Air India venture sacks four seniors for office party soon after plane crash
Four senior executives at Air India SATS (AISATS) have been asked to resign after a video of an office party in Gurugram went viral, sparking widespread outrage. The video surfaced just days after the devastating Air India flight AI171 crash on June 12, 2025, which killed 259 people and left the nation in mourning.
The clip, which featured AISATS Chief Operating Officer Abraham Zachariah and other staff members dancing to loud music, was widely circulated on social media. The timing of the celebration—held shortly after one of India's deadliest aviation disasters—was widely condemned as tone-deaf and deeply insensitive.
Flight AI171, a Boeing 787-8 Dreamliner en route to London, crashed into a hostel for medical students at Ahmedabad's BJ Medical College shortly after takeoff. Of the 260 people on board, only one survived.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
'Swing is King': Mr. Hemant's Strategy Finally Explained in Free Session
TradeWise
Learn More
Undo
— TheSquind (@TheSquind)
As grieving families awaited the repatriation of victims' remains, the video drew sharp criticism for its perceived lack of empathy. Many users on social media slammed the company for insensitivity and poor judgment.
Live Events
In response, AISATS issued a statement saying, 'At AISATS, we stand in solidarity with the families affected by the tragic loss of AI171 and deeply regret the lapse in judgment reflected in a recent internal video. The behaviour does not align with our values, and firm disciplinary action has been taken against those responsible as we reaffirm our commitment to empathy, professionalism, and accountability.'
While AISATS did not specify when the party occurred, sources confirmed that four senior staff members were terminated for their direct involvement in organizing the event.
AISATS is a joint venture between Air India, now owned by the Tata Group, and Singapore-based SATS Ltd., a global leader in airport services.
The company emphasized that disciplinary action had been taken to uphold its ethical standards, but the damage to its public image amid a national tragedy has already drawn significant backlash.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
37 minutes ago
- Business Standard
India's M&A deals touch $41.5 bn in H1 as PEs, firms eye healthcare, infra
India's mergers and acquisitions (M&A) market recorded deals worth $41.49 billion in the first half of 2025, down nearly 6 per cent from a year ago, as large-ticket transactions remained limited. Despite the dip in value, a 4.6 per cent rise in deal count to 1,577 signals continuing appetite among domestic conglomerates and private equity (PE) funds for mid-sized and smaller assets. Healthcare, infrastructure, and financial services emerged as key drivers, even as overall value trailed the post-pandemic highs of 2022, when first-half dealmaking had peaked at over $135 billion, largely due to the HDFC Bank–HDFC mega merger. Key deals in H1 2025 Temasek's acquisition of a 10 per cent stake in Haldiram Foods from its promoters for $1 billion was another marquee transaction in the period. Top Deals Deal Type Announce Date Target Name Acquirer Name Seller Name $ Mn M&A Jan 14, 25 Access Healthcare Services Pvt Ltd New Mountain Capital LLC 2,000 M&A Apr 17, 25 Abbot Point Port Holdings Pte Ltd Adani Ports & Special Economic Zone Ltd Carmichael Rail And Port Singapore Holdings Pte Ltd 1,967 M&A Mar 17, 25 Bajaj Allianz General Insurance Co Ltd Bajaj Holdings & Investment Ltd Allianz SE 1,219 M&A Jun 27, 25 Akzo Nobel India Ltd Jsw Paints Pvt Ltd Akzo Nobel NV 1,070 INV May 09, 25 Yes Bank Ltd Sumitomo Mitsui Banking Corp State Bank of India 1,040 INV Mar 12, 25 Haldiram Snacks Pvt Ltd Temasek Holdings Pte Ltd 1,000 M&A Mar 17, 25 Bajaj Allianz Life Insurance Co Ltd Bajaj Holdings & Investment Ltd Allianz SE 920 M&A Feb 14, 25 Global glass reinforcements business/Owens Corning Praana Group Owens Corning 755 M&A Jan 07, 25 Offshore Azeri Chirag Gunashli oil field/Azerbaijan ONGC Videsh Ltd,State Oil Co of the Azerbaijan Republic Equinor ASA 720 Source: Bloomberg In infrastructure, Adani Ports & SEZ acquired Abbot Point Port Holdings for $1.97 billion from its promoter entities, continuing its push into overseas port assets. The group also indicated plans to invest up to $20 billion annually in India's infrastructure sector, including greenfield projects. Among conglomerates, Hindalco Industries Ltd, the Aditya Birla Group's metals flagship, acquired US-based AluChem Companies Inc. for $125 million. Bajaj Holdings & Investment Ltd. bought out Allianz SE's stake in Bajaj Allianz General Insurance for $1.2 billion, signalling consolidation in the fast-evolving insurance sector. The acquisition of Akzo Nobel India by JSW Paints, announced last week, was another significant M&A deal this year. PE firms remained active but cautious. While the number of PE-backed transactions held steady, average deal size declined. Sectors like consumer tech and edtech, previously hotbeds of activity, saw muted interest amid valuation resets and funding constraints. What's driving deals While deal value declined year-on-year, investment bankers said the pipeline remains robust, especially in renewable energy, digital infrastructure and industrials. 'There's significant dry powder waiting to be deployed from our Asia funds,' said a senior executive at a global PE fund. 'We expect a second-half bounce as clarity emerges on policy and rate transmission direction post the recent cuts.' Among the global funds, Blackstone Inc. announced plans to double its India exposure to $100 billion from the current $50 billion. Brookfield also stated its intention to invest $100 billion in India over the next five years. Bankers said that while India's M&A landscape may be off its peak, it remains one of the most active in Asia, supported by digital penetration, formalisation of the economy and rising consumption. Promising second half Among closely watched second-half deals is Reliance Industries' bid to acquire Castrol India Ltd., in a move that could bolster its downstream oil-to-chemicals portfolio. BP Plc, which owns a majority stake in Castrol India, has invited expressions of interest, with Reliance among the suitors. Other significant deals in discussion include Torrent Group's potential acquisition of JB Chemicals and Pharmaceuticals from US-based private equity major KKR & Co, at a total equity valuation of $3 billion. Period Deal Count $ Bn Change Y-o-Y % 2016 H1 897 25.58 33.2 2017 H1 792 37.41 46.2 2018 H1 1041 81.35 117.4 2019 H1 1043 44.96 -44.7 2020 H1 870 54.21 20.6 2021 H1 1251 62.93 16.1 2022 H1 1945 135.05 114.6 2023 H1 1255 40.96 -69.7 2024 H1 1507 44.00 7.4 2025 H1 1577 41.49 -5.7 Deal Type : M&A, Investment Source: Bloomberg Meanwhile, the Adani Group, Vedanta and three others have submitted financial bids for Jaiprakash Industries, in a race that may see final offers exceeding the Rs 12,000 crore mark (approximately $1.4 billion).
