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.
Experts say Roy has got a great price for Air Sahara, which was steadily losing market share. The company was also burning a lot of cash to keep the airline afloat.
The company's net sales, however, declined at Rs 2722.68-crore (Rs 27.22 billion) during Q3 FY 10 as against Rs 2908.87-crore (Rs 29.08 billion) in the same period last year.
Jet has paid Rs 400 crore, which it was required to pay by April 20 to the promoters of Air Sahara. This marks the closure of the deal, company sources said.
After all, the employees did not flock to the Shiv Sena-run union but to Raj Thackeray despite the fact that many of the sacked employees were not Marathis. These non-Maharashtrians, going by the Raj Thackeray-led Maharashtra Navnirman Sena, were those who came and usurped the local's share in Mumbai's and Maharashtra's economy.
Jet said apart from Hariharan, AS Bedi and S Bandula are leaving the company as a result of better career prospects and family commitments. While refusing to be drawn into specifics, Jet pointed out that attrition was a common phenomena in any business enterprise and the growing aviation industry in India cannot be excluded.
Jet Airways' engineers, pilots and senior management have not been paid for January and February, besides 87.5 per cent of their December salary is also due.
Jet Airways was granted traffic rights on the Gulf and West Asian routes at a meeting of the Directorate General of Civil Aviation on Thursday evening.
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
Pilots and engineers to be affected by this move are understood to have expressed their opposition to it and are considering their response, the source said. The airline employs around 13,200 personnel with around 2,000 of them drawing a salary of more than Rs 100,000 a month. These officials comprise mainly pilots and maintenance engineers.
With high global crude prices hitting bottomlines of airlines, Jet Airways chief Naresh Goyal said the industry, including his own carrier, would have to raise fares to stay away from a crisis.Crude prices have been on a record run lately and touched $135 a barrel, immensely increasing the cost of jet fuel (ATF).
The two companies are hopeful of winning over at least one regulator's go-ahead this week itself for their deal, which happens to be the first FDI by a foreign airline into India.
The carrier, which fired 1,900 employees in October only to reinstate them under pressure from various quarters, has made the request to pilots, cabin crew and engineering staff, a source in the airline said on the condition of anonymity. It is, however, not clear what the airline proposes to do if the employees do not agree for a voluntary pay cut.
would also take on board its strategic investment partner Etihad
The Naresh Goyal-promoted airline, which is beginning flights to London from May 23, will launch its flights to Newark via Brussels a month later, chief executive officer Wolfgang Prock-Schauer told reporters in Mumbai.
Former Air India Executive Director Jitendra Bhargava had filed the appeal questioning the decision of CCI to approve the Jet-Etihad deal without carrying out a detailed assessment.
Alleging some "motives" behind the series of developments at the carrier, Jet Airways Officers & Staff Association president Kiran Pawaskar demanded a probe, preferably by CBI.
Etihad is in talks to pick up a 24 percent stake in Jet.
Jet has come under regulatory scrutiny twice this year.
Low cost carriers have 55 per cent of the market, up from 45 per cent in Q1 last year, and 30 per cent two years back. Does it mean India really is an LCC market? The performance of the airlines also seem to suggest that. While budget carrier Spicejet announced a small profit for Q1, all the big boys in the industry seem to be in trouble.
'The other airlines will be concerned about Jet Airways'
At the end of September quarter, Tail Winds held 68,15,843 shares, equivalent to 7.89 per cent holding, of Jet Airways.
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 Civil Aviation Ministry has submitted replies to the CVC on a series of allegations raised by Nishikant Dubey against the deal and clarified all concerns raised by him, official sources said.
The move will help Jet Airways strengthen its subsidiary JetLite's performance.
Private sector carrier Jet Airways' net loss widened to Rs 214.18 crore (Rs 2.14 billion) for the third quarter ended December 31 from Rs 91.12 crore (Rs 911.2 million) in the year-ago period.
The agreement between the two airlines came on the second day of the four-day state visit of Mukherjee to the country.
Konnect to be phased out as airline struggles to contain losses.
Etihad has purchased 24 per cent stake in Jet Airways in a deal worth about Rs 2,060 crore deal which was announced in April 2013.
A source said that the lenders have proposed to change the management of the beleaguered air carrier as they feel it is not possible to run the company with present management.
'Now we will have real employees as the owner of the airline.'
Etihad wants to control a domestic carrier that can give it access to over 45 cities in India from where it can bring traffic to its hub in Abu Dhabi and beyond.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
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.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Move aims to comply with Sebi's norm
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