2.12.7 Merger of Air India and Indian Airlines - Government of India approved the merger of Air India and Indian Airlines in March 2007. Consequent to the above, a new company viz., National Aviation Company of India Limited (NACIL) was incorporated under the Companies Act, 1956. However, in Statement No.11 of the Finance Accounts of 2009-10, Air India with an investment of ` 153.84 crore, Indian Airlines with investment of ` 432.14 crore and NACIL with investment of ` 800.05 crore are being shown as separate companies. Though the scheme of amalgamation of Air India Limited and Indian Airlines Limited with National Aviation Company of India Limited was approved by the Board of Directors of all the three companies, in the Union Finance Accounts for the year 2009-10 they are being shown as three separate PSUs. This issue was also highlighted in the last year’s Audit Report but no discernible progress has yet been noticed nor has this been explained.
Report No. 1 of 2010 - Compliance Audit on Accounts, Union Government (Civil) Date on which Report Tabled: Fri 18 Mar, 2011
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