<a href="http://www.businessinsider.in/Jet-Airways-and-Etihad-emerge-as-the-fastest-growing-airlines-in-India-after-tie-up/articleshow/50973370.cms">Jet Airways</a> might soon merge with <keyword id="47941" type="COMPANY" weightage="100" keywordseo="JetLite">JetLite</keyword> and it might be sooner than you think with the company's intentions to fast track talks with shareholders. <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword>’ board had approved the merger of the low-cost subsidiary JetLite with the airline in September. 

	According to a regulatory filing on Monday, <a href="http://www.businessinsider.in/After-an-impressive-Q3-Jet-Airways-plans-higher-fleet-usage/articleshow/50928690.cms">Jet Airways</a> said it will seek the nod of “equity shareholders, secured creditors and unsecured creditors” for the proposed merger on April 22.
 

	The meet is being convened following an order from Bombay High Court on March 18 asking the <a href="http://www.businessinsider.in/Weaker-international-sales-drive-Boeing-and-Airbus-to-Indias-growing-aviation-market/articleshow/51454442.cms">airline</a> to convene a meeting of equity shareholders on April 22 to consider the proposed merger.
 

	In this regard, Jet Airways had sought directions from the high court.
 

	According to Jet Airways, the merger would lead to greater efficiency in cash management of the merged entity and “unfettered access to cash flow generated by the combined business which can be deployed more efficiently to maximise shareholder value”.
 

	“Jet Airways has made demonstrable progress in the implementation of its three-year turnaround strategy with the objective of returning to profitability.
 “The merger of JetLite into Jet Airways is a key step to strengthen Jet Airways’ operations and create a seamless organisation, delivering exceptional service to its guests,” Jet Airways Chairman <keyword id="122732" type="PERSON" weightage="100" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> had said in September last. 

	Jet Airways had bought Sahara Airlines in April 2007, for Rs. 1,450 crore after an arbitration award. It later renamed Sahara Airlines as JetLite and operated it as a low-cost arm till November.
 

	Currently, Jet Airways and JetLite operate under two different Air Operator Permit (AOP).
 

	Shares of Jet Airways fell nearly 2 per cent to close at Rs. 544.10 on BSE. 
	 
	(Image credits: indiatimes)

Jet Airways may soon merge with JetLite

<keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> Chairman <keyword id="122732" type="PERSON" weightage="100" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> suggested for aviation fuel price reduction in the new civil aviation policy being prepared by the government. 

	"New aviation policy should work on bringing down (Aviation Turbine Fuel) prices," he said, when asked about the issue. 
 

	ATF accounts for substantial expenses incurred by airlines. 
 

	Goyal's meeting comes at a time when the government is in the advanced stages of taking a decision on easing overseas flying norms for local carriers. 
 Airlines umbrella body, <keyword id="118746" type="ORGANIZATION" weightage="100" keywordseo="Federation-of-Indian-Airlines">Federation of Indian Airlines</keyword> ((<keyword id="43642" type="ORGANIZATION" weightage="100" keywordseo="FIA">FIA</keyword>) is opposed to the idea of easing the 5/20 norms - which requires that domestic airlines should have been in operation for at least five years apart from having minimum of 20 planes, to fly overseas. 

	Jet Airways is a member of the FIA along with budget carriers IndiGo, GoAir and Spicejet.
 

	When asked about IndiGo's plans to get listed in the stock market, Goyal said the IPO would be good for the entire aviation sector as valuations would improve. 
 He also said that no talks are going on with strategic partner <keyword id="6437601" type="COMPANY" weightage="100" keywordseo="Etihad">Etihad</keyword> for hiking its stake in Jet Airways. Currently, Etihad has 24 per cent stake in the local carrier. 

	In recent times, there have been reports suggesting that Etihad was looking to increase its stake in Jet Airways. 
 

	Etihad currently holds 24 per cent stake in Jet Airways, which it acquired in 2013, following the erstwhile UPA Government allowing international airlines to own up to 49 per per cent stake in domestic carriers.

	 
	 
	(Image credits: Indiatimes)

Reduce aviation fuel price in the new civil aviation policy: Jet Airways Chairman Naresh Goyal

Go-Air will have its first major expansion drive since its inception 10 years ago, under the able-leadership of its new CEO <keyword id="289256" type="PERSON" weightage="100" keywordseo="Wolfgang-Prock-Schauer">Wolfgang Prock-Schauer</keyword>. The Wadia Group-owned airline will receive the first of its 72 ordered aircraft early next year. That will increase its fleet size to 20, helping <keyword id="6356167" type="COMPANY" weightage="100" keywordseo="GoAir">GoAir</keyword> meet the requirement to fly international — five years' domestic flying experience and a fleet of at least 20 planes. 

