New Delhi: Jet Airways and Etihad have submitted revised documents to the government seeking to allay the FIPB's concerns over control of their proposed venture, saying the commercial co-operation agreement (CCA) will not override powers vested with the company's board.
"We confirm that the CCA will not undermine the powers of the board of the company at any time to enter/exit from such commercial arrangement," according to a joint note submitted by Jet Airways and Etihad Airways to the Department of Economic Affairs (DEA).
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board (FIPB), headed by DEA Secretary Arvind Mayaram, official sources said.
Read News In Full25/09/13 PTI/Economic Times
Friday 27 September 2013
Commercial pact with Etihad Airways not to override board powers: Jet Airways
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