now be having more financial uncertainties as there are decisions linked to the outcome of the disinvestment process.

In April, both IndiGo and Jet Airways had said that they would not be participating in the Air India disinvestment process. IndiGo was the first to evince interest in Air India disinvestment when the government had mooted the plan last year.

Explaining about the next steps, Choubey said the process involves going to the evaluation committee -- which is an inter-ministerial grouping -- under the Department of Investment and Public Asset Management (DIPAM), then to the Core Group on Disinvestment headed by Cabinet Secretary and finally to the alternative mechanism.

The alternative mechanism on Air India is likely to take up the matter in a couple of weeks, he added.

"Various options are available and the alternate mechanism would take a call," he said, adding that current bid process cannot go forward since there are no EoIs.

Air India is staying afloat on a bailout package worth over Rs 30,000 crore approved by the previous UPA regime in 2012.

Aviation consultancy CAPA urged the government to carry out a comprehensive restructuring of debt-ridden Air India and followed by 100 per cent divestment with less complex terms.

A joint forum of Air India employee unions claimed "victory" as the government failed to attract bidders.

In a major setback to the Air India disinvestment process, the government today said no initial bids were received for the proposed stake sale and various options would be explored for the future of the debt-laden national carrier. The deadline for submission of Expression of Interest (EoI) ended today with not a single bidder evincing interest in the airline, nearly one year after the Prime Minister Narendra Modi-led NDA government gave its nod for the stake sale. In nearly two decades, this is the second time that Air India stake sale has not taken off. Back in 2001, during the then NDA government, the disinvestment process was scrapped. "As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet. "Further course of action will be decided appropriately," it added. EY is the transaction adviser for the process. Civil Aviation Secretary R N Choubey said the government was expecting better participation for the Air India stake sale and indicated that there could be a re-think on the strategy. The alternative mechanism headed by the finance minister would decide the future course of action on Air India disinvestment, Choubey said, even as he emphasised that the government would not like the airline to lose the market share. A joint forum of Air India employee unions claimed "victory" as the government failed to attract bidders. To a query on the possible impact on the government's fiscal deficit and disinvestment target, Economic Affairs Secretary Subhash Chandra Garg said, "We would need to look at what these options are whichever option is chosen... will have an implication for the current year". The government has proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players, as per the preliminary information memorandum. The transaction would involve Air India, its low-cost arm Air India Express and Air India SATS Airport Services Pvt Ltd. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd. Under the proposed disinvestment process, around Rs 33,000 crore debt would have remained with Air India. The national carrier's debt burden was about Rs 50,000 crore at the end of March 2017. Earlier this month, the government had extended the EoI submission deadline to May 31 from the previous date of May 14. The qualified interested bidders were to be intimated on June 15. "The buzz we received (about Air India stake sale) was certainly encouraging... The transaction adviser will be finding out what is it that they (potential bidders) still found to be a deterrent. We will sit together and take stock," he noted. Choubey said the entire process has been a great learning experience and we are in a much better position to judge what the market wants. "We, again and again, informed the market that the government has no intention of doing any kind of control other than whatever is the limited rights that we will get as part of shareholders' agreement. We did not leave it ambiguous. Our impression is that we were very very clear which ought to have given the comfort that the new buyer can run exactly as it wants," he said. The government would retain 24 per cent stake in the national carrier, the winning bidder would be required to stay invested in the airline for at least three years, as per the memorandum that was issued on March 28. Indicating that there would be a re-think on disinvestment strategy, Choubey said the government would factor in all the learnings, including those related to employees and debt while deciding the future course of action. The government will ensure that the airline does not face "any operational difficulties following the latest developments", Choubey said. He was responding to a query on whether the airline would now be having more financial uncertainties as there are decisions linked to the outcome of the disinvestment process. In April, both IndiGo and Jet Airways had said that they would not be participating in the Air India disinvestment process. IndiGo was the first to evince interest in Air India disinvestment when the government had mooted the plan last year. Explaining about the next steps, Choubey said the process involves going to the evaluation committee -- which is an inter-ministerial grouping -- under the Department of Investment and Public Asset Management (DIPAM), then to the Core Group on Disinvestment headed by Cabinet Secretary and finally to the alternative mechanism. The alternative mechanism on Air India is likely to take up the matter in a couple of weeks, he added. "Various options are available and the alternate mechanism would take a call," he said, adding that current bid process cannot go forward since there are no EoIs. Air India is staying afloat on a bailout package worth over Rs 30,000 crore approved by the previous UPA regime in 2012. Aviation consultancy CAPA urged the government to carry out a comprehensive restructuring of debt-ridden Air India and followed by 100 per cent divestment with less complex terms.

