Spicejet Pays $1

Posted By: Aditya Gogoi Posted On: Sep 15, 2023

Budget carrier SpiceJet Ltd on Friday said it has paid $1.5 million to Credit Suisse to comply with the Supreme Court's directives. It said the payment was executed on Thursday, September 14, 2023.

“SpiceJet Ltd. has complied with the directive of the Supreme Court by remitting $1.5 million to Credit Suisse. The payment was executed on Thursday, September 14th," the airline said in a statement.

A third of the amount is part of a monthly settlement plan SpiceJet had previously agreed with Credit Suisse, and the rest are unpaid dues to the bank that have accrued since last year after the airline failed to keep up with the payment schedule.

On Monday, September 11, the Supreme Court ordered SpiceJet to make the payment by September 15 in a case related to unpaid dues. The apex court also warned the airline of unspecified “drastic action" at the next hearing if it failed to do so.

According to Credit Suisse, SpiceJet had availed the services of SR Technics, Switzerland, for maintenance, repair, and overhaul of aircraft engines, modules, components, assemblies, and parts, which were mandatory for its operations.

An agreement for such services was entered into between SpiceJet and SR Technics on November 24, 2011 for 10 years. The terms of payments were also agreed upon.

SR Technics had given Credit Suisse the right to receive payments from SpiceJet for the services.

The apex court had on July 25 given additional time to SpiceJet to make the payment to Credit Suisse as per the consent terms agreed upon by the two parties.

The top court was hearing a plea by the Swiss firm seeking initiation of contempt proceedings against Spicejet CMD Ajay Singh and SpiceJet over “a wilful and intentional disobedience" of court orders and failure to pay dues as per a settlement between the two sides.

On Tuesday, September 12, SpiceJet also paid Rs 100 crore to Kal Airways' promoter Kalanithi Maran, as part of a Rs 380 crore arbitral award order, following a directive from the Delhi High Court on Monday, instructing the low-cost airline to fulfill the payment obligation.

Source: News18
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Why is Akasa Air taking 43 pilots to court

Posted By: Aditya Gogoi Posted On: Sep 17, 2023
The airline's flight cancellation rate last month was 1.17%, the second-highest since its launch in August 2022 (Photo: Akasa Air)

With the aggressive expansion of IndiGo and airlines under the Air India umbrella, industry experts have pointed out that India’s aviation industry faces a scarcity of senior pilots.

According to reports, more than 40 pilots left Akasa Air without serving the mandatory six-month notice period, causing the fledgling airline to cancel a large number of flights. Its flight cancellation rate last month was 1.17%, the second-highest since its launch in August 2022. This number was 0.45% in July and 0% in March. Akasa's share of the domestic market fell to 4.2% in August from 5.2% in July.

Such situations are not unusual in an emerging aviation market like India's. Currently, there are seven major carriers in India, of which Go First has been inactive since May. Industry experts say the Tata-backed Air India and India's largest airline IndiGo have the strongest promoter support of the lot.

This is evident in the order book of the two airline groups, with over 1,300 aircraft on order for IndiGo and 470 aircraft in the pipeline for the Air India group. In addition, the two entities are constantly eyeing opportunities to add capacity by wet-leasing or dry-leasing older aircraft as the supply of new planes has been constrained by global supply-chain issues since the pandemic.

Low-cost carrier SpiceJet, among others, has been under financial stress thanks to multiple legal cases with lessors, its former promoter group, and Credit Suisse over the payment of dues.

An industry executive said, “Akasa is a strong player and has been able to steadily increase its market share in domestic aviation. It will be important for the airline to either expand slowly or ensure a competitive offer to retain pilot talent. Flight cancellations are the biggest dampeners for customer sentiment. They need to be avoided at any cost."

In a claim filed in the Bombay High Court against the 43 pilots, Akasa Air has sought ₹21.6 crore in compensation. This includes ₹14.28 crore for reputational loss caused by the cancellation, re-scheduling and grounding of flights, ₹6.96 crore for loss of operational profits, and ₹36 lakh on account of the pilots' training agreement.

