Singapore Airlines on Tuesday said the proposed merger of Air India and Vistara “remains on course” and is subject to approvals from regulators as well as competition authorities in several jurisdictions.

Once the merger is complete, Singapore Airlines (SIA) will have a 25.1 per cent stake in Air India.

Currently, Singapore Airlines owns a 49 per cent shareholding in Vistara and the remaining 51 per cent stake is with the Tata Group.

“The proposed merger of Air India and Vistara remains on course, with the Competition Commission of India approving the transaction in September 2023.

“It remains subject to
foreign direct investment approval, as well as approvals from other regulators and competition authorities in several jurisdictions, including those from India’s Directorate General of Civil Aviation, ministry of civil aviation, and National Company Law Tribunal, and the Competition and Consumer Commission of Singapore,” SIA Group said on Tuesday.

Goyal plea rejected

The Bombay High Court on Tuesday rejected the petition filed by Jet Airways founder Naresh Goyal challenging his “illegal” arrest in a money laundering case linked to bank loan default, noting that the plea was not maintainable.

A division bench of Justices Revati Mohite Dere and Gauri Godse said the petition cannot be entertained and hence stands dismissed.

The court said Goyal could avail of other statutory remedy under law. Goyal had filed a habeas corpus (produce the person) petition, in which he claimed that he was illegally arrested by the Enforcement Directorate in the case.

Goyal said he was arrested without following provisions of the Prevention of Money Laundering Act.