	"Basically, the logic of this business (short-haul international travel) and customer needs are very similar to domestic travel. They all want reliable affordable transportation," Prock-Schauer told ET.
 

	He particularly sees an opportunity in the Gulf and surrounding markets in the East. "The flights are (on average) three hours, which is not very different from a flight to the south or Kolkata," he said. 
 

	GoAir operates a fleet of Airbus A320s, with which "you can do a lot of things", Prock-Schauer, 58, said. He has been in this industry for three-and-a-half decades and had headed different airlines in different countries, including Jet Airways, British Midland Airways and Air Berlin. He was also chairman, management board at the Star Alliance, the world's largest airline group, in 2002 and 2003.
 

	"Prock-Schauer is extremely well networked and brings a lot of experience on international operations and alliances to the table,"said KG Vishwanath, Jet's ex-vice president for commercial strategy and investor relations.
 

	Prock-Schauer is, however, quick to clarify that GoAir's focus will remain domestic operations and profitability. "In whichever market you are, you must be a viable, strong player. If you spread over too many markets, you are not strong...simplicity is the key thing," he said. 
 GoAir plans to more than double the number of destinations in its network and increase daily flights and annual passenger count by about four times in the next five years, its managing director, <keyword id="145370" type="PERSON" weightage="100" keywordseo="Jeh-Wadia">Jeh Wadia</keyword>, had said in a recent interview. He had also said flying international is more about "glamour" than anything else. 

	Despite, or perhaps due to its limited ambitions, GoAir has remained profitable in the last few years. Prock-Schauer is keen to keep it that way through its expansion. 
 

	The Austrian has been somewhat of a scale-up expert. In his first job with Austrian Airlines, he oversaw its expansion from 20 planes to 100. During his six year-plus stint at Jet Airways, he presided over its fleet expansion from 40 planes to more than a hundred, its first international flights to Colombo and later to London, its public listing and acquisition of Air Sahara.
 

	Prock-Schauer crafted a lot of Jet's codeshare agreements with international airlines. Vishwanath recalls a time in 2005-06 when the airline added 20 planes within a span of 18 months. He, along with Jet's former executive director Saroj Datta, made sure the fleet expansion was backed by rapid network enhancement plans, adequate recruitment of crew and engineering support.
 

	Since leaving Jet in 2009, he headed restructuring programmes at British Midlands and Air Berlin. 

	He also headed two low-cost airlines — Bmibaby, a subsidiary of BMI (British Midlands) and Niki, a subsidiary of Air Berlin.
 

	"I have seen it from both sides. I know both business models," Prock-Schauer said.
 

	"While running Niki, I realised how much simpler it (the low-cost model) is and how many more opportunities you have if you are low -cost," he said. "Full-service carriers are vulnerable. Everyone goes for price and the airline which has the lowest cost base is the winner."
 
 

	Prock-Schauer agrees with Wadia that it's important to be cautious when scaling up. He has seen the perils of mindless expansion from close quarters more than once.
 

	Jet acquired Sahara in 2007. The airline came with a huge debt and has remained a loss-making unit, impacting its parent's finances.
 

	BMI, which Prock-Schauer headed between 2009 and 2012, acquired several airlines and itself changed hands twice in complex deals—to Lufthansa and International Airlines Group that owns British Airways—before it shut shop in 2012 due to growing losses and unsustainable finances.
 

	"I think organic growth is the best growth for an airline," Prock-Schauer said, admitting it's a lesson he learnt from his many years of experience.

	Prock-Schauer quit Air Berlin at the end of February 2015 and joined GoAir in end May.
 "I believe in the Indian market. You can see the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> is picking up," he said. 

	His predecessor, Giorgio De Roni, quit GoAir in March on health grounds. The airline's chief operating officer, Tim Jordan, too, has gone on sick leave after a couple of months in office.
 

	In Wadia's interview, he had said expats sometimes find it difficult to adjust to Indian conditions. Prock-Schauer wouldn't have that problem, having fond memories of Mumbai from his seven year stay in the city. A colleague at GoAir and Vishwanath were unanimous in counting Prock-Schauer's approachability to all employees as one of his key attributes. 
 In September 2009, when Jet faced one of its worst cabin crew and pilot strike and a fierce standoff with the management, Prock-Schauer was one of the key spokespersons for the employees, convincing chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> to consider their point of view. He quit later that year. 
	 