“We have sought legal remedy only against a small set of pilots who abandoned their duties and left without serving their mandatory contractual notice period. This was not only in violation of their contract but also the country's civil aviation regulation. Not only is this illegal in law but also an unethical and selfish act that disrupted flights in August, forcing last-minute cancellations that stranded thousands of customers and caused significant inconvenience to the traveling public," the airline said.

Source: Live Mint
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UBS's Credit Suisse takeover

Posted By: Ajay Rawat Posted On: Sep 13, 2023
UBS faces lawsuit over its takeover of Credit Suisse, as hundreds of individual shareholders plan to file a claim in Zurich?s commercial court. (REUTERS)

Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss?

Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under.

At the time, investors gasped at the risks UBS was taking on with the purchase.

But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts.

That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter.

UBS seemed to prove him right when it unveiled its second quarter results on August 31.

The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value.

- 'Godsend' -

"UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate.

"If we had chosen another path, (like) a temporary or partial nationalisation," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population".

Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis.

Politicians are not the only ones taking issue with the takeover.

Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price.

She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated.

'Nickel and dime' 

"UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP.

The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities.

Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture.

But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain.

The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking.

But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets.

Confidence 'evaporated' 

UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up.

He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated".

Since the takeover announcement in March, UBS has seen its share price soar 31 percent.

But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP.

The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later".

The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task".

He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line.

Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong".

Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger.

Now it is up to the bank to "transform an 'obligation' to its advantage".

Source: Live Mint
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UBS winds down Credit Suisse global markets business

Posted By: Jaydatt Chaudhary Posted On: Aug 30, 2023
FILE - A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland, March 19, 2023. (Michael Buholzer/Keystone via AP, File) (AP)

Credit Suisse said it will reduce the volume of new markets business from Sept. 22 while UBS integrates its former rival, the bank said in a letter sent to clients, as the 166-year-old firm winds down trading in global securities.

Increases in positions, or maturity extensions, will now not be possible for clients at Credit Suisse, which trades a wide variety of assets from stocks to currencies. Existing positions will continue to be serviced.

"Going forward, UBS shall focus on consolidating new client activity through UBS legal entities," the letter seen by Reuters on Wednesday said.

The move is a further step along UBS's tricky path to absorbing its fallen rival in the first-ever merger of two global systematically important banks.

UBS will report its second-quarter earnings on Thursday, its first results since taking over Credit Suisse earlier this year.

Source: Live Mint
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In SpiceJet’s Independence Day Special Sale

Posted By: Vishal Maurya Posted On: Aug 16, 2023

Indian airline SpiceJet has started an Independence Day sale over the booking of tickets between August 14 to August 20. This sale has reduced the cost of booking fares for domestic travelling and is also giving out flight vouchers. The airfares start at Rs 1,515 during this sale period for a one-way trip domestically. “You can also win free flight vouchers worth up to Rs 2000 and book preferred seats starting at just Rs 15,” read the statement published on the SpiceJet website. You can book the tickets for the travel period between August 15, 2023 to March 30, 2024. There are limited seats that are present under this offer. The sale fare will not be applicable for group bookings. It should be noted that this offer cannot be combined with any other offer present on the website. The booking of the flight ticket should only be done during the offer period. You can book your ticket through the SpiceJet website, M-sites, apps or through any travel agents.

Free vouchers are applicable for bookings done during this offer period. The flight coupons will only be available if the base fare of your ticket is Rs 2000. It will be available to the customer after 7 days from the end of the sale, as written on the SpiceJet website. You can also contact the airlines through their website if you don't receive the voucher within the said amount of days.

As per the sales guideline, the free voucher will be issued to the lead passenger, whose email id has been used to book the sale fare ticket. The free flight coupon will be applicable on bookings worth Rs 8500. The customer can use the voucher for domestic and international bookings. It should also be noted that this voucher can only be used once.

