The change in ownership is necessary to conform to the government's foreign direct investment norms in aviation.
Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
All the airline's guests will travel on Thursday to Amsterdam in 15 buses and will be accommodated there in hotels.
Switching to a damage-control mode, bankers and government officials claimed that Jet Airways wouldn't fall even if Etihad refuses to back the resolution plan and exits.
The pilots and other senior staff have not been getting their full salaries since December.
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
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.
Jet Airways Chairman Naresh Goyal will purchase over one per cent stake in the airline from another promoter entity, Tail Winds, for up to Rs 45 crore (Rs 450 million).
Jet Airways Ltd said on Friday it made a profit in the June quarter compared to a loss in the year-ago period, helped by a drop in fuel expenses.
Jet Airways pilots have warned the management of agitation if the airline fails to offer a concrete plan on payment of arrears amounting to Rs 100 crore (Rs 1 billion) by August 20.
A senior first officer with Jet Airways shares her plight.
Total revenue dropped to Rs 5,406 crore in the first quarter of the current financial year from Rs 5,508 crore in the same period a year ago
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.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
'Shouldn't the DGCA ensure both safety and convenience of passengers?' 'And convenience has been a casualty as nobody knows which Jet flight would be grounded next, throwing passengers' plans in disarray,' says Nivedita Mookerji.
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 financial turnaround with the Etihad partnership and debt restructuring has not fully materialised.
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The open offer for minority shareholders would need to be made even if the 'control' has been acquired without crossing the threshold shareholding limit (25 per cent), Sebi Chairman U K Sinha said.
The move will help Jet Airways strengthen its subsidiary JetLite's performance.
'By August 2018, it was evident that Jet was heading into serious financial trouble.' 'Why didn't the DGCA stop all advance bookings right there and then?' asks Anjuli Bhargava.
'The airline business is very dynamic. If you are unable to keep up and lead, you end up last.' 'This is what has happened to Jet.'
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
While the FIPB has sought more transparency on whether the rules concerning effective control would be followed once the deal fructifies, the Finance Ministry has also written to Sebi for a report on the Jet-Etihad deal, official sources said Wednesday.
Konnect to be phased out as airline struggles to contain losses.
Against the backdrop of objections by some MPs, Civil Aviation Minister Ajit Singh on Tuesday strongly defended the Rs 2,058 crore (Rs 20.58 billion) Jet-Etihad deal, saying those opposing it were "long on politics and short on facts".
A glance back at some of the important ups and down Indian Inc faced in 2018.
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