	(image credits: deccanchronicle)

CEO Prock-Schauer envision to take GoAir to new heights

Reacting to recent news reports on <keyword id="6358200" type="CITY" weightage="20" keywordseo="Jet-Airways">Jet Airways</keyword> founder and chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>, the airline has clarified that Goyal will continue to be the majority shareholder of the company. 
	 
	“ Jet would like to categorically state, for the benefit of all its stakeholders, that the undertaking given to PNB implies that the airline’s promoter and chairman will not dilute his equity, by way of a sale, below 51% at any time, and will continue to be the majority shareholder in the airline,” said the company . 
	 
	It further added, “It is thus an undertaking of non disposal of any further equity and not a matter of pledging of his shares.” 
	 
	On January 13, 2015, news reports surfaced which claimed that Goyal had pledged his entire stake to public sector unit Punjab National Bank. According to reports, Goyal shares are valued at Rs 2,600 crore.

Jet Clarifies, Goyal To Remain Majority
Shareholder In The Carrier

The Ministry of Civil Aviation has granted company security clearance for appointing <keyword id="2259341" type="UNKNOWN" weightage="20" keywordseo="Cramer-Ball">Cramer Ball</keyword> as the Chief Executive Officer of <keyword id="6358200" type="CITY" weightage="20" keywordseo="Jet-Airways">Jet Airways</keyword>. The <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> led airline made the announcement in a letter to Bombay Stock Exchange. 
	 “The Ministry of Civil Aviation ('MCA’) has vide its letter dated September 18, 2014, granted the Company security clearance for the appointment of Mr. Ball as CEO,” Jet Airways informed the <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword>. 
	 
	Earlier, the airline had informed BSE regarding the approval of Cramer Ball as the CEO of the company by its board of directors in May 2014. “This is to inform you that our Board has approved the appointment of Mr. Crammer Ball as the Chief Executive Officer of our company, subject to all requisite government and regulatory approvals including his security clearance being obtained,” said Arun Kanakal, Company Secretary and Associate Legal Counsel in a letter to the Exchange on 27th May 2014. 
	 
	Ball, 46, is of Australian nationality and has previously held senior positions with international airlines such as Ansett Australia, Etihad Airways, Gulf Air, Kendell Airline and Qantas. He has also served as the CEO of Air Seychelles. 
	 
	Ball took charge as the CEO of the airline since 25th September. Previously, Ball was the acting CEO of Jet Airways.

Cramer Ball Takes Charge As The CEO Of Jet Airways

<keyword id="122732" type="PERSON" weightage="80" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>'s <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> plans to merge its Low Cost Carrier (<keyword id="125271" type="COMPANY" weightage="40" keywordseo="LCC">LCC</keyword>) <keyword id="47941" type="COMPANY" weightage="40" keywordseo="JetLite">Jetlite</keyword> with its flagship carrier. According to company sources, the management will soon induct pilots from Jetlite to the parent company Jet Airways. 
 
"Nearly 230 pilots will be shifted from Jetlite to Jet Airways. This is a point of concern for us because it may lead to drastic changes in our salary structures as well as our seniority," said a senior pilot who requested anonymity. 
 
He further revealed, "Cramer Ball, CEO of Jet Airways, will be meeting with the company pilots on 9 September to discuss the future plans of the airline with us. Basically, they want to explain their decision to ensure a smoother transition". 
 Other sources told BI India that the management took the decision to transfer pilots from its LCC to Full Cost Carrier (<keyword id="160638" type="ORGANIZATION" weightage="60" keywordseo="FCC">FCC</keyword>) because they want to operate as a single brand. "The management didn't want any confusion regarding their brand. They just want to be known as Jet Airways and not differentiated as FCC and LCC," disclosed a senior official. 
 
Apart from the single-brand agenda, the management wants to aggressively expand its international network. Reports also suggest that airline will focus on deploying higher number of aircrafts on routes to Abu Dhabi, Etihad's base station, to boost profitability. 
 
"Despite the domestic side contributing about 40% to the total business, Jet lost a whopping 15.6% on its domestic operations wiping out any profits made by its bigger and more lucrative international division", said aviation analyst Devesh Agarwal. 
 
Commenting on the issue, Jet Airways spokesperson said, “The Jet Lite Air Operators Permit (AOP) will continue. We currently have excess pilot numbers in Jet Lite and we will be discussing with the Pilots, the options of working with Jet Airways. 
The airline has also announced its plans to reconfigure its fleet, in order to increase the efficiency of its operations. 
 