No bidders for Air India stake sale; govt likely to re-think strategy

Alleging that the probable bidders are using "arm twisting tactics" to force the government sell the national carrier for cheap, a forum of 10 Air India unions has said that it will take up the issue with the PMO and the civil aviation ministry, among others.

In a statement issued on Wednesday, the forum also reiterated its opposition to the privatisation of the loss-making airline, saying that "it (Air India) is our national pride and it served the nation many a times in need."

The statement comes following one after another potential bidder opting out of the Air India sale process after the government coming out with the terms of offer in the information memorandum.

 
"The so-claimed probable buyers are using arm twisting tactics so as to put pressure on the government to succumb to change the terms and conditions best suited to them and the Air India is sold for a song," the Joint Forum of Air India Unions/Guilds/Association said in the statement.

The forum comprises Air Corporations Employees Union, All India Service Engineers Associations, Air India Employees Union, Aviation Industry Employee Guild, Air India Aircraft Engineers Association, All India Aircraft Engineers Association, Air India Engineers Association, United Air India Officers Association, All India Cabin Crew Association and All India Airline Retired Personnel Association.

On March 28, the civil aviation ministry came out with the preliminary information memorandum on Air India's strategic disinvestment, as per which, the government plans to offload 76 per cent equity share capital of the national carrier as well as transfer the management control.

The proposed transaction would involve Air India, its low-cost arm Air India Express and Air India SATS Airport Services, which is an equal joint venture between the national airline and Singapore-based SATS.

"The joint forum as stated many times has strongly opposed the privatisation of Air India and its subsidiaries as the Air India is our national pride and served the nation many a times at needs," the forum said.

"This statement is issued by the joint forum to safeguard the national interest. A detailed letter in this regard will be sent to the prime minister office, ministry of civil aviation and Air India management," it added.

Budget carrier IndiGo, which is struggling with Pratt & Whitney engine issues in its A320 Neo planes, had initially evinced interest in acquiring Air India's international operations, but later backed out, saying such an option was not available under the disinvestment plan.

Days later, Naresh Goyal-owned Jet Airways also said it had decided not to participate in the Air India sale process considering the terms of offer in the information memorandum and based on its review.

The forum had held a protest meeting also at the national carrier's Kalina officer here yesterday against the government's privatisation move.

The government is giving the Air India to private players at a time when the carrier is improving its operational and financial performance, the forum had alleged, stating that the move amounts to "socialising losses and privatising profits.

The statement comes following one after another potential bidder opting out of the Air India sale.

Alleging that the probable bidders are using "arm twisting tactics" to force the government sell the national carrier for cheap, a forum of 10 Air India unions has said that it will take up the issue with the PMO and the civil aviation ministry, among others. In a statement issued on Wednesday, the forum also reiterated its opposition to the privatisation of the loss-making airline, saying that "it (Air India) is our national pride and it served the nation many a times in need." The statement comes following one after another potential bidder opting out of the Air India sale process after the government coming out with the terms of offer in the information memorandum. "The so-claimed probable buyers are using arm twisting tactics so as to put pressure on the government to succumb to change the terms and conditions best suited to them and the Air India is sold for a song," the Joint Forum of Air India Unions/Guilds/Association said in the statement. The forum comprises Air Corporations Employees Union, All India Service Engineers Associations, Air India Employees Union, Aviation Industry Employee Guild, Air India Aircraft Engineers Association, All India Aircraft Engineers Association, Air India Engineers Association, United Air India Officers Association, All India Cabin Crew Association and All India Airline Retired Personnel Association. On March 28, the civil aviation ministry came out with the preliminary information memorandum on Air India's strategic disinvestment, as per which, the government plans to offload 76 per cent equity share capital of the national carrier as well as transfer the management control. The proposed transaction would involve Air India, its low-cost arm Air India Express and Air India SATS Airport Services, which is an equal joint venture between the national airline and Singapore-based SATS. "The joint forum as stated many times has strongly opposed the privatisation of Air India and its subsidiaries as the Air India is our national pride and served the nation many a times at needs," the forum said. "This statement is issued by the joint forum to safeguard the national interest. A detailed letter in this regard will be sent to the prime minister office, ministry of civil aviation and Air India management," it added. Budget carrier IndiGo, which is struggling with Pratt & Whitney engine issues in its A320 Neo planes, had initially evinced interest in acquiring Air India's international operations, but later backed out, saying such an option was not available under the disinvestment plan. Days later, Naresh Goyal-owned Jet Airways also said it had decided not to participate in the Air India sale process considering the terms of offer in the information memorandum and based on its review. The forum had held a protest meeting also at the national carrier's Kalina officer here yesterday against the government's privatisation move. The government is giving the Air India to private players at a time when the carrier is improving its operational and financial performance, the forum had alleged, stating that the move amounts to "socialising losses and privatising profits.

Potential bidders 'arm twisting' govt on Air India sale, say unions

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