The only consolation, perhaps, for Naresh Goyal – the airline’s affable founder – is that Jet Airways died a natural death (due to market forces); unlike the mass extinction, precipitated by the ongoing COVID-19 crisis, that awaits the airline industry at large.
From the fall of Jet Airway to the PMC Bank Disaster — India Inc. was hit hard several times in the year bygone. Here are the most scandalous affairs that affected Corporate India in 2019.
Etihad’s investment cannot go beyond 49% and while Indigo can go for the complete 100%, its current financial state won’t allow. However, chances of an Indigo-Etihad JV buying out Air India cannot be dismissed.
Jet Airways, India’s oldest private airline, had to witness significant hardships as they ran out of cash and banks refrained from lending them any monetary help. But now with Synergy Group and two other bidders, a ray of hope has emerged.
Alleging FDI violations during transaction with Etihad in 2014, the Enforcement Directorate is conducting searches at multiple Jet premises.
The Delhi High Court on Friday allowed Jet Airways founder Naresh Goyal to withdraw his plea seeking to travel abroad.
A SBI commissioned forensic audit of Jet Airways books has revealed embezzlement of funds relating to provision of loans and fraudulent billing for JP Miles.
The Ministry of Corporate Affairs (MCA) is probing into Jet Airways over alleged mismanagement of funds
Jet Airways had told bankers as much when they sought to interest the group in a rescue plan before the carrier was sent to the bankruptcy court. The focus for the Tata Group will be assets it can use to step up and tap the space created by the exit of Jet, officials said.
Jet Airways Employee Consortium on Friday announced their partnership with AdiGroup to bid for the acquisition of 75 per cent stake in debt-ridden Jet Airways through the National Company Law Tribunal (NCLT) process.