Time of India
an hour ago
- Time of India
51-49 Senate vote: Three Republicans who said 'no' to Trump's 'Big Beautiful' bill
Senator Rand Paul of Kentucky(left), US President Donald Trump (middle), Senator Thom Tillis of North Carolina (right) Three Republican senators—Thom Tillis of North Carolina, Rand Paul of Kentucky, and Ron Johnson of Wisconsin—broke ranks on Saturday late-night senate session as the chamber voted 51–49 to advance President Donald Trump's sweeping One Big Beautiful Bill Act. Tillis and Paul opposed the motion outright, while Johnson initially voted no before switching after negotiations. Tillis cited concerns over deep Medicaid cuts, warning of adverse impacts on healthcare access in his state. Paul objected to a provision raising the national debt ceiling by USD 5 trillion. Johnson changed his vote following closed-door talks that addressed his deficit concerns. The nearly 940-page bill seeks to extend USD 3.8 trillion in Trump-era tax breaks, add new exemptions including no federal taxes on tips, and allocate USD 350 billion for national security and immigration enforcement. It proposes significant cuts to Medicaid, food stamps, and green energy programs to offset costs. A revised provision includes a USD 25 billion fund for rural hospitals, aimed at mitigating concerns over Medicaid provider tax reductions. The bill also raises the SALT deduction cap to USD 40,000 for five years and increases the national debt limit. According to the Congressional Budget Office, the bill could result in 11.8 million more uninsured Americans by 2034. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like local network access control Esseps Learn More Undo It estimates food aid would drop for 3 million recipients. The wealthiest earners would see a USD 12,000 tax cut, while the poorest households could lose USD 1,600 annually. On Sunday, President Trump described the Senate's procedural clearance as a "great victory." "Tonight we saw a GREAT VICTORY in the Senate with the GREAT, BIG, BEAUTIFUL BILL," he posted on Truth Social. He thanked Republican senators Rick Scott, Mike Lee, Ron Johnson, and Cynthia Lummis for their support. "They, along with all of the other Republican Patriots who voted for the Bill, are people who truly love our Country!" Trump wrote. He pledged to work with them to advance his economic agenda, citing goals to secure the border, reduce spending, and protect Second Amendment rights. In a separate post, Trump added, "VERY PROUD OF THE REPUBLICAN PARTY TONIGHT. GOD BLESS YOU ALL!" The bill was released late Friday night. Debate in the Senate is expected to continue through the weekend, with multiple amendments and votes ahead. If passed, the legislation will return to the House for final approval before heading to Trump's desk. Also read | Donald Trump hails 'great victory' as his spending bill squeezes through Senate for debate
Time of India
an hour ago
- Time of India
Finmin asks public sector banks to monetise investments in subsidiaries via listing on bourses
The finance ministry has asked public sector banks (PSBs) to look at monetising their investment in subsidiaries by listing them at bourses after further scaling up operations so that they realise good return. There are about 15 subsidiaries or joint ventures of PSBs lined up for initial public offering or divestment in medium to long term, sources said. Wherever required banks should invest funds to scale up operations of their subsidiaries or joint ventures, sources said, adding, banks can look at unlocking value at an opportune time. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 21st Century Skills Start with Confident Communication Planet Spark Learn More Undo As a precursor to monetisation, sources said, banks should improve governance, professional decision-making and bring in greater operational efficiency in their subsidiaries. For example, the country's biggest lender State Bank of India may look at listing SBI General Insurance and SBI Payment Services in the future after they scale up their operations. Live Events SBI General Insurance Company Ltd, incorporated on February 24, 2009, earned a profit of Rs 509 crore for the financial year ended March 2025. The general insurance arm of SBI has allotted 3,71,693 equity shares of Rs 10 each during the year ended March 2025. Consequently, the stake of SBI in SBI General Insurance Company Ltd has reduced from 69.11 per cent to 68.99 per cent. SBI Payment Services Pvt Ltd, which is in the merchant acquiring business, is 74 per cent owned by SBI, and the rest with Hitachi Payment Services. SBI Payments is one of the largest acquirers in the country, with more than 33.10 lakh merchant payment acceptance touch points as of March 31, 2024, including 13.67 lakh POS (point of sales) machines, deployed across geographies. Meanwhile, Canara Bank has already initiated the process for listing of asset management joint venture Canara Robeco AMC. Besides, it is also planning listing of its life insurance joint venture Canara HSBC Life Insurance Company. Canara Bank has already approved the process of diluting a 14.5 per cent stake in its life insurance venture Canara HSBC Life Insurance Company.
