Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
The Delhi high court on Friday directed the civil aviation regulator to deregister planes leased to Go First within five working days, giving respite to the lessors. This means that the airline will have to give back all 54 aircraft to the lessors if its resolution professional (RP) does not challenge the order or ask for a stay. Justice Tara Vitasta Ganju also refused the request of the RP, represented by advocate Diwakar Maheshwari, to keep the operation of the order in abeyance for a week to enable them to file an appeal before the division Bench of the court.
Old-timers say Jet boss Naresh Goyal, although still razor sharp, doesn't have the same energy he once did and this reflects in his 'baby'.
The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year.
The company is offering a million tickets at 25% discount, valid for travel between June 15-October 15
This will enhance business and leisure travel between the UAE and Canada and feed passengers onto each other's flight networks.
British Airways covers over 150 destinations in 75 countries while in India the carrier operates 49 flights a week from London's Heathrow airport to Mumbai, New Delhi, Chennai, Bengaluru and Hyderabad.
State Bank of India on Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways, and the bids have to be submitted by April 10, said a public notice.
The carrier had failed to provide accurate information on a tarmac delay.
The company's chief operating officer Capt Hameed Ali will be the acting CEO.
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.
The bureaucrat has alleged that another Indian family was also offloaded as they offered biscuits to the child to console him.
Jet said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.
The Doha-based airline operates across 145 business and leisure destinations spanning over the Middle East, Asia Pacific, Africa, North America and South America with a fleet of 139 aircraft.
A Kathmandu-bound Jet Airways flight with 111 people on board was on Monday halted minutes before take-off from the IGI Airport in New Delhi after a bomb threat.
Jet Airways -- which has been flying for 25 years - on Friday described reports that the airline cannot fly beyond 60 days as "incorrect and malicious" as well as denied any talks of stake sale.
A Dubai-bound Jet Airways flight from Mumbai with 54 passengers and 7 crew onboard was on Thursday diverted to Oman capital Muscat following a bomb threat where it landed safely.
India will require 1,740 planes over the next 20 years.
Jet Airways scrip on Thursday ended nearly 11 per cent higher after the company announced plans to sell 24 per cent equity to Etihad Airways for about Rs 2,058 crore.
Jet's advertising and that of most other airlines has been limited to new routes or promotional fares.
Navi Mumbai airport's construction is facing delays, and is likely to commence commercial operations in 2025 instead of 2024, aviation consultancy firm CAPA has said in a report. When asked about this matter, the Adani Group told Business Standard that the Navi Mumbai airport project is "being executed as per scheduled implementation plan and will be operational by the original target date of December, 2024, without any delay". Navi Mumbai International Airport Limited (NMIAL), responsible for both the construction and operation of the airport, is a subsidiary of the Adani Group.
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
The creditors of the grounded carrier Jet Airways on Wednesday raised questions over the source of Rs 200 crore deposited by the Jalan-Kalrock Consortium before the insolvency appellate tribunal NCLAT and said it does not align with the resolution plan. Additional Solicitor General N Venkataraman, representing lenders including SBI and other banks, told the National Company Law Appellate Tribunal (NCLAT) that there are apprehensions about the source of funds, which deposited money for Jalan-Kalrock Consortium's (JKC). "The payment is not compliant with the resolution plan as it mandates that the money is to be paid through JKC," ASG submitted before a three-member NCLAT bench headed by chairperson Justice Ashok Bhushan.
Financial creditors shall submit their claims with proof by electronic means only, resolution professional Ashish Chhawchharia of Grant Thornton said in a public notice.
The daily flights will be operated by a Boeing 777-200 in a three class configuration offering, flat beds in Club World, World Traveller plus and World Traveller seats.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
The incident took place this Monday, when the aircraft was in over the Iran-Pakistan airspace, and was 2.45 hours away from its destination, an airline source said on Wednesday.
Airline denies sacking, says it is recruiting to meet its operational needs
The Boeing website lists the price of a Boeing 737-800 aircraft at $90.5 million.
On September 6, the airline informed senior employees that their salaries would be paid in two instalments till November.
Etihad earns about 23 per cent of its passenger revenue from code-share and equity partners, and this would increase after its tie-up with Jet.
The government is examining alleged financial irregularities, sources of funding and other aspects of Jet Airways, the Lok Sabha was informed on Friday.
The airline has been laying off cabin crew starting from April 30 and 30-50 employees are being given pink slips almost on a daily basis, an industry source said.
It dismissed reports suggesting a stake sale as 'baseless'.
Jet Airways on Tuesday launched its online booking facility with e-ticketing enabling passengers to book tickets to any of its destinations in India on the Internet.
Discounted tickets of Jet Airways are available for sale till Thursday
A senior pilot had allegedly slapped a female commander during the flight and following the incident the two were grounded by the airline.
The BJP also went on to label Kaul a "Pakistani sympathiser" and posted headings of a couple of her writings on X.
An Alliance Air aircraft on Tuesday suffered "extensive" damage after a Jet Airways tarmac bus ferrying its crew rammed into the vacant stationary plane at the international airport in Kolkata.
With jet fuel prices hiked by 2.5 per cent, Jet Airways on Friday increased fuel surcharge on its tickets by Rs 200 with effect from tomorrow, raising airfares.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances