54 AM ISTReutersJPPL was formed as a fullyowned subsidiary of Jet Airways in 2012.It was hived off as a separate entity in 2014 when Etihad bought a 50.
30 AM ISTReutersMonthly invoice of Rs 15 cr was accounted for by Jet Airways for commercial activities without relevant documents supporting them.Board resolution, shareholder approval for making the provision was not made available to the auditors,” the forensic audit conducted by EY says.
After Jet ran into cash flow problems last year, its owner Naresh Goyal tried to woo both Air France-KLM and Delta Air Lines for a stake purchase, but without success.05 AM ISTAgenciesThe Air France-KLM combine is open to other commercial partnerships in India after Jet Airways’ grounding, senior executives of the megacarrier said.
38 PM ISTBCCLThe airline owes Rs 8,500 crore to banks and around Rs 25,000 crore in arrears to vendors, lessors and employees.NEW DELHI: In a first-of-its-kind initiative, a Jet Airways Employee Consortium and AdiGroup Friday announced a partnership to bid for 75 per cent of the airline through the NCLT process, members of the consortium said.
The move may attract legal action as the distressed airline is undergoing an insolvency resolution process directed by India’s bankruptcy court.28 AM ISTAgenciesThe insolvency resolution process started after the National Company Law Tribunal last Thursday admitted a plea by Jet’s biggest lender the State Bank of India on repeated loan repayment defaults.
The petition by the lenders could be filed in the Mumbai NCLT as early as Tuesday.ET reported on June 17 that lenders will seal the fate of the airline in a crucial meeting to be held on Monday.
These two companied had on June 10 dragged the airline to the NCLT seeking bankruptcy proceedings.The airline, which was grounded on April 17, owes Rs 8.
PTI|Updated: Sep 11, 2017, 06.MUMBAI: Naresh Goyal today scotched rumours about Gulf carrier Etihad Airways exiting its over three year-old equity partnership with Jet Airways and also said he is not looking for another partner.
MUMBAI: The Hinduja Group will start the process of bidding for Jet Airways this week, having obtained the assent of key stakeholders in the grounded airline including founder Naresh Goyal and Etihad Airways, strategic investor in the carrier.Sources close to Naresh Goyal and the Hindujas said they share cordial ties that go back more than two decades.
Bankers say payment of the $30-mn is worth it because it could release the six aircraft valued at more than — Rs 2,000 crore from the bank.44 AM ISTAPDelay in resolution can be damaging as rivals are eyeing Jet’s slots, planes and flying rights.
21 AM ISTAgenciesKamark, chief commercial officer (CCO) of Etihad Aviation Group, joined Jet’s board in November 2018.The Jet Airways board became dysfunctional Friday after Etihad Airways’ representative Robin Kamark resigned, the fourth director to quit in less than a month, leaving it with only two members.
16 PM ISTJet Airways' bosses abandon the sinking ship; CEO, CFO, CPO resignMUMBAI: Jet Airways Tuesday saw three top level exits—CEO Vinay Dube, CFO Amit Agarwal and Chief People Officer Rahul Taneja—even as its lenders continued to hunt for an investor to save the airline.The airline announced Agarwal’s exit earlier in the day citing personal reasons.
MUMBAI: Etihad Airways has said it can only invest up to Rs 1,700 crore in Jet Airways, a fraction of what the grounded airline needs for survival.The conditions leave little scope for Jet Airways, its employees and investors to pin their hopes on the Gulf carrier as its saviour.
It’s the responsibility of the banks that are running the process,” said a person close to the development.The bankers had last month shortlisted four investors, including Etihad, and were hoping the National Investment and Infrastructure Fund (NIIF) would join the process.
After wobbling for nearly a year due cash crunch, Jet had on April 17 announced suspension of all its services.26 PM ISTMUMBAI: The grounded Jet Airways Thursday said its whole-time director Gaurang Shetty has resigned from the board and the company due to personal reasons.
Seek an FIR against top management for the grounding of the airline.21 AM ISTWith no serious bidder stepping into forward as binding bids deadline of May 10 looms large, the All India Jet Airways’ Officers and Staff Association has demanded that Mumbai police should impound the passports of Jet Airways promoter Naresh Goyal, the Board of Directors, and senior management of the company to stop them from leaving the country.
After running out of cash, the full service carrier temporarily shut down operations on April 17 and a bidding process is underway with final bidders expected to be known on May 10.44 PM ISTReutersEmployees in their uniforms displayed placards, with messages such as 'Save Jet Airways Save our future'.
NEW DELHI: The government is likely to start distributing foreign flying rights of Jet Airways among other carriers towards the end of next week if the airline does not find new owners quickly.The move is likely to worry prospective bidders for Jet who are banking on the stricken airline’s ability to retain lucrative flying rights and slots at airports.
MUMBAI: Bidders for Jet Airways so far appear uninterested in following up on their expressions of interest, dealing a major blow to the early revival of the airline.ET on April 23 reported on the growing reluctance among key bidders after the government began allocating Jet’s planes and slots to its peers.
The national carrier follows its peers in nibbling into bits of its financially distressed peer.29 AM ISTBCCLAir India Express operates mostly to neighbouring international cities.