L&T non-executive chairman A M Naik steps down

Infrastructure major Larsen & Toubro on Wednesday announced that its Non-Executive Chairman A M Naik has decided to step down from the post.

S N Subrahmanyan, who is the Chief Executive Officer & Managing Director, has been re-designated as the Chairman and Managing Director of the company with effect from October 1, 2023, L&T said in an exchange filing.

"… A. M. Naik has decided to step down as Non-Executive Chairman of the Company with effect from September 30, 2023. He has been conferred the status of 'Chairman Emeritus' by the Board." Naik has served the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation. He has been widely acknowledged as the architect of the transformation of the company into a sharply focused company delivering superior value to stakeholders.

As a robust upholder of the company’s value system, Naik has played a critical role in ensuring the company retains its unique ethos across decades, L&T said.

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Go First: NCLAT to hear plea by airline's lessor SMBC Aviation Capital challenging insolvency order | Mint

National Company Law Tribunal (NCLAT) on Thursday will hear a plea filed by Go First's lessor SMBC Aviation Capital Ltd challenging yesterday's order allowing insolvency. 

The Wadia-group-owned airline was granted bankruptcy protection by NCLT on Wednesday, bolstering the country's fourth largest carrier's chances of getting back on its feet, but lessors have started mounting legal challenges to repossess planes.

The low-cost airline filed for bankruptcy earlier this month. The group cited that it plunged into a financial crisis after it had to  grounded about half of its fleet due "faulty" Pratt & Whitney engines. Meanwhile, the US engine maker in its statement said Go First's allegations were "without merit".

Historic move: Go First CEO

NCLT on Wednesday ordered a moratorium on Go First's assets and leases and appointed Abhilash Lal of Alvarez & Marsal as the interim resolution professional to take over management with immediate effect.

The resolution professional "shall ensure that retrenchment of employees is not resorted to as a matter of course", the tribunal's 41-page order said. Go First has a staff of around 7,000."

CEO Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The airline, which had a 7% share of the world's third largest aviation market in March, has temporarily suspended operations and is not taking new bookings.

However, the move adds to headaches for lessors, which have filed requests with India's aviation regulator for the return of about 40 Go First planes after rental payments were missed.

"The next step for lessors is to approach the appellate tribunal... It will be a prolonged legal battle," said Ajay Kumar, managing partner at India's KLA Legal, which represents Go First lessors including Jackson Square Aviation and Bank of China Aviation, as reported by Reuters.

He added that Go First's woes will lead to higher lease premiums for Indian airlines.

Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing.

 

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