'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
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.
Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
While we navigate the challenges posed by the current industry environment, our focus and attention remains on safety and operational reliability, said chief executive Vinay Dube.
Kardassis, who quit the airline in 2013, will advise Goyal and senior management on cost-saving and productivity improvement
The airline has proposed to raise authorised share capital to Rs 2,200 crore. This would comprise Rs 680 crore of equity capital and Rs 1,520 crore of preference share capital.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
For Jet's revival, Mr Jalan should be on the scene long enough for everyone to get to know him, appreciate his skills, and not vanish into thin air within a matter of months or even weeks, observes Anjuli Bhargava.
The airline has been defaulting on salaries for some time, making partial payments in some cases or not paying at all, as it continues to lose money mainly in domestic routes where it can't raise fares facing competition from low-cost airlines.
Among the other conditions of the Hinduja group for picking up a stake in Jet is that bankers must take a haircut of 80 per cent and that they should help negotiate with operational creditors like aircraft lessors for moratorium on certain immediate payments.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
While the interest from Hinduja is a positive sign for the grounded airline, executives of banks cautioned that there is no certainty that the deal will fructify. The cost of recapitalising Jet Airways is increasing every day.
Independent directors were supposed to safeguard the interest of all stakeholders.
The Jet Airways of old is no more and the industry mourns its demise. Anjuli Bhargava reports.
Air India, SpiceJet, IndiGo and AirAsia India ready to fill in the gap.
The airline owes lakhs of rupees to passengers and its vendors.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
The interim funding has not been forthcoming thus far, and as a result Jet has extended cancellation of international operations until April 18.
Signalling an imminent change in SpiceJet's ownership, potential investors including co-founder Ajay Singh and US-based JPMorgan have begun discussions with markets regulator Sebi over their investment plan for the cash-strapped airline.
Paving way for closure of long-pending Jet-Etihad deal, fair trade regulator CCI on Tuesday approved the proposed acquisition of 24 per cent stake in the Naresh Goyal-led Indian carrier by Abu Dhabi-based airline.
Speaking at the 2013 CAPA Australia Pacific Aviation Summit held in Sydney, Abu Dhabi-based Etihad Airline's President and CEO James Hogan said, "We are delighted to welcome Air Serbia to our equity alliance, and look forward to receiving final approvals from regulators in India of our investment in Jet Airways," he added.
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.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
A one-time income of Rs 305 crore (Rs 3.05 billion) from the sale of its loyalty programme to equity partner Etihad helped Jet Airways slash losses to the tune of 95.7 per cent at Rs 43 crore (Rs 430 million) in the three months to September.
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.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
These special fares are a small gesture of appreciation from Emirates for its customers in India.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
The airline now has a total of 1,120 pilots of whom 88 are foreign pilots.
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Former Air India Executive Director Jitender Bhargava filed the appeal challenging the decision of the Competition Commission of India to clear the Jet-Etihad deal without carrying out a detailed assessment.
would also take on board its strategic investment partner Etihad
Air India, which is set to fly to Moscow from early next month, is exploring CIS destinations among the new places that it wants to expand its global operations to, an airline official said.
The airline has paid the TDS but mostly after the scheduled date.
"The central government had rescued other businesses by re-structuring debts to the tune of Rs 30,000-40,000 crore. Compared to this, the amount (debt) of Jet Airways was much smaller. Moreover there was a resolution (accepted) by the lenders to save jobs and to save the airline," Sharma said.
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.
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.
As the WEF summit draws to a close on Saturday, a few big names from India including Mukesh Ambani and Anand Mahindra were missing in action while Pakistan Prime Minister Nawaz Sharif and Jordan's King Abdullah II were among global leaders who cancelled their trips at the last moment.
Jet Airways on Thursday blamed a steep fall in the rupee, slowdown in the domestic aviation market and rise in fuel costs for a sharp widening in standalone net loss at Rs 891 crore in the July-September quarter.
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.
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