The Gulf carrier could pay up to $330 million for a 24 percent stake.
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.
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'.
Jet Airways returns to profit after seven straight quarterly losses
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 company solf the frequent flyer business.
Jet Airways, one of India's two main domestic airlines, is likely to report its second loss ever in the fiscal year to March 2003 because of flat demand in the aviation industry, a company official said.\n\n
A Mangaluru-bound Jet Airways flight with 65 passengers and four crew members on board on Wednesday returned to the Bengaluru airport shortly after departure as smoke was detected in the cabin.
Jet Airways India Ltd on Wednesday reported a net profit of Rs 95.34 crore (Rs 953.4 million) for the quarter ended June 30,2005 as compared to Rs 51.96 crore (Rs 519.6 million) for the corresponding quarter in 2004-05. \n
Jet Airways shares fall as much as 13.6 per cent after media reported that the deal with Etihad may be called off.
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by an employee association of debt-ridden Jet Airways, challenging the sale of two floors of office space in Mumbai's business district of Bandra Kurla during the insolvency process of the grounded carrier. Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA had challenged the orders passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 11, 2021, allowing the sale of the office space for Rs 490 crore. The association had contended that the sale of BKC property, was not permissible under the Insolvency & Bankruptcy Code (IBC) as a moratorium was declared over the assets of the company after an order dated June 20, 2019.
Jet Airways' cabin crew and ground staff have challenged the Jalan Kalrock consortium's resolution plan, which was approved by the National Company Law Tribunal (NCLT) in June, flagging concerns about pending salaries and retirement benefits. In their petition filed before the National Company Law Appellate Tribunal (NCLAT), the Jet Airways Cabin Crew Association and Bhartiya Kamgar Sena have submitted that dues of all workmen of the airline were not included as part of the Corporate Insolvency Resolution Process (CIRP) cost. In June, NCLT approved Jalan Kalrock Consortium's resolution plan for Jet Airways, which remains grounded for more than two years now.
The airlines were penalised for 'concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.'
Jalan Kalrock Consortium, the winning bidder for the grounded Jet Airways, will make a total cash infusion of Rs 1,375 crore in the airline and lenders will take a steep haircut on their admitted claims of over Rs 7,800 crore under the approved resolution plan. The National Company Law Tribunal (NCLT) on June 22, approved the consortium's resolution plan for Jet Airways, which has been undergoing insolvency resolution process since June 2019. The carrier shuttered operations in April 2019.
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.
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.
AirAsia India, whose top officials have promised to offer low and competitive airfares, will focus on connecting tier-II cities.
A five-member team, headed by Sanjay Kumar Singh, is probing the fatal crash of the Air India aircraft last month in Ahmedabad that killed 260 people. The Aircraft Accident Investigation Bureau (AAIB) has released its preliminary report and appointed the team.
Jet Airways (India) Ltd on Friday launched its initial public offering of 1.72 crore (17.2 million) shares of Rs 10 each to raise up to Rs 1942.50 crore (Rs 19.42 billion) from the capital markets.
Taking a step forward in its $500 million deal to snap up Air Sahara, Jet Airways on Thursday announced it had reached an understanding with the other airline to provide consultancy support to improve its performance in various fields.
A day before the opening of its initial public offering, Jet Airways on Thursday said it will pay up to $7.5 million to acquire trademark and intellectual property rights from Naresh Goyal-promoted Jet Enterprises Private Ltd.
Etihad will be able to carve out a strong niche in the Indian market.
The Bombay High Court on Monday asked Jet Airways and Sahara India Commercial Corporation Ltd (SICCL) to settle their dispute over the takeover of Sahara Airlines by July 2 or else it would pass an order.
Private sector airline Jet Airways will give its A340-300E aircraft on short-term wet lease to Air-India to operate a daily flight between Mumbai and London.
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the Kalrock-Jalan consortium, the winning bidder for bankrupt Jet Airways, to share portions of the resolution plan pertaining to claims of employees with the airline's workmen. The Association of Aggrieved Workmen of Jet Airways (India) Ltd had sought a copy of the approved resolution plan and the latest direction has come on a plea filed by the association. The development comes almost seven months after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the Jalan-Kalrock consortium's resolution plan in June 2021.
Jet Airways will begin flights from Toronto to Delhi in August on a route that Air Canada has discontinued from this month. Jet Airways (India) Ltd will begin five flights a week from Toronto through Brussels, destined for New Delhi from August 23.
'I hope they all survive, but it is a tough world.' 'The carriers who are already established are already struggling.'
Jason Unsworth is the founder and CEO of Atmosphere Intercontinental Airlines, which would establish a new premium airline group in four different countries.
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.
Justice D Y Chandrachud adjourned the case till January 19 after Jet and Sahara India Commercial Corporation Ltd pleaded for time to file additional affidavits.
The change in ownership is necessary to conform to the government's foreign direct investment norms in aviation.
The airline was forced to ground its fleet in December after running out of cash.
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.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
From limousine pick-ups to on-board chefs, Asia's premium airlines are investing hundreds of millions of dollars on luxury services.
Oriental Insurance Company Ltd hopes to bag the Air Sahara insurance business after its merger with Jet Airways.
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