An 83-year-old Pune resident died of a heart attack after being defrauded of Rs 1.2 crore in a 'digital arrest' scam. Fraudsters posing as police and CBI personnel targeted the man and his wife, threatening them with arrest in a money laundering case.
A batch of 35 Indians deported from the US included people from Kaithal, Karnal, and Kurukshetra districts in Haryana. They recounted their experiences and the financial burdens they faced trying to immigrate to the US.
A freight train derailment near Mathura disrupted train services on the Mathura-Delhi route. Restoration work is underway, and officials expect full operations to resume by Wednesday evening.
The aircraft was called back to the parking bay at the time of taxiing.
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
As the Jaggi brothers - Anmol Singh Jaggi and Puneet Singh Jaggi - find themselves at the heart of the financial mismanagement in the Gensol-BluSmart saga, attention on the third BluSmart co-founder, Punit K Goyal, has taken a notably different turn.
Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn his bid for the airline.
Rajiv Pratap Rudy secured another term as Secretary (Administration) of the Constitution Club of India, defeating Sanjeev Balyan in a closely watched election that saw participation from prominent political figures.
Both Goyal and Mallya had figured in Forbes' annual list of world's billionaires published earlier last month, where Mukesh and Anil Ambani were named as two richest in India. According to Forbes, Goyal's fortune is valued at $ 1.4 billion, while that of Mallya is $ 1.2 billion. Naresh Goyal and Vijay Mallya are both vying for dominance of Indian skies. The are the only Indian names on the list. It also includes the feud between Russia's Vladimir Potanin and Mikhail Prokhorov
Justifying the coming together of the two airlines, which account for about 60 per cent of the market share, Goyal said that the break-even point for the aviation sector is at 90 per cent capacity utilisation whereas, "We are now operating between 60-70 per cent." Goyal said, "On top of all this, international airlines are dumping capacity in India, lowering their prices knowing we cannot match the competition.... therefore, we have to work together."
Jet Airways expects to return to profit in the next 18 months, following implementation of a new route network and fleet strategy and cost optimisation measures.
Jet Airways says its expansion plans are not linked with the $400 million qualified institutional placement issue
India's largest private carrier Jet Airways will report a full-year loss for 2007-08 fiscal and break even only in the financial year ending next March, said its chairman Naresh Goyal. Earlier in January, Jet Airways had reported a net loss of Rs 91.12 crore (Rs 911 million) for the quarter ended December 31, 2007 as against net profit of Rs 40.04 crore (Rs 400 million) for the year-ago period. Goyal expects Jet Airways to break even in the current fiscal, ending Mar 31, 09.
If there was no pressure, then how come the decision to sack staff was reverted within 12 hours, asked Raj.
Air fares in India were about 300 per cent higher than those in China and some other countries because of high tax rates, Jet Airways chief Naresh Goyal said on Monday, asserting that the aviation industry could not grow with such taxation.
More than five years ago on an April evening, cash-starved Jet Airways announced temporary grounding of operations after flying as a full service airline for 25 years. Since then, more than 20,000 jobs and money worth thousands of crores owed to lenders, vendors and passengers evaporated while awaiting an insolvency resolution. And today, the Supreme Court ordered the airline's liquidation, marking the formal completion of a turbulent journey into the sunset and shattering lean revival hopes.
Currently, Etihad has 24 per cent shareholding in Jet Airways
He urged employees to bear with him in this difficult situation a little longer, till the airline emerges out of turbulence and fiscal challenges.
Though public shareholding in Jet is already down to the mandated 25 per cent, the regulator wants its promoters to pare their stake further.
Sources said Unsworth had submitted a one-page letter indicating his interest in Jet but without any accompanying documents.
However, any progress on the deal depends upon Goyal giving up control of the company.
Jet Airways' loss widened for FY15 on higher cost.
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.
A day after he hit the spotlight with a comment on parents and sex, trouble mounted for influencer Ranveer Allahbadia on Tuesday with Mumbai police at his doorstep, YouTube pulling down the episode of 'India's Got Latent' and the issue being raised in Parliament.
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.
India Inc reacted cautiously to allegations on Swiss a/cs.
SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore.
On joining the party, the former SP leader belittled actor-politician Jaya Bachchan as someone "who used to dance in films".
Serious Fraud Investigation Office will probe the airline for instances of fund diversions and large-scale irregularities.
Jet Airways chairman Naresh Goyal said the strategic alliance forged almost a year ago between his company and Kingfisher Airlines has still not achieved tangible progress, and added that airfares need to rise by 20-25 per cent.
The Etihad delegation was led by its CEO James Hogan at the meeting, which was also attended by Jet Airways promoter Naresh Goyal.
The national carrier Air India is mulling an all-women crew flight.
Jet Airways group CEO Ravi Chaturvedi has resigned. Amid difficult times for the aviation industry, Jet Airways has cut three of its biggest loss-making international routes and plans to lease four wide-body Boeing 777 aircraft, besides phasing out three Boeing 737 planes.
Jet Airways Chairman Naresh Goyal on Wednesday said that he would have no option but to follow 'the law of the land' if an action had to be taken against the agitating pilots, while appealing to them to resolve the matter amicably and return to work. Meanwhile, Goyal met Civil Aviation Minister Praful Patel in the wake of the agitation by the airline pilots.
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.
Sebi wanted Jet to convince it that the deal did not amount to joint control alongside promoter Naresh Goyal.
"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.
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