Naresh Goyal, after being ousted with his wife from the board last week, and with his shareholding halved to 25 per cent, can still make a comeback by partnering a new investor and win back majority control.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
Jet Airways' Acting CEO and Chief Financial Officer Ravishankar Gopalakrishnan has resigned, sources said on Tuesday, the latest in the high-profile exit from the private carrier.
Six of these aircraft are currently on lease to Etihad Airways, set to start returning to Jetair's fleet in June
A mix of financial and strategic mistakes combined with poor expectations of the management are the reasons for the downfall of Indian airlines. For Jet, the deathly potion was even more toxic on account of the bitter squabbles between promoter Naresh Goyal and strategic partner Etihad Airways.
'When Etihad initiated their bid, it was conditional.' 'They said only if someone takes a 'haircut' would they be interested.'
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
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The Seychelles national carrier will operate three flights per week on the Seychelles- Mumbai route from December 2, subject to regulatory clearances, the airline said.
Financial creditors shall submit their claims with proof by electronic means only, resolution professional Ashish Chhawchharia of Grant Thornton said in a public notice.
Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
The biggest challenge is not the airline's debt, but downsizing its 16,800 employees, says Surajeet Dasgupta.
Emirates and Etihad Airways have over the past year continued to lobby India to allow them more flight slots, which won't be possible until the 2007 pact is revised.
Minority investors of SpiceJet might be feeling cold-shouldered.
Dubai-based Emirates Airline has termed reports that it is holding discussions with Indian carrier SpiceJet for buying a stake in the airline as 'inaccurate' and said that it was busy with its own expansion plans.
The top-level exodus at Naresh Goyal-promoted Jet Airways continued on Friday, with chief financial officer and acting CEO Ravishankar Gopalakrishnan quitting.
The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year.
Taking on competition from no-frill carriers, Jet Airways on Saturday launched a week-long sale of seven lakh low-fare domestic air tickets to attract air travellers who could use them to fly from August 10 onwards.
Jet Airways pilots have warned the management of agitation if the airline fails to offer a concrete plan on payment of arrears amounting to Rs 100 crore (Rs 1 billion) by August 20.
The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
If the Murari Lal Jalan-Kalrock Capital combine can script a turnaround, it will have pulled off a bigger coup than Ajay Singh did with SpiceJet in 2014.
Under flak from several MPs over the Jet-Etihad deal, government on Monday said it had "no role to play" in the sale of Jet's slots at London Heathrow airport to the Abu Dhabi-based airline.
The change in ownership is necessary to conform to the government's foreign direct investment norms in aviation.
The summer schedule of flights of all other domestic airlines such as Vistara, IndiGo, Air India and GoAir have been approved till October 26.
The airline's chief financial officer Ravishankar Gopalakrishnan will be acting as the CEO.
Though public shareholding in Jet is already down to the mandated 25 per cent, the regulator wants its promoters to pare their stake further.
Air India, which is set to fly to Moscow from early next month, is exploring CIS destinations among the new places that it wants to expand its global operations to, an airline official said.
A one-time income of Rs 305 crore (Rs 3.05 billion) from the sale of its loyalty programme to equity partner Etihad helped Jet Airways slash losses to the tune of 95.7 per cent at Rs 43 crore (Rs 430 million) in the three months to September.
Together with Jet Airways we will have 61 flights to Amsterdam and Paris during the winter season. That also makes us the second largest airline group after Lufthansa, which has 67 weekly flights, and we are catching up to become the first, says KLM CEO Pieter Elbers.
The unions opposed any move to force banks to lend more money to the airline, saying Naresh Goyal is still the promoter and major shareholder with 51 per cent stake and it is his headache to run the company or sell it to someone.
The company's chief operating officer Capt Hameed Ali will be the acting CEO.
Agarwal submitted the express of interest through his family investment arm Volcan Investments before the close of the bid process on Saturday afternoon.
The Jet Airways of old is no more and the industry mourns its demise. Anjuli Bhargava reports.
Signalling an imminent change in SpiceJet's ownership, potential investors including co-founder Ajay Singh and US-based JPMorgan have begun discussions with markets regulator Sebi over their investment plan for the cash-strapped airline.
The aircraft was called back to the parking bay at the time of taxiing.
On September 6, the airline informed senior employees that their salaries would be paid in two instalments till November.
'The pay cuts have been very tough on those with entire families to support.'
The airline has been defaulting on salaries for some time, making partial payments in some cases or not paying at all, as it continues to lose money mainly in domestic routes where it can't raise fares facing competition from low-cost airlines.
"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.
While media reports suggested that Tata-Singapore Airlines is looking at an all-stock merger of Jet, Tatas, in a statement said, discussions to take over Jet Airways have been preliminary and no proposal has been made
The office, spread over 52,775 square feet carpet area, in Mumbai's suburban financial centre Bandra Kurla Complex, is on the fourth floor of the building 'Jet Airways Godrej BKC'.
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