Board meet stamps Arora’s removal
Minutes of the Air India (AI) board meeting held on November 18 have been signed by all members, thereby ratifying its decision to remove Pawan Arora as the chief operating officer (COO) of AI Express.india Updated: Jan 20, 2011 23:15 IST
Minutes of the Air India (AI) board meeting held on November 18 have been signed by all members, thereby ratifying its decision to remove Pawan Arora as the chief operating officer (COO) of AI Express.
“Even two months after the AI board decided to remove him from service, Arora continued to attend office. However, now the AI management has to implement the board decision as till now they had not acted on the pretext that the board minutes circulated to member hadn’t been signed. The decision of the board is binding on the airline,” a civil aviation ministry official said.
Meanwhile, the AI board has given the mandate to ICICI bank to refinance loans to purchase 21 Airbus A320 family aircraft, valued at R5,500 crore. The decision was approved by the airline board, which met in Mumbai on Wednesday.
The board also approved delivery financing of three B 777-300 ER aircraft and one GE-90 spare engine with US Exim support worth $475 million.
Citibank has been given the mandate for 85% and Standard Chartered Bank for 15%.
The airline will also dispose off four A 310 passenger aircraft along with the simulator, dry lease ten 10 Airbus A320 aircraft to replace the ageing fleet, dry lease of two Airbus A 330 aircraft.