The airline has struggled to pay salaries and vendors on time and its Rs 10,963 crore fund and non fund based facilities have now been assigned 'D' rating by ICRA - the seventh rating downgrade since March 2017.
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
'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.
Jet Airways on Thursday said it would introduce more flights on both its domestic and international networks.
Abu Dhabi-based Etihad Airlines has agreed to halve the number of directors on the Jet Airways Board to two posts under the Rs 2,058 crore deal, giving the Indian promoters 'effective control' of the carrier.
Refuting all the allegations, IOC has clarified that no monopolistic situation exists in supply and pricing of aviation turbine fuel (ATF) to airlines.
The airline has already decided to lease out an A330 to Etihad and plans to lease out two more this year.
The airline has failed to address fliers' fears and has been opaque about the allegations of tax and financial fraud, giving rise to apprehension that Jet Airways may be headed the Kingfisher way.
A financial turnaround with the Etihad partnership and debt restructuring has not fully materialised.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
A resurgent SpiceJet is spreading its wings and Vistara is set to challenge Jet on long-haul routes in the coming years.
The proposal will now be considered by the Cabinet Committee on Economic Affairs.
Changes being driven by Etihad, says a source, after a V-P quits
Private carrier Jet Airways is re-working a comprehensive profitability plan sought by its foreign partner Etihad Airways, which completed a 24 per cent stake purchase in the Naresh Goyal-led carrier recently.
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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.
While Etihad has told Securities and Exchange Board of India that it has not violated any securities law by not making an open offer, the capital market regulator is now seeking further clarity on the issue from other agencies including fair trade watchdog CCI, Finance Ministry and Aviation Ministry, sources said.
The company has finalised a three year business plan to increase revenue and control costs.
The move will help Jet Airways strengthen its subsidiary JetLite's performance.
The move is likely to impact Jet's operations out of Belgium and India.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
The Boeing website lists the price of a Boeing 737-800 aircraft at $90.5 million.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
Tony Fernandes said the aviation sector here was a "double marathon" and not a "sprint".
The Confederation of Indian Industry will organise a round table on investment.
Troubles for SpiceJet seem to have piled up and it remains financially strapped.
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.
Minority investors of SpiceJet might be feeling cold-shouldered.
Vistara reported a passenger load factor of 45.4 per cent.
Though Vistara is not a low-cost carrier, it could benefit from the fact that the difference between the fares of LCCs and economy class of full-service carriers in India is minimal today.
Over the years, Mr Singh has got in and out of innumerable businesses, cutting across sectors. He is one businessman who I have always found to be in a start-up mode, says Bhupesh Bhandari.
Vistara is trying to be leaner and meaner, while staying focused on the original brand promise; it aims to be profitable by FY21. Arindam Majumder reports.
National carrier Air India became part of the 27-member global airlines grouping Star Alliance, as budget airline AirAsia India launched operations and Tata-SIA joint venture carrier Vistara received the flying permit and announced its intentions to start operations from January 9.
DGCA asks those likely to be affected by a scheduled air operator's permit to the airline to give suggestions, objections within 30 days.
The deal, involving Abu Dhabi carrier Etihad's purchase of 24 per cent stake in Naresh Goyal-led Jet Airways, was approved last month by the Competition Commission of India.
Recruitment and import of aircraft still to get going
Etihad to have 2 directors even if it dilutes stake to 15%
Majority of India's international routes have been captured by foreign airlines.
Pakistani Prime Minister Nawaz Sharif has cancelled his visit to WEF annual meeting after a deadly Taliban attack in his country.
A glance back at some of the important ups and down Indian Inc faced in 2018.
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