New Delhi: The Competition Commission of India (CCI) has shot down Jet’s plea that the Commission’s order regarding the total board size of the airline after Etihad acquires a 24 per cent share in it was incorrect.
In its plea before the Commission, Jet and Etihad submitted that the total board size of Jet, after the deal will be 12 directors and not six shareholder directors as the order incorrectly stated.
In its November 12 order, CCI had said, “In such a case, Etihad’s acquisition of 24 per cent equity stake and the right to nominate two directors, out of the six shareholder directors, including the Vice-Chairman, in the Board of Directors of Jet, is considered as significant in terms of Etihad’s ability to participate in the managerial affairs of Jet.”
27/11/13 Business Line
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In its plea before the Commission, Jet and Etihad submitted that the total board size of Jet, after the deal will be 12 directors and not six shareholder directors as the order incorrectly stated.
In its November 12 order, CCI had said, “In such a case, Etihad’s acquisition of 24 per cent equity stake and the right to nominate two directors, out of the six shareholder directors, including the Vice-Chairman, in the Board of Directors of Jet, is considered as significant in terms of Etihad’s ability to participate in the managerial affairs of Jet.”
27/11/13 Business Line