Interestingly, national carrier Air India, which too merged its domestic wing, erstwhile Indian Airlines and its international airline Air India in 2007, has been facing several HR issues pertaining to the salaries of the pilots. 
 
However, with Naresh Goyal at the helm of affairs in his airline, what remains to be seen is whether Jet Airways will manage a smooth transition or will it face more troubles down the road?

Jet’s Single Brand Agenda Gives Sleepless Nights To Pilots

<keyword id="122732" type="PERSON" weightage="100" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>’s <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> has hit the headlines again as employees are disgruntled over salary delays and their representatives are planning to meet the company’s chief operating officer, <keyword id="1282176" type="PERSON" weightage="100" keywordseo="Hameed-Ali">Hameed Ali</keyword>, on May 28 to resolve the issue. 
 
 “Earlier, the company used to pay salary on the last day of the month. Then the payment date was rescheduled to 7th of every month and thereafter, to 15th, after the airline was hit by a financial crisis. Unfortunately, this has become a new norm and we are paid around the middle of the month even after the Rs 2,060 crore <keyword id="6437601" type="COMPANY" weightage="80" keywordseo="Etihad">Etihad</keyword> deal,” one of the staff members told the media. 
 
It was also learnt that employees had earlier accepted the delayed payment as the company was going through ‘financial turbulence.’ 
 
Jet Airways had suffered a loss of Rs 268 crore in the December quarter of FY2013-14. 
 
A Jet Airways spokesperson said salaries are paid according to a ‘pre-determined schedule.’ 
 
“Jet Airways has always met and will continue to honour all its obligations to its employee,” the airline said in a statement.

Jet Airways Employees To Meet COO To Discuss Salary Delay

In a shocking case of <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, a senior <keyword id="20042016" type="General" weightage="20" keywordseo="railway-official" source="keywords">railway official</keyword> in Mumbai was conned out of Rs 9 lakh by <keyword id="20013464" type="General" weightage="20" keywordseo="fraudsters" source="keywords">fraudsters</keyword> posing as officers from the <keyword id="19900833" type="General" weightage="20" keywordseo="Central-Bureau-of-Investigation" source="keywords" meta.keywordsubtype="org" meta.entityname="Central Bureau of Investigation" meta.hostid="261" meta.entityid="Central Bureau of Investigation">Central Bureau of Investigation</keyword> (CBI). The 59-year-old official, who works as the Principal Chief Electrical Engineer (Construction) at <keyword id="20010203" type="General" weightage="20" keywordseo="Chhatrapati-Shivaji-Maharaj-Terminus" source="keywords">Chhatrapati Shivaji Maharaj Terminus</keyword> (CSMT), was tricked into believing he was involved in a <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case and was subjected to a nearly 20-hour video call ordeal that included being "produced" before a fake judge. <h2>The scam unfolds</h2>The incident began on the morning of September 16, when the official received a voice-recorded message on his phone, warning that his mobile would be blocked within two hours unless he pressed ‘0’ for more details. Upon doing so, a video call was immediately initiated, during which a person introduced himself as a CBI officer. The fraudster claimed that the official’s mobile number was linked to a bank account involved in a money laundering scheme worth Rs 5.8 million. Despite the official’s insistence that he had no connection to any such case and didn’t even have a second mobile number, the fraudsters escalated the situation. They alleged that his details were tied to a network of 247 suspicious accounts, one of which was linked to Naresh Goyal, a name that may have been used to further intimidate the victim. <h2>Manipulation and intimidation</h2>The railway official, caught off guard, was instructed to return home from work immediately so the "CBI officers" could conduct a thorough investigation. Once home, the fraudsters kept him on a video call from 2 PM on Monday until 9:30 AM the next day, collecting extensive personal details about his family, finances, and property. <div type="Article" hostid="261" msid="113395702" title="Digitally-native Gen Zers aren&amp;#39;t immune to romance scams" mstype="2" mssubtype="0"></div>At the height of the deception, the scammers told the victim that he would be "produced" before a judge via video call. The so-called judge, who appeared during the extended call, accused the official of unauthorised transactions linked to his bank account. The fraudsters then demanded that he provide all his bank details and transfer Rs 9 lakh to a specified account to resolve the matter. <h2>Realisation and aftermath</h2>Following their instructions, the railway official went to his bank and transferred the money through RTGS. However, as soon as the transaction was completed, he realised he had fallen victim to a scam. He immediately approached the bank manager in a bid to halt the transfer, but it was too late—the money had already gone through. <div type="Article" hostid="261" msid="113221218" title="Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh" mstype="2" mssubtype="0"></div>Devastated, the victim reported the incident to Colaba police station, where a case of cyber fraud was registered. The police have launched an investigation into the matter, hoping to trace the fraudsters and recover the stolen funds. (With inputs from PTI)

