Jet Airways expects to return to profit in the next 18 months, following implementation of a new route network and fleet strategy and cost optimisation measures.
The Bombay high court on Monday granted interim bail for two months on medical grounds to Jet Airways founder Naresh Goyal, who has been arrested by the Enforcement Directorate (ED) in a money laundering case. A single bench of Justice N J Jamadar said Goyal shall pay a surety of Rs 1 lakh and not leave Mumbai without prior permission from the trial court. "The applicant (Goyal) shall be released on interim bail for a period of two months. He shall abide by all conditions imposed," the bench said.
These civic body bypolls were a litmus test for the BJP, as they were its first big electoral battle after coming to power in Delhi in February this year.
Anita would be additional director in a non-executive and non-independent role.
Wife Anita Goyal and one nominee of Etihad Airways PJSC would also step down from the board.
The aircraft was called back to the parking bay at the time of taxiing.
The Bombay high court on Thursday quashed the Enforcement Case Information Report' (ECIR) registered by the Enforcement Directorate against Jet Airways founder Naresh Goyal and his wife Anita Goyal in an alleged money laundering case. The central probe agency's ECIR was based on a First Information Report (FIR) registered by police against Goyals for alleged cheating and forgery on a complaint filed by Akbar Travels. After hearing both the sides, a division bench of Justices Revati Mohite Dere and Prithviraj Chavan quashed the ECIR registered on February 20, 2020 and all proceedings against Goyals on the ground of "being illegal and contrary" to law.
Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn his bid for the airline.
It couldn't be immediately ascertained whether he has partnered with any entity or airline for the bid.
Jet Airways founder Naresh Goyal's cancer was at a preliminary stage and not life threatening, a special court said here on Thursday while refusing to grant him interim bail on medical grounds. The court, however, permitted Goyal, arrested in a money laundering case, to undergo cancer treatment at a hospital of his choice for two months. Goyal (74), who is lodged in Arthur Road jail in central Mumbai, had sought to be released on interim bail to undergo treatment for cancer.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
Earlier when Goyal had moved court seeking permission to go abroad, the judge had observed that if he wanted to go abroad, he should first deposit Rs 18,000 crore as guarantee that his company owes to lenders.
The order came days after Goyal told the court that he had "lost every hope of life and it would be "better if he died in jail" than living in such a situation.
A court in Mumbai on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office in Mumbai.
The Enforcement Directorate on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud. The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the central agency said in a statement.
A special court in Mumbai on Monday rejected Jet Airways founder Naresh Goyal's applications seeking medical checkup by his personal doctor on regular basis and home-cooked food inside prison.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
The Enforcement Directorate late on Friday arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
SBI chairman Rajnish Kumar said Naresh Goyal would be eligible to bid for the airline when the lenders auction it next month.
In an emotionally-charged letter to the 22,000-strong employees, Goyal said the approval of the debt-recast plan will put the carrier on a "sounder and sustainable" financial footing.
Etihad earns about 23 per cent of its passenger revenue from code-share and equity partners, and this would increase after its tie-up with Jet.
'The airline business is very dynamic. If you are unable to keep up and lead, you end up last.' 'This is what has happened to Jet.'
According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore.
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State Bank of India on Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways, and the bids have to be submitted by April 10, said a public notice.
A day after the Bharatiya Janata Party announced its first list of 41 candidates for the Rajasthan assembly polls, at least seven disappointed ticket aspirants -- or their supporters -- on Tuesday protested against the party.
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Two officers have been suspended and a constable transferred. But the false case slapped by the RPF against Rediff.com Reporter Anita Aikara has not yet been withdrawn.
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
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They have been expelled for their decision to contest elections against party candidates.
"We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest," NAG general secretary Tej Sood said in an e-mail to SBI chairman Rajnish Kumar.
The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
However, Chief Minister Vasundhara Raje and her five cabinet colleagues have won their respective constituencies.
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