Another important aspect of this sale includes the cost of the selection of the preferred seats. According to SpiceJet, now you can select your favourite seats for only Rs 15. The customer can also use this benefit if they have booked their tickets previously and the travel is pending. It can be availed on the ‘manage booking' section of the website.

Source: News18
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SpiceJet swings to ₹205 cr profit in Q1

Posted By: Tarun Kumar Posted On: Aug 15, 2023
Last month, SpiceJet said it will receive a fresh capital infusion of ?500 crore from promoter Ajay Singh.

NEW DELHI : Budget carrier SpiceJet on Monday reported a net profit of ₹205 crore in the June quarter, buoyed by continued strong demand for air travel. The Gurugram-based airline had reported a net loss of ₹789 crore a year earlier.

Total income fell 8.4% to ₹2,267 crore in the quarter while total expenses decreased by 36% to ₹2,069 crore. The lower expenses were also on account of fewer aircraft in operations. More than 20 SpiceJet planes were grounded in the quarter out of total fleet of 55 planes.

“I am happy that despite facing multiple challenges, we have posted a profit in Q1 FY2024. I firmly believe in the potential of our airline, and I am pleased to have contributed to its growth by infusing ₹500 crore into the company," said Ajay Singh, chairman and managing director.

Last month, SpiceJet said it will receive a fresh capital infusion of ₹500 crore from promoter Singh. Singh is expected to infuse the funds by subscribing to fresh equity shares and/or convertible instruments.

For the fiscal year ended 31 March, SpiceJet narrowed its losses to ₹1,503 crore from ₹1,725 crore in the year before. Total expenses rose by 23% to ₹11,410 crore while total income rose by 30% to ₹9,897 crore last fiscal.

The airline said it is implementing a range of measures to return its grounded aircraft to service, and is working towards improving selling and distribution, revenue management, fleet rationalization, optimizing aircraft utilization, redeploying capacity in key focus markets, revising management and employee compensation, renegotiating contracts and other cost control steps to establish consistent and profitable operations and cash flows in the future.

As on June-end, SpiceJet recorded negative retained earnings of ₹7,211 crore and negative net worth of ₹3,026 crore. The negative retained earnings are mainly due to adjustments on account of implementation of Ind AS I 16 in FY20, adverse foreign exchange rates, fuel prices, pricing pressures, other business factors and the impact of the pandemic in the last few years, the airline said.

The airline has reiterated the amount under dispute with aircraft lessors have not been considered as debt and the company is optimistic about the outcome of the pending legal matters.

“Certain aircraft/engine lessors have filed application(s) under Section 9 of the Insolvency and Bankruptcy Code, 2016 due to alleged non-payment. The Company has certain disputes in the matter and the amounts claimed are not debts and accordingly the company is defending such matters. Basis the review of applications filed and the legal interpretation of the law supported by views of legal expert, the management is of the view that there are fair chances of having a favourable outcome for the company," SpiceJet said.

Under the emergency credit line guarantee scheme (ECLGS), SpiceJet has received funds aggregating to ₹211 crore until 31 December, 2022. Further, the company has received ₹91.3 crore under the ECLGS scheme during the quarter ended 31 March 2023. In the current fiscal year, the airline said that it has received disbursement of additional funds aggregating to ₹541.3 crore as eligible under the ECLGS scheme. It has also initiated the process for issue of fresh equity/equity warrants to the promoter group for value aggregating to ₹500 crore and is further considering raising of fresh capital through issue of eligible securities to qualified institutional buyer, in accordance with applicable law.

“The part of above proceeds will be used in maintenance of its grounded fleet for getting these aircraft return to service which will lead to additional revenue. Additionally, the company is in process of seeking shareholder approval to issue equity shares to one of the large lessor against some of its outstanding dues," the airline said.

In the auditor's note, while the auditor has said that it will be unable to comment on the adjustments, if any, with respect to the legal matter between SpiceJet and its former promoters KAL Airways and the Maran Group, it has commented on the net worth of the airline.