A railway official was duped out of Rs 9 lakh by ‘CBI agents’ in a bizarre 20-hour video call scam with an ‘online judge’ — here’s what happened

<ul><li>The state-owned <keyword id="62034" type="COMPANY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> has reportedly extended a ₹20.5 billion loan to Jet to keep it operational. </li><li>The funds are mainly for working capital purposes and will be hence be used to pay salaries to airline staff and pilots and more importantly, pay lessors of aircrafts. </li><li>The loan comes amid talks between Jet’s shareholders and creditors to finalise a resolution plan for the airline. </li></ul> As the promoters and creditors of <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> negotiate a resolution plan for the struggling airline, one of the Jet’s creditors, the state-owned Punjab National Bank has extended a ₹20.5 billion loan to Jet to keep it operational, according <a href="https://www.livemint.com/companies/news/jet-airways-gets-rs-2-050-crore-loan-from-pnb-1552249762128.html">to Mint. </a> The emergency funding is split in two parts - foreign currency loans of ₹11 billion and a credit facility of ₹9.5 billion. It has been secured against Jet’s liquid assets, including four flight training simulators and its trade receivables. The funds are mainly for working capital purposes and will be hence be used to pay salaries to airline staff and pilots and more importantly, pay <a href="https://indianexpress.com/article/business/aviation/jet-airways-lessors-jittery-over-its-restructuring-plan-5617697/">lessors of aircrafts</a>. Nearly 50 out of 119 Jet aircrafts are currently grounded due to non-payment of rental dues to lessors - which has hurt Jet’s credit rating. Last week, FLY Leasing, one of Jet’s lessors, said it would deploy its planes elsewhere if Jet’s shareholders and creditors didn’t finalise a resolution plan by the end of March. The grounding of planes has led to a cancellation of flights, which has in turn, led to a continued decline in revenues and profits, furthering endangering the airline’s recovery. A sticking point in the negotiations between Jet’s creditors and promoters had been the role of airline owner Naresh Goyal. At the end of February, a meeting of Jet’s creditors and partner Etihad on February 28th paved the way for Goyal’s <a href="https://www.businessinsider.in/jet-airways-chairman-naresh-goyal-steps-down/articleshow/68212261.cms">decision to step down</a> as the airline’s chairman. The next hurdle in the resolution plan involves Jet’s creditors trying to convince Etihad to take greater operational control of the airline. As one of Jet’s major lenders, the loan from <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> demonstrates the commitment of Jet’s creditors to finalising a recovery plan for the airline. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-chairman-naresh-goyal-steps-down/articleshow/68212261.cms">Jet’s chairman finally agrees to step down, paving way for bank-led bailout</a> <a href="https://www.businessinsider.in/naresh-goyal-and-etihad-statement-may-help-jet-airways-debt-resolution-plan/articleshow/68165797.cms">The threat of bankruptcy forces Etihad and Naresh Goyal to call for truce</a>

Punjab National Bank has reportedly given Jet a ₹20.5 billion lifeline to keep it airborne

Mumbai, Mar 5 () Jet Airways founder Naresh Goyal and few others have been booked by the ED in a money laundering case even as the agency is conducting searches at his premises, officials said on Thursday.They said a criminal case against the former chairman of the airlines has been filed under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a recent Mumbai Police FIR filed against him.The Enforcement Directorate carried out raids at Goyal's premises in Mumbai on Wednesday and also questioned him after filing the case, they said.The action is continuing, they added.The Mumbai Police FIR pertains to charges of alleged fraud by Goyal and others against a Mumbai-based travel company.Goyal has earlier been grilled by the central probe agency in a case filed under the Foreign Exchange Management Act (FEMA) in September last year.The agency had carried out similar raids, under the FEMA, in August last year against Goyal, his family and others.ED has alleged in the past that the businessman's empire had 19 privately-held companies, five of which were registered abroad.The agency is probing charges that these firms allegedly carried out "doubtful" transactions under the guise of selling, distribution and operating expenses.The ED suspects that expenses at these companies were allegedly booked at fake and high costs and as a result, they "projected" huge losses.Alleged shady aircraft lease transactions with non-existent offshore entities are also under the ED scanner and it is suspected that Jet Airways made payments for lease rental to "ghost firms", which purportedly routed the ill-gotten money in Goyal's companies.A full-service carrier, Jet Airways shut its operations in April last year after running out of cash.A month earlier, Goyal had stepped down as the chairman of Jet Airways. NES RUP

