DGCA orders special audit of aircraft owner

Mumbai : The Directorate General of Civil Aviation has commenced a Special Audit of VSR Ventures Pvt Ltd – which owned the ill-fate Learjet 45 aircraft that crashed in Baramati on Jan. 28, killing Deputy Chief Minister Ajit A. Pawar and others. The Special Audit, ordered by the Ministry of Civil Aviation (MoCA) started on Feb. 4, and is likely to be completed shortly. The DGCA said it would release the Preliminary Report of the air-crash within 30 days of the occurrence (by Feb. 28), as per...

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DGCA orders special audit of aircraft owner

Mumbai : The Directorate General of Civil Aviation has commenced a Special Audit of VSR Ventures Pvt Ltd – which owned the ill-fate Learjet 45 aircraft that crashed in Baramati on Jan. 28, killing Deputy Chief Minister Ajit A. Pawar and others. The Special Audit, ordered by the Ministry of Civil Aviation (MoCA) started on Feb. 4, and is likely to be completed shortly. The DGCA said it would release the Preliminary Report of the air-crash within 30 days of the occurrence (by Feb. 28), as per ICAO norms, and the Final Report will follow in due course. The DGCA team will conduct a comprehensive review of the regulatory compliances, operational control systems, maintenance practices, crew training standards, safety management systems and monitoring of the Black Box. Rohit Pawar vindicated The move comes as a victory for Nationalist Congress Party (SP) MLA Rohit R. Pawar, who had launched a massive campaign raising suspicions on the crash, questioning if it was an accident or a conspiracy, demanding grounding of the VSRVPL fleet and removal of MoCA Minister K. Rammohan Naidu till the investigations are completed. Subsequently, many other leaders of various parties including the Nationalist Congress Party (NCP) headed by the late Ajit Pawar, Congress, Shiv Sena (UBT), besides members of the Pawar clan also joined the clamour for a transparent probe. The MoCA said that the findings of the Special Audit, due to end soon, would be reviewed and necessary action shall be initiated in accordance with the DGCA’s Enforcement Policy and Procedures Manual. Audit of other operators Besides, multiple surveillance of VSRVPL were carried out across areas such as flight safety systems, flight duty time limitations, maintenance compliance (CAR M and CAR 145), documentation and station facilities, which were addressed and closed. Now, the MoCA has directed the aviation watchdog to carry out special audits of other major non-scheduled operators and aerodromes engaged in VIP|VVIP operations. “These audits are being conducted in phases and appropriate enforcement action will be taken wherever required. During 2025, the DGCA conducted 51 regulatory audits of non-scheduled operators,” said the MoCA. On the ill-fated Learjet 45 (VT-SSK), the government said that the Baramati accident is being probed by Aircraft Accident Investigation Bureau (AAIB) strictly in accordance with the Aircraft (Investigation of Accidents and Incidents) Rules, 2025 and the Standards and Recommended Practices contained (SARP) in ICAO Annex 13. Rohit Pawar had voiced apprehensions on these aspects and sought to know how the company was allowed to continue operations in India when it had been banned in Europe in the past. Two recorders on Learjet 45 Black Box The aircraft – with five on-board - was equipped with two independent flight recorders, the Digital Flight Data Recorder (DFDR), manufactured by L3 Communications, which has been successfully downloaded at AAIB’s facility in New Delhi, inaugurated in 2025. The Cockpit Voice Recorder (CVR) sustained thermal damage. As it is manufactured by Honeywell, USA, technical assistance has been sought from the State of Design/Manufacture. However, there are few takers for the theory of damage to the CVR, which - as Rohit Pawar pointed out several times - can withstand temperatures of around1100 C. The MoCA said that the AAIB’s investigation is technical and evidence-based, involving systematic examination of wreckage, operational and maintenance records and laboratory testing of components where required.

India bears the brunt: Nifty crashes 1,100, Sensex nosedives 3,900 points after US trade shock

Correspondent
Apr 7, 2025
2 min read

India woke up to a financial jolt this morning as its equity markets suffered their steepest fall in nearly a year, shaken by the ripple effects of US President Donald Trump’s aggressive new tariff regime. The Sensex plunged over 3,900 points at opening bell, while the Nifty tumbled more than 1,100 points, dragging Indian stocks to a 10-month low.

This sharp decline follows a global equity rout triggered by Trump's protectionist measures, which have sent panic waves across Asia and raised the spectre of a global recession. Investors dumped shares in a massive sell-off, with Indian benchmarks reacting sharply in early trade. The Sensex dropped to 71,425.01 — down 3,939.68 points — while Nifty slipped to 21,743.65, marking a 3.5% slide from the last session.

Adding to the pressure, the Indian rupee depreciated 30 paise to open at 85.74 against the US dollar.

India Among the Hardest Hit

Trump’s latest tariff hike — framed as a push to restore fairness to global trade — has imposed country-specific duties that go as high as 50%. India has been slapped with a 26% tariff, while a 10% baseline duty applies to all nations. This has set alarm bells ringing among Indian exporters and traders already struggling with global demand volatility.

President Trump, unfazed by the financial carnage, likened the move to a bitter but necessary cure. “Sometimes you need the medicine to fix something,” he told reporters earlier today.

Analysts Urge Economic Safeguards

Market experts believe that India's current market turmoil isn't rooted in domestic issues but is rather a consequence of being tightly woven into global investment flows.

“India will face the heat, not due to domestic reasons, but as an interlinked chain in the global portfolio flows,” said Ajay Bagga, a noted market expert. “India will need a fiscal, monetary, and reform package to protect the domestic economy from this global economic winter that is threatening to settle in.”

Sunil Gurjar, SEBI-registered research analyst, warned that the Nifty50 index has breached its first support level and is approaching the next. "A further breakdown could worsen the trend and accelerate the fall," he cautioned.

Asian Markets Bleed

The tremors from Trump's announcement were first felt in Asia, with key markets suffering steep losses. China's stock markets fell over 4% amid retaliatory tariffs of 34% against the US. Hong Kong's Hang Seng nosedived more than 10%, while Japan’s Nikkei index fell 6.5% after plunging 8% earlier in the day. Taiwan saw a near-10% collapse, and Singapore dropped over 8%.

Wall Street Braces for Impact

US markets, though yet to open, appear set for a rough start. Futures contracts on the New York Stock Exchange are sharply down, suggesting heavy losses once trading resumes.

Market sentiment globally has turned bearish, with fears of a looming recession taking hold. Stephen Innes of SPI Asset Management described the scene as “free-fall mode,” noting, “Trump’s team isn’t blinking. The tariffs are being treated as a victory lap, not a bargaining chip.”