"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 Airways has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the investment board, headed by DEA Secretary Arvind Mayaram, according to official sources.
The sources said the Cabinet Committee on Economic Affairs (CCEA) could take up the deal for approval in the next few weeks. The CCEA will consider the proposal because foreign investment higher than Rs 1,200 crore is involved.
Earlier, the FIPB said the Securities and Exchange Board of India (Sebi) would ascertain if control rests with the Jet Airways board, as per the revised CCA.
The investment board had approved a proposal for the Abu Dhabi-based Etihad Airways to buy a 26 per cent stake in Jet Airways for Rs 2,058 crore with certain riders on July 29.
The riders include Jet Airways seeking government approval before changing the shareholders agreement with Etihad and any arbitration to take place under Indian law, not English law as proposed earlier.
via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEAMtTJtu5Kp8aKJGZdR3GzvRODig&url=http://profit.ndtv.com/news/corporates/article-jet-etihad-deal-not-to-override-indian-carriers-control-report-327687
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