ED books former Jet Airways boss Goyal for money laundering; conducts raids

New Delhi, Nov 27 () The government on Wednesday said that providing jobs to former employees of now-defunct Jet Airways is not in its domain.
A portal opened for the former employees is helping them in looking for new jobs, Minister of Civil Aviation Hardeep Singh Puri told the Rajya Sabha.
"So far as the portal is concerned, it is functioning and the portal is providing opportunities both to the employees and different airlines stakeholders to be in touch with each other," he said.
"Many of the employees are utilising that portal. Others have found jobs elsewhere but again I would reiterate to the members that it is not the government's job to be in a position to take decisions which are in the domain of the management," he added.
According to Puri, it is the job of the management of an airlines to keep it afloat.
"The issue is before NCLAT. I cannot pre-judge, what NCLAT would do," he added.
Puri was replying to a supplementary question asked by Sanjay Singh of the AAP.
"The minister had assured us in the house that no employee of Jet Airways would lose job and would be adjusted in other companies," said Singh.
The government had also said at that time that a website was being launched having details of the employees for that purpose.
However, rejecting it, Puri said, "My tenure started in the Civil Aviation ministry in June and Jet Airways had ceased its operations several months before I became minister. There is no way that I could have made a statement on retrenchment. Jet Airways has already ceased operations."
The Naresh Goyal-led Jet Airways, which was the largest private carrier at its time, was grounded on April 17 due to financial troubles.
Jet Airways employed around 18,000 people, when the carrier suspended its international and domestic flights.
At present, it facing insolvency proceedings before the NCLT initiated by its lenders. KRH ZMN

Providing jobs to ex-Jet Airways employees not in our domain: Govt

<ul><li>The Tatas could bid for Jet’s bilateral rights and aircraft, according to an ET report. </li><li>Sanjay Vishwanathan-led AdiGroup and a Jet’s employee consortium might bid for the airline. </li><li>Jet Airways piled up as much as ₹85 billion in debt, and has been declared bankrupt. </li></ul>The Tatas could bid for Jet’s bilateral rights and aircraft, according to an ET report. The interest from the ₹<a href="https://www.business-standard.com/article/companies/tcs-propels-tata-group-into-rs-10-trillion-club-shares-hit-lifetime-high-118042100024_1.html">10 trillion</a> conglomerate, one of India’s largest business houses, has come days after Jet Airways’ employees and a UK investor decided to bid for the company. Sanjay Vishwanathan-led AdiGroup and a Jet’s employee consortium might bid for the airline. 
 
 
 <div type="image" title="BI48" msid="70022110" hostid="261"></div>







 Jet Airways piled up as much as ₹85 billion in debt, and has been declared bankrupt. However, each of these bidders want different things. While Sanjay Vishwanathan-led <a href="https://www.businessinsider.in/news/jets-employee-consortium-adigroup-to-bid-for-75-of-jet-airways/articleshow/69990089.cms">AdiGroup and a Jet’s employee </a>consortium probably want the airline to fly again, Tatas who have their own airline Vistara and also hold a majority stake in budget airline AirAsia -- want to take over some of its assets. The <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata group</keyword> had tried to take over the company last year, but the talks fell through in <a href="https://www.businesstoday.in/sectors/aviation/the-rise-the-fall-and-the-challenges-of-jet-airways/story/335811.html">November last year</a>. Ever since the airline went in for bankruptcy, the group’s view on it has changed. “There is no value in buying the company now anyway,” an official told ET. Bilateral rights on the other hand can provide Tatas with traffic rights on international routes. Jet Airways had been in trouble for years now piling up as much debt as ₹85 billion. The airline had tried to expand during tough times of high fuel prices and excessive competition, taking a hit on its margins. After multiple attempts to bail out the airline, its largest lender State Bank of India had stalled a credit line, which led to its grounding in April. SEE ALSO <a href="https://www.businessinsider.in/news/jets-employee-consortium-adigroup-to-bid-for-75-of-jet-airways/articleshow/69990089.cms">Jet Airways' employees will bid for 75% stake in the airline along with London-based AdiGroup</a> <a href="https://www.businessinsider.com/jet-airways-founder-naresh-goyal-and-wife-stopped-from-leaving-india-airport-official-2019-5?IR=T">Jet Airways founder Naresh Goyal and wife stopped from leaving India - airport official</a>

