Call it the Tatra effect. The Government is likely to suspend the operations of private helicopter company Global Vectra Helicorp Ltd (GVHL).
The company is part of the Vectra Group that was initially promoted by Mr Ravinder Kumar Rishi. In March, Mr Rishi came into the limelight after news broke about an alleged scam in buying Tatra Trucks by the Indian Army. Tatra truck is owned by the Vectra Group.
Confirming the latest development, a senior Civil Aviation Ministry official said: “We received a communication from the Home Ministry withdrawing the security clearance to Global Vectra Helicorp promoter. The highest authorities have been informed. Follow-up action will follow and the licence will be suspended soon. Following the suspension of the licence, the company will not be allowed to operate.”
The Home Ministry has not indicated the reason for withdrawing the security clearance. When contacted, a senior Directorate-General of Civil Aviation (DGCA) source said, “As soon we get formal communication from the Ministry of Civil Aviation, we will suspend the operating licence of Global Vectra Helicorp.”
The company operates a fleet of 24 helicopters.
No information, says Company
The company in a statement said that GVHL had “not received any information or communication” from the Ministry of Civil Aviation, the DGCA, the Ministry of Home Affairs, or from any other Authority that the security clearance of the company has been withdrawn.
“GVHL is a public listed company and all our offshore and onshore operations are continuing as normal and as per schedule,” the statement adds.
Interestingly, the company's shareholding pattern underwent dramatic changes in first three quarters of the previous fiscal (2011-12). The quarter ending June 30, 2011, showed Mr Ravinder Kumar Rishi, along with four other individuals and three institutions, as promoters.
However, the names of these individuals were missing in the quarter ending September 30, 2011. There was mention of just three institutions, including Vectra Investments under the category of ‘Promoter and Promoter Group.' And, the quarter ending December 30, 2011, showed just two institutions as promoters.