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.
Three senior executives - Pradeep Kumar (senior vice- president, cargo), Shrimanikandan Ananthvaidyanathan (chief information officer) and Praveen Iyer (vice-president, revenue management), have quit amid worsening financial situation
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
The Supreme Court will hear on October 26 a petition alleging that Jet Airways chairman Naresh Goyal has links with the underworld. An appeal filed by M Furquan, a Delhi-based journalist, has alleged that funds for Jet Airways was given by underworld don Dawood Ibrahim. He has also sought a CBI inquiry into the matter.
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.
'Now we will have real employees as the owner of the airline.'
The standoff ended after talks between the two sides late on Saturday
Jet Airways on Tuesday said it would commence its daily direct service on the Chennai-Singapore sector from December 7, using next generation Boeing B737-800 aircraft.
Despite a bleak operating environment, Jet Airways and SpiceJet have flown into the black. The turnaround may have more to do with their embattled rivals than anything else.
Private domestic airline, Jet Airways said on Wednesday that it has tied up with travel industry service provider, Amadeus India to provide automated ticketing solutions to travel agents.\n\n\n\n
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.
Other airlines are expected to follow suit.
The Abu Dhabi carrier seeks assurances following setbacks for several Gulf investors in India.
Over 150 domestic and overseas Jet Airways flights were cancelled after more than 400 pilots failed to report for work on the second day on Wednesday, leaving passengers stranded, even as the airline warned of stringent action if the cockpit crew did not call off the agitation.
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.
Indian airports' push to become global hubs will depend on reducing passenger leakage to rival airports abroad, scaling up direct long-haul connectivity, and offering transfer experiences that are faster, smoother, and more attractive than those of regional competitors, said panellists at the Business Standard Infrastructure Summit on Thursday.
Contrary to speculation that it was seeking to revise downward the value of Air Sahara, Jet Airways' move to make part payment till the pendency of other issues demonstrated its strong desire to acquire the rival airline.
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.
Air-India (A-I) chairman and managing director Vasudevan Thulasidas and Jet Airways chairman Naresh Goyal have a common agenda: to get their airlines among Asia's top five by 2010 in terms of size and service.
The airline's chief financial officer Ravishankar Gopalakrishnan will be acting as the CEO.
Over the past several months, the airline has struggled to pay vendors and staff salaries on time.
Jet partners with Ferns N Petals to benefit JetPrivilege members.
Jason Unsworth is the founder and CEO of Atmosphere Intercontinental Airlines, which would establish a new premium airline group in four different countries.
The new initiative allows passengers to amend or cancel their booking without any penalty fee by simply using the "manage booking" facility
The airline has also finalised its plans to lease out five of its Boeing 777-300 ER aircraft to a Turkish carrier, sources add. The airline has been able to negotiate a premium for the deal in a market where lease premiums have dropped.Domestic carriers are facing turbulent times because of the high crude prices and variable taxation on the air turbine fuel. The problem is now compounded because of a slump in the economy now.
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.
Sheikh Hamed bin Zayed al-Nahayan, speaking on the sidelines of a defence exhibition in the UAE capital, said officials would meet Indian Trade Minister Anand Sharma to discuss the deal.
The operations of many global carriers, including Qatar Airways, have also been impacted due to the airspace curbs in the wake of the Middle East tensions.
Analysts were expecting a profit of Rs 27.85 crore.
Unless Naresh Goyal pulls the proverbial rabbit out of his hat or reveals an unexpected ace of spades, the airline he built from scratch - many refer to it as "his baby" - may slip out of his grasp, says Anjuli Bhargava.
Leading private airline Jet Airways tops the list of defaulters among private carriers and owes Rs 2,437.90 lakh (Rs 24.38 million) to the government, the Lok Sabha was informed on Thursday.
Another reason working in Air India's favour now is the government's plan to clean up part of the airline's burgeoning debt from its books - a major deterrent for investors when it attempted divestment the previous time.
The long-standing dispute over Jet Airways buying out Air Sahara appears to be heading for a solution with the arbitration panel set to give its final order on Wednesday.
Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
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.
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.
Jet Airways launched direct flights to the Kuwait and Bahrain, thereby meeting the rising demand for connectivity with Gulf. It is the first private airline to fly to Gulf.
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