The airline owes lakhs of rupees to passengers and its vendors.
Among executives who have been approached are former president and CEO of IndiGo Aditya Ghosh, Wolfgang Prock Schauer, current president and Chief Operating Officer at IndiGo and Sanjay Kumar, Chief Strategy and Revenue Officer of IndiGo.
The top executives who have put in their papers with immediate effect include Jet's chief executive officer (CEO) Vinay Dube, chief finance officer (CFO) and deputy CEO Amit Agarwal and company secretary Kuldeep Sharma.
At the end of September quarter, Tail Winds held 68,15,843 shares, equivalent to 7.89 per cent holding, of Jet Airways.
Move aims to comply with Sebi's norm
Ahead of a crucial meeting next week, the Foreign Investment Promotion Board is scrutinising the commercial cooperation agreement between Jet Airways and Etihad Airways to ensure control is not passed on to the Abu Dhabi-based airline.
Darwin Group has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline
Competition Commission has held on to its observation about Etihad gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24% stake purchase, while rejecting a plea to "rectify" its order that approved the deal earlier this month.
Abu Dhabi is no longer exclusive hub for Jet, Etihad won't recommend candidates for Jet management.
Jet Airways on Friday suspended their crew for allowing playback singer Sonu Nigam to sing from the aircraft's address system during a flight.
The Foreign Investment Promotion Board (FIPB) on Monday cleared Abu Dhabi-based Etihad Airlines buying 26 per cent stake in Jet Airways for Rs 2,058 crore (Rs 20.58 billion) with some conditions.
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 Foreign Investment Promotion Board (FIPB) on Friday deferred a decision on Rs 2,000-crore (Rs 20 billion) Jet-Etihad deal, the largest foreign investment in the Indian aviation sector, and sought clarity on control and ownership.
The airline's chief financial officer Ravishankar Gopalakrishnan will be acting as the CEO.
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.
Sebi wanted Jet to convince it that the deal did not amount to joint control alongside promoter Naresh Goyal.
Under the fare policy announced, domestic passengers opting for lowest fares will not be served complimentary meals
A Russian fund submitted its interest to the resolution professional on February 14 and also hired a consultancy firm to help them with the bidding process.
Even in ruin, Jet retained its one essential brand quality: Dignity, says brand guru Sandeep Goyal.
Sources close to the deal say, besides a higher stake (earlier, the negotiations were on for sale of up to 24 per cent), Etihad has asked for its representation on the board of the Indian airline, in sync with its shareholding.
Salla was accused of creating a hijack scare by planting a threat note written in English and Urdu in the tissue paper box of the aircraft's toilet.
"It would be appropriate for you to include two representatives from us so as to better understand our concerns about the company, and also to enable the new shareholders to confidently expect a highly empowered and engaged workforce," Jet staff told SBI.
The aircraft was called back to the parking bay at the time of taxiing.
The guild, which claims to represent around 1,100 of the 1,600 Jet pilots, had earlier warned to go on strike from April 1, unless their salary dues were cleared and clarity was provided on future payments by March 31.
The ministry of corporate affairs has raised questions on Etihad's rights to nominate three directors on the board and, despite being a minority shareholder in the company, decide on the vice-chairman.
While Jet founder Naresh Goyal said he was willing to infuse Rs 700 crore and also pledge all his shares in the company provided he can have at least 25 per cent stake, the airline's foreign partner Etihad Airways insists he must not keep more than a 22 per cent stake.
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.
Objections were being raised by senior Bharatiya Janata Party leader Jaswant Singh, Communist Party of India's Gurudas Dasgupta, Dinesh Trivedi (Trinamool Congress) and Janata Party chief Subramanian Swamy over the deal, each of whom had shot off separate letters to Prime Minister Manmohan Singh.
Etihad's acquisition of 24 per cent stake in Jet Airways was the first FDI in an Indian carrier by a foreign airline.
But the Abu Dhabi-based airline would first bolster its own network with traffic from India before Jet's turnaround.
Police said the Mumbai-based man identified as Clince Varghese, 26, and hailing from Thrissur district was an anchor of a popular music channel and he was detained for questioning along with his 27-year-old male friend. The two men were booked on the flight(9W 825) that was delayed by two hours following the incident, an airport official said.
Earlier on Wednesday, a bomb squad rushed to the spot after the airlines received the threat call and the plane was taken to an isolated area and the passengers were asked to de-plane the aircraft.
Etihad has been in talks for a 24 per cent equity stake in Jet, valued at around $300 million, ever since India relaxed ownership rules and allowed foreign airlines to buy up to 49 per cent in local carriers.
Bids to be evaluated according to guidelines by the civil aviation ministry, following which a buyer will be selected. Transfer of control to the buyer to be effected by June-end.
The next FIPB meeting slated for July 5, however, does not have a Jet proposal on its agenda.
Jet Airways' plan to raise funds from international institutional investors will come up for approval by the Foreign Investment Promotion Board this week.
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.
Leading private airline Jet Airways has put on its board a director whose security clearance is still awaited, contrary to stipulated norms of Director General of Civil Aviation.
The winning bid attracted over 99 per cent votes, with lenders overwhelmingly voting for a revival instead of recovery through liquidation.
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