The process of getting a new promoter on board is likely to take another two to three months and once that happens, the banks would offload their stakes.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Controversies have perennially dogged Jet Airways. The latest tussle with the pilots has further dented the company's reputation, demoralised employees, inconvenienced thousands of passengers and resulted in losses running into crores for the beleaguered airline.
Private carrier Jet Airways on Monday said Ravi Chaturvedi has quit the company as Group CEO in March, ahead of his scheduled departure in June.
Private sector carrier Jet Airways on Tuesday said it has entered into an agreement with the US-based United Airlines for codeshare and frequent flier programme benefits for their customers.
Under the resolution plan, the lenders would end up having a sizable portion of shares in the airline, if their boards of directors agree to convert part of their debt into equity.
Jet Airways chairman Naresh Goyal on Thursday vehemently denied any link with the underworld saying all agencies have cleared his airline in this connection and that is why the carrier has been allowed to fly to the US.
Under the fare policy announced, domestic passengers opting for lowest fares will not be served complimentary meals
The Director General (investigations and registrations) will issue a notice to Jet Airways shortly
Last year, Jet Airways and Air France-KLM signed an enhanced cooperation agreement' for the development of their operations between Europe and India
Amidst speculation that liquor baron Vijay Mallya will take 100 per cent stake in Air Sahara, Kingfisher Airlines has kick started an advertising campaign to catch privileged passengers of its rival airline.
Jet Airways on Friday became the first private airliner to land at Thoise in Siachen
The scrip of private airlines, Jet Airways, has been included in the BSE-200 index while that of Polaris Software has been excluded from the IT and Tech index with effect from June 6.
Taking competition on airfares a step further, Jet Airways on Tuesday extended its 'check fares' scheme, which provides low fares on select flights even at the last moment, to nine more sectors taking the total to 19.
Keeping in view the increased chances of government allowing private domestic airlines to fly abroad, Jet Airways has entered into a global tie-up with the international hotel chain Hyatt, its first global hotel partner.
Nikos Kardassis will become the next chief executive officer of Jet Airways, taking over the reins from Wolfgang Prock-Schauer who will step down on October 15, 2009.
Jet Airways on Thursday announced the appointment of Wolfgang Prock-Schauer as chief executive officer and Peter Luethi as chief operating officer with immediate effect.
The audit was ordered after one of the airline's planes plunged several thousand feet while flying over the Turkish airspace on the Brussels-Mumbai route early last month.
It was a meeting to show solidarity with the laid-off Jet Airways staffers, but MNS chief Raj Thackeray's men turned it into a coaching class for Marathi.
A move by the US administration to reduce congestion at New York's John F Kennedy airport the busiest in the world by auctioning parking slots, might spoil the party for private carriers in India such as Kingfisher and Jet Airways, which are planning their operations there.
A day after government decided to restrict the number of ground handling agencies in six major airports, full-frill private carriers Air Sahara and Jet Airways asked the government on Friday to let them continue providing these services.
Jet Airways said on Tuesday the domestic aviation industry would soon witness a shakeout, but hoped the country's largest private airline would come out of it unscathed.
In a new twist to their battle, Air Sahara on Wednesday informed a Lucknow court that Jet Airways has terminated the takeover agreement.
The load factor of six major domestic airlines--IndiGo, SpiceJet, Air India, GoAir, Vistara and AirAsia India -- stood between 70 per cent and 64.9 per cent in January.
Jet Air shares rally on expectations that continuing troubles at rival SpiceJet will help it gain market share.
Other airlines are expected to follow suit.
Central Bureau of Investigation on Tuesday said it had not registered any case against Jet Airways for alleged "shady" funding of the private domestic carrier neither did it intend to carry out a preliminary enquiry into the matter.
Even as Jet Airways's pilots and the management were hectically working out a settlement to end their stir on Friday, latest reports coming in say that pilots are not likely to return to work even on Saturday and the parleys would continue to break the deadlock that has severely disrupted flights affecting thousands of passengers.
The reduced fare offer is also available for travel on partner airline Etihad Airways flights
After all, the employees did not flock to the Shiv Sena-run union but to Raj Thackeray despite the fact that many of the sacked employees were not Marathis. These non-Maharashtrians, going by the Raj Thackeray-led Maharashtra Navnirman Sena, were those who came and usurped the local's share in Mumbai's and Maharashtra's economy.
India's largest private sector airline Jet Airways has postponed its $400 million (Rs 1600 crore) rights issue slated for March this year by three or four months, the third postponement since the board approved it in June, owing to poor market sentiment.
Such seats would be available on a pre-payment of Rs 500 per passenger on domestic flights and Rs 800 for international travel
Jet Airways chairman Naresh Goyal discusses the airline's entry into the United States.
Ending its uncomfortable journey in India after eight years, Malaysia-based AirAsia Group on Wednesday said it has exited AirAsia India by selling its remaining 16.67 per cent stake to Tata Group-owned Air India for Rs 155.64 crore. Later in the day, Air India said it has begun the process of creating a single low-cost carrier subsidiary by merging AirAsia India and Air India Express. A working group consisting AirAsia India CEO Sunil Bhaskaran and Air India Express CEO Aloke Singh has been formed for the two carriers' integration, which is expected to take approximately 12 months, it added.
SpiceJet, Air India Express and IndiGo will operate special flights from Hungarian capital Budapest and Romania's Bucharest on Monday and Tuesday to evacuate Indians stranded in Ukraine due to the Russian military offensive.
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