Source: Live Mint
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Spicejet defers first quarter results for FY24

Posted By: Ramesh Sharma Posted On: Aug 12, 2023
Spicejet has lost to the tune of ?4,220 crore in last 11 quarter since outbreak of Covid-19 in Q4FY20.

Spicejet results date: Indian budget airline company Spicejet has deferred its Q1 results date from 11th August to 14th August 2023. The aviation company promoted by Ajay Singh said that board of directors of the company could only partially complete the agenda items during its meeting on 11th August 2023. The airline had earlier informed Indian exchanges that it would declare its Q1 results 2023 and Q4FY23 results on 11th August 2023. Now, both these results would be announced on 14th August 2023.

Spicejet results date

Spicejet informed Dalal Street exchanges about extension of results date citing, "The meeting of the Board of Directors of the Company is scheduled on 14/08/2023, inter alia, to consider and approve (a) The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and (b)The unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023. Further, pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Company's Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in securities of the Company shall remain closed for the Designated Persons till August 16, 2023 (end of the day) for declaration of above said financial results of the Company."

Earlier in an exchange communication, Spicejet had informed exchanges that it would declare Q1 results 2023 on 11th August 2023 i.e. on Friday last week.

In an exchange communication dated 4th August 2023, Spicejet had informed stock exchanges about the Spicejet results date citing, "The meeting of the Board of Directors of the Company is scheduled on 11/08/2023 ,inter alia, to consider and approve (a) The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and (b) The unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023. Further, in continuation of our earlier communication(s) on 'Closure of Trading Window' pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Company's Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in securities of the Company shall remain closed for the Designated Persons till August 13, 2023 (end of the day) for declaration of above said financial results of the Company."

The Indian budget airline company has been under financial stress. It has lost around ₹1,516 crore in first three quarters of the financial year 2022-23. Since, outbreak of Covid-19 in Q4FY20, the airline carrier has been losing money and in last 11 quarters, Spicejet has lost to the tune of ₹4,220 crore.

Source: Live Mint
Related Posts: SPICEJET RESULTS DATE,Q1 RESULTS 2023,SPICEJET RESULTS Q4,SPICEJET RESULTS 2023,SPICEJET RESULTS Q4FY23,SPICEJET Q1FY24 RESULTS,STOCK MARKET NEWS

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UBS-Credit Suisse merger

Posted By: Vanshika Pathak Posted On: Aug 05, 2023
FILE PHOTO: Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse//File Photo (REUTERS)

In a bid to produce a unified teams post Credit Suisse takeover, UBS Group AG is poised to make significant changes to the senior ranks of its investment banking division globally as soon as Monday, reported Reuters.

The process will mark a new milestone in the process of Credit Suisse-UBS integration, reported the news agency citing people familiar with the matter.

The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse.

The recent set of decisions and ammendments involve several dealmaking groups, including healthcare, consumer/retail, financial sponsors and equity capital markets, the sources said.

Source: Live Mint
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UBS Credit Suisse merger

Posted By: Aditya Gogoi Posted On: Jul 29, 2023
UBS Credit Suisse merger: UBS complete Credit Suisse takeover on 12th June 2023 and Credit Suisse share traded for the last day on 12th June 2023 on six Swiss bourses. (AP)

UBS Credit Suisse merger layoffs: More than hundred Credit Suisse investment bankers might have to face the layoff challenge in near ter. As per the Swiss weekly HandelsZeitung report published on Friday, UBS has begun the implementation of UBS Credit Suisse merger plans. In this exercise, UBS may fire investment bankers of Credit Suisse.

Highlighting the reason for layoff, HandelsZeitung went on to report that duplication of operations is the major reason for Credit Suisse investment bankers layoff. The report said that UBS chief executive Sergio Ermotti wants to rapidly get to work on eliminating the huge amount of duplication in their operations.

"The transformation is beginning: in the coming days several hundred Credit Suisse bankers will receive termination notices," the Swiss weekly said.