The ₹10 trillion Tata Group may want some of Jet Airways’ parts after the airline’s employees decided to bid

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AirbusA Jet Airways Airbus A330-200.</div></div></div><ul class="summary-list"><li>India's <a href="https://www.businessinsider.com/category/jet-airways" target="_blank" rel="noopener">Jet Airways</a> suspended flight operations on Wednesday.</li><li>The Mumbai-based <a href="https://www.businessinsider.com/category/airline" target="_blank" rel="noopener">airline</a> has been struggling in recent months to secure short-term funding and long-term investment.</li><li>According to <a href="https://www.businessinsider.com/category/npr" target="_blank" rel="noopener">NPR</a>, the airline is saddled with more than $1 billion in debt.</li><li>The company's lenders are looking for an investor to buy the airline.</li><li>Should Jet's lenders fail to find a new buyer, the carrier will join <a href="https://www.businessinsider.com/category/wow-air" target="_blank" rel="noopener">Wow Air</a> and Primera as airlines that have failed since October. </li></ul>India's Jet Airways suspended flight operations on Wednesday. The Mumbai-based airline has been struggling in recent months to secure short-term funding and long-term investment. As a result, the company was forced to stop flying due to its inability to pay for fuel and other expenses."It is with deep sadness and with a heavy heart that we would like to share with you that, effective immediately, Jet Airways will be suspending all its domestic and international operations," Jet Airways CEO Vinay Dube said in a statement. Founded in 1993, Jet Airways grew to become India's most prominent international airline with a fleet of more than 115 aircraft. However, the airline's fleet dwindled to less than 20 aircraft in the days before it ceased flight operations, the <a href="https://www.scmp.com/news/hong-kong/transport/article/3006103/collapse-jet-airways-bad-everyone-cost-flight-india-soars" target="_blank" rel="noopener">SCMP reported</a>. The bulk of the airline's planes had been grounded due to missed lease payments. Aircraft leasing companies have initiated repossession actions against Jet Airways for the missed payments. Read more: <a href="https://www.businessinsider.com/airlines-that-go-out-of-business-2019-3" data-analytics-position="15">22 famous airlines that have gone out of business</a>.According to <a href="https://www.npr.org/2019/04/18/714645183/mounting-debt-forces-hard-landing-for-indias-jet-airways" target="_blank" rel="noopener">NPR</a>, the airline owes debts of more than $1 billion while the entire company was valued at just $260 million. The current valuation pales in comparison to its $1.6 billion valuation during the airline's heyday.Jet Airways founder and chairman Naresh Goyal stepped down from the airline in late March.Even though Jet Airways has stopped flying, its CEO believes the airline can be saved as the company's lenders are currently working to broker a sale to new investors. "We sincerely and profusely apologize for the disruption to your travel plans. We would like to thank you for your continued patronage, support, and loyalty over the years," Dube said in a statement.<div>"We are hopeful that we will be able to bring the Joy of Flying back to you soon."Should Jet's lenders fail to find a new buyer, the carrier will join this list of five other airlines that have failed since October. </div>

Jet Airways is on the brink of collapse. Here are 5 airlines that have gone bust since October.

