Tuesday, April 27, 2021

Ajay Singh seeks access to virtual data room, more time for submitting financial bid for Air India

New Delhi: Ajay Singh, who is bidding for national carrier Air India in his personal capacity, has sought a relaxation of bidding rules such as a waiver of the ‘clean-team’ protocol and an extension of deadline for submission of a financial bid, the Economic Times mentioned in a report citing sources aware of the matter.

Singh, Spicejet chairman, is currently prohibited from accessing the virtual data room or VDR that has been set up for bidders to carry out due diligence on the airline because he has an executive role at SpiceJet, the business daily mentioned citing sources.

The ‘clean-team’ protocol says executives at rival airlines who wish to bid for Air India and currently hold operational responsibilities in their organisations are disallowed from accessing the VDR, which contains sensitive internal documents of Air India such as its commercial arrangements with third parties and financial and operational forecasts.

Singh has sought a relaxation on the grounds that he is bidding for Air India in his individual capacity and as the leader of a consortium he would be at a commercial disadvantage if he were not allowed to access the VDR documents.

He has also sought an extension of the deadline for submission of financial bids. He has sought 12 weeks from the time of the release of the request for proposal or RFP. 

Among reasons he has cited for seeking an extension are incomplete documentation in the VDR and the second Covid wave, which has restricted the movement of resources who were deployed for carrying out due diligence on the airline, the publication mentioned citing sources.

27/04/21 ETNowNews.com

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