UBS Credit Suisse news

On 12th June 2023, UBS completed Credit Suisse acquisition and the combined entity started working as a consolidated banking group. 12th June 2023, Credit Suisse shares traded for the last day on six Swiss exchanges.

After UBS Credit Suisse takeover, Credit Suisse shareholders received one UBS shares for every 22.48 Credit Suisse shares they held. Now, UBS will report the financial results of the combined entity. Market is eagerly awaiting Q1 results 2023 of the combined entity, which is expected on 31st August 2023.

UBS Credit Suisse takeover

Amid speculations of Credit Suisse bankruptcy, UBS agreed to buy its rival in a hastily arranged 3-billion-franc ($3.5 billion) fire sale over a March weekend. At the time UBS Credit Suisse merger deal, market was abuzz that Swiss authorities were afraid that a weakened Credit Suisse would go bankrupt, with speculation rife since about the impact on jobs.

On UBS Credit Suisse merger, the Swiss media had speculated about 30,000 to 35,000 job losses across the world.

At the end of 2022, the two banks had around 120,000 employees between them across the world, including 37,000 in Switzerland.

(With inputs from Bloomberg)

Source: Live Mint
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Credit Suisse-Archegos mess

Posted By: Jaydatt Chaudhary Posted On: Jul 25, 2023
FILE - The logo of Swiss bank UBS is fixed on a building where the bank has offices in Frankfurt, Germany, Nov. 8, 2022. Swiss banking giant UBS will pay nearly $400 million in fines to U.S., Swiss and U.K. banking authorities for the management failures of Credit Suisse, which UBS bought in June 2023, related to how Credit Suisse handled its relationship with collapsed hedge fund Archegos Capital Management. (AP Photo/Michael Probst, File) (AP)

After failing to manage the finances of Credit Suisse, banking giant UBS is fined with $400 million by the US, Swiss and UK banking authorities. The bank is also fined for its relationship with collapsed hedge fund Archegos Capital Management.

UBS had bought Credit Suisse in June, at the time when the bank was reeling under money crisis. Archegos failed in 2021, and led to a loss of billions of dollars to the Wall Street investors. The Swiss bank took more than $5 billion in losses from Archego's failure. Over a period of two years, the $5 billion loss of ACM led to the fire sale of Credit Suisse to UBS in June.

Credit Suisse's prime brokerage service to Archegos capital

Earlier, Credit Suisse management used to give Archegos capital treatment through its prime brokerage division. This ultimately brought undue risk for the bank when Archegos purchased a highlyy concentrated position in ViacomCBS. The firm's manager, Bill Hwang, is scheduled to face fraud charges for the collapse of Archegos in October.

In a statement, the Federal Reserve said that Credit Suisse failed to “adequately manage the risk posed by Archegos despite repeated warnings". The announcement of fine was made by the US Fed alongside the Bank of England and the Swiss Financial Market Supervisory Authority.

Source: Live Mint
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Bussiness The Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. The Reserve Bank of India (RBI) has announced the launch of the Pilot Project for Public Tech Platform for Frictionless Credit by Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
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World Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv. Ukrainian President Volodymyr Zelensky arrived in the Netherlands on Sunday aiming to strengthen his country's air power, a day after a “heinous" Russian missile strike killed seven people and wounded 148 in Chernihiv.
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Bussiness India's foreign exchange reserves jumped $708 million to $602.161 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.417 billion to $601.453 billion.
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Entertainment Filmmaker Anurag Kashyap recently gave a glowing review to Karan Johar's directorial comeback Rocky Aur Rani Kii Prem Kahaani. After Anurag revealed he loved, cried and watched the film twice, many users took to the comment section of his post and criticised the film. Responding to them all, Anurag c
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Life Style Disha Patani went out for a dinner date with her friends last night. The actor got clicked by the paparazzi outside a restaurant in Mumbai. Known for embracing risqué fashion statements, Disha slayed another look for the outing. She wore a golden mini dress featuring intricately-placed cut-outs. Sc