(Eds: Adds details) Mumbai, Mar 19 () Reliance Group chairman Anil Ambani was questioned by the ED for about nine hours on Thursday in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said.The industrialist was called again for a similar round of grilling on March 30.The Enforcement Directorate (ED) recorded the statement of Ambani (60) under the Prevention of Money Laundering Act (PMLA), after he appeared at the central agency's office in Ballard Estate here at around 9:30 am, the officials said, adding that he left the ED office around 7 pm.Ambani was not able to provide much information about the transactions with Yes Bank, along with certain other details of his group companies, as he said he did not remember the details, the officials said.Hence, they said, he was asked to come prepared with documents and information on March 30.A Reliance Group spokesperson said Ambani met ED officials "to clarify on the group's exposure to Yes Bank"."He reiterated that the Reliance Group's entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business. All transactions between the Reliance Group and Yes Bank are in compliance with law and financial regulations," the spokesperson said in a statement."Mr Ambani also clarified to the agency that the Reliance Group has no direct or indirect exposure to Mr Rana Kapoor or his wife or daughters, or any entities controlled by Mr Rana Kapoor or his family," the spokesperson added.The Reliance Group was committed to honouring the repayments of all its borrowings from Yes Bank through its various asset monetisation programmes, the statement said.Ambani, it added, had "assured (ED officials) that the Reliance Group will continue to extend its full support and cooperation to all authorities".Ambani's nine group companies that are reportedly under "stress" are stated to have taken loans adding up to about Rs 12,800 crore from the crisis-ridden bank. On March 6, Finance Minister Nirmala Sitharaman told a press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had an exposure to.The officials said Peter Kerkar of Cox &amp; Kings was also questioned on Thursday. The agency has also sent a second summons to Essel Group chairman and Rajya Sabha MP Subhash Chandra to appear before it on March 21.Chandra was supposed to appear before the agency on March 18, but skipped it saying he was occupied in the ongoing Parliament session.The action of the agency in the case was initiated soon after the Reserve Bank of India (RBI) imposed a moratorium on Yes Bank earlier this month, restricting withdrawals to Rs 50,000 per depositor as it raided and arrested Kapoor.Normal banking operations for the bank's customers restarted on Wednesday.The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving kickbacks in lieu of extending big loans through their bank that allegedly turned non-performing assets (NPAs) subsequently.Jet Airways founder Naresh Goyal was also called but did not appear before the agency on Wednesday, stating he was tending to a family member who was not keeping well.While the Essel Group has an alleged unpaid loan of Rs 8,400 crore towards Yes Bank, the loan amount of the Jet Airways is stated to be Rs 550 crore.Indiabulls chairman Sameer Gehlaut has also sent a communication to the agency, stating that he is abroad and not able to travel to India due to the travel and airline restrictions in view of the COVID-19 threat.He was asked to appear before the ED on March 20.Indiabulls is being probed for an instance of mortgaging of a costly property in Delhi to its housing finance branch for a loan of Rs 685 crore as part of an alleged dubious deal.Indiabulls Housing Finance Ltd (IHFL) said on Thursday till the time Gehlaut joined the probe, it had "already submitted all information and records for the loan".ED officials have said they want to take the probe in the matter forward and hence, questioning and recording of statements of these business heads under the PMLA is essential.As many as 44 companies belonging to 10 large business groups reportedly accounted for bad loans totalling Rs 34,000 crore of Yes Bank. Other companies on the list include Dewan Housing Finance Corporation and Bharat Infra. NES RC

Yes Bank: ED questions Anil Ambani for 9 hrs; Subhash Chandra called again

Ailing Jet Lite, a subsidiary of Jet Airways needed some relief. And so the parent decided to merge with it. India’s privately run full service airlines has decided to bring together Jet Lite, which has been performing quite poorly in last few years. Air Sahara was renamed Jet Lite when Jet Airways chairman Naresh Goyal aquired it from the Sahara group in 2007. 
 
While the balance sheets of the two entities will be merged, Jet Lite will continue to operate under its separate licence. 
 
The airline bought with it piles of debt has since put Jet's balance sheet and bottomline under heavy pressure. 
Also, Jet Airways expanded its codeshare with South African Airways. Jet said that its passengers can now book and travel throughout the combined networks of both the airlines, though Jet's strategic partner Etihad Airways has its hub in Abu Dhabi. 
 
Through the codeshare arrangement, Jet Airways places its marketing code on South African Airways' flights from Abu Dhabi to Johannesburg and beyond to Cape Town and Durban. In turn, South African Airways is placing its marketing code on Jet Airways' services between Abu Dhabi and Mumbai, Delhi, Bengaluru, Chennai and Hyderabad. 
 
It already has a strategic partnership with UAE based Etihad Airways. 
 
_

Jet Lite merges with Jet Airways for a boost

Private carrier Jet Airways reported a loss of Rs 2,153.57 crore ($366.5) in the fourth quarter of FY2013-14. 
 
The company had reported a net loss of Rs 495.53 crore in the corresponding period last year. 
 
The total income, however, grew about 10% to Rs 4,678.17 crore, the Naresh Goyal- promoted airline said in a filing to the BSE. 
 
The company reported a net loss of Rs 3,667.85 crore in the full fiscal (2013-14). 
 
Its total income in FY2013-14 increased to Rs 17,713.47 crore from Rs 17,403.17 crore in FY2012-13.

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ED books former Jet Airways boss Goyal for money laundering; conducts raids

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Providing jobs to ex-Jet Airways employees not in our domain: Govt

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The ₹10 trillion Tata Group may want some of Jet Airways’ parts after the airline’s employees decided to bid

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Jet Airways is on the brink of collapse. Here are 5 airlines that have gone bust since October.

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Jet Lite merges with Jet Airways for a boost

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Jet Airways Suffers $366.5 Million Quarterly Loss

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