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Mumbai, <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword>'s "resistance" in diluting his stakes and "incessant siphoning off of funds for personal pecuniary gains" led to the downfall of the airline, the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank. The ED claimed that the airline could have survived had Goyal kept aside his "ulterior motive" and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company. It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad. The probe agency on Tuesday filed its chargesheet against Naresh Goyal, his wife Anita Goyal and four companies - JIL, Jetair Private Limited, Jet Enterprises Private Limited and Jet Airways LLC, Dubai - in connection with the case. Special judge <keyword id="12192455" type="General" weightage="50" keywordseo="m-g-deshpande" source="Orion">M G Deshpande</keyword>, hearing cases related to the Prevention of Money Laundering Act (PMLA), took cognisance of the chargesheet on Wednesday. Goyal in his statement to the ED said that the JIL was grounded as it incurred huge losses due to major factors, including high fuel prices, along with taxes in India, high landing navigation charges and airport charges and predatory pricing. However, in its chargesheet the ED said its probe has established that reasons attributed for the downfall of JIL inter alia include the irrational decision taken by top executives in running the affairs of the airline, resistance of Goyal in diluting his stake and incessant siphoning off of funds from the JIL for personal pecuniary gains. "Due to mounting debt to the creditors and huge wasteful expenditure, the company needed to be recapitalised. Unfortunately, in this regard even the board was seemingly powerless because this was a shareholder matter and without the proactive agreement of the largest shareholder, i.e. the promoter of JIL, this matter would not go forward," it said. Because of the adamant stand taken by the promoter of JIL to suit his needs, the largest shareholder chose not to dilute his share in the company until, again, the fate of the airline was sealed, it claimed. The chargesheet further said its investigation revealed that there were few strategic investors who had shown interest to infuse equity in the airlines, namely Tata, TPG (Private Equity) as well as Etihad, but it did no materialize as it would entail dilution of the equity of Goyal, which he was not inclined to do. The chargesheet claimed that Naresh Goyal was blatantly siphoning off funds from JIL which was already a loss-making entity for a long time. He drained JIL out of funds and kept on infusing money into the related entities which were personally owned by his family members, both in India and abroad without any financial rationale, the charge-sheet said. It mentioned that his family was living an "ultra-luxurious life" and receiving "obnoxious" amounts of funds from the JIL indirectly without contributing anything to the JIL. The probe agency's complaint claimed that Naresh Goyal has created foreign trusts and is holding expensive assets abroad and is totally non-cooperative and evasive in his conduct during its investigation. Its probe into the role of Goyal is complete and hence this prosecution complaint is being filed. Efforts are on to trace all the proceeds of the crime earned by him and parked in multiple entities, it added. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was filed on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The ED, in its chargesheet said that since this amount was obtained from different banks as loan was diverted and siphoned off in the garb of inter alia malafide professional and consultancy expenses, diversion of funds for personal expenses of the Goyal family, lending to related parties and subsequent writing off these loans etc, resulted in turning the loan accounts into NPA. The investigation revealed that the JIL under Naresh Goyal used similar modus operandi for all the consortium loans. Therefore, public money worth Rs 5716.34 crore obtained from the Consortium of Banks led by SBI and PNB is considered to be the total proceeds of crime, generated out of criminal activities relating to commission of scheduled offences by JIL and its promoters. On the role of his wife Anita Goyal, the ED mentioned that she is a beneficiary in several trusts of Naresh Goyal in foreign jurisdictions. She has also been associated with several related entities of JIL in India and foreign jurisdictions from which she derived remuneration/consultancy. The ED claimed that Anita Goyal was appointed as consultant to the CEO of Jetair Pvt Ltd in March, 2015 for a yearly contract of Rs 1,15,00,000. Her contract was renewed in March 2016, with a sharp increment in her consultancy fee to Rs 2,40,00,000 per annum. The contract kept on renewing till date. Moreover, it is noteworthy that there is no document evidencing the services rendered by Anita Goyal to Jetair. The consultancy given by Anita Goyal was based on oral commands, it said. Until March 2023, she had collected a consultancy fee of Rs 12,20,00,000, the charge-sheet claimed. The ED arrested Naresh Goyal on September 1 under the PMLA. He is currently in judicial custody and locked at Arthur Road jail here.

Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

New Delhi, The CBI on Friday conducted searches at seven locations including the premises of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> and its founder <keyword id="122732" type="General" weightage="20" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in Mumbai in connection with an alleged Rs 538-crore fraud case in Canara Bank, officials said. The CBI searches were spread across residences and offices of Goyal, his wife Anita, and former airline director Gaurang Ananda Shetty. The agency has registered a new case of alleged bank fraud of Rs 538 crore on a complaint from Canara Bank, they said. The allegations pertain to alleged diversion of funds among other irregularities, they said. The company was in the process of revival after <keyword id="10393287" type="General" weightage="50" keywordseo="jalan-kalrock-consortium" source="Orion">Jalan Kalrock Consortium</keyword> won the bid for Jet Airways under the insolvency resolution process at <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT).

CBI searches at Jet Airways office, founder Naresh Goyal's residence in bank fraud case

Mumbai, A special PMLA court here on Thursday remanded <keyword id="6358200" type="General" weightage="50" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> founder <keyword id="122732" type="General" weightage="50" keywordseo="naresh-goyal" source="Orion">Naresh Goyal</keyword> in 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The court accepted <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword>'s request to send him to the Arthur Road jail in South Mumbai. The <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the special judge for cases under PMLA, MG Deshspande, at the end of his ED remand on Thursday. The court remanded him in judicial custody as no further remand was sought by the probe agency. The court also accepted Goyal's request to send him to the Arthur Road jail in Byculla instead of Taloja jail in Navi Mumbai. Later, Goyal moved an application saying he suffers from a host of health issues and requested that he be allowed to undergo daily medical checkups by his family physician, specialist consulting doctors and personal doctors, and be provided with medical facilities on a regular basis during his stay in the jail. In the application, Goyal said he was suffering from ischemic heart disease and was operated at the <keyword id="6425633" type="General" weightage="50" keywordseo="asian-heart-institute" source="Orion">Asian Heart Institute</keyword> for "treatment of 80 per cent of blockages in his left main artery which is a life threatening condition". His plea said he also has hypertension, diabetes, restricted mobility, severe shoulder impingement and neck pain due to a fall in June 2022. In another application, Goyal sought appropriate bedding on a daily basis considering his medical conditions and home-cooked food as per dietary prescription. The court has asked the prosecution to file its say on Goyal's applications. The money laundering case stems from an FIR of the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding.

Jet Airways founder Naresh Goyal sent to 14-day judicial custody

<ul><li>The Enforcement Directorate (ED) registered a fresh case against former <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> and the grounded airline. </li><li>The case has been registered under the Prevention of Money Laundering Act (PMLA). </li><li>It will look into the alleged account irregularities found during the Foreign Exchange Management Act (FEMA) violations case registered last year. </li></ul>The Enforcement Directorate (ED) filed a fresh case to probe the allegations of money laundering against grounded Jet Airways and its former chairman Naresh Goyal. Officials told <a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">PTI</a> that the ED carried out raids at Goyal’s premises in Mumbai. He was detained at his South Mumbai residence for questioning all night after the case was filed. The new money laundering case was registered under the Prevention of Money Laundering Act (<a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">PMLA</a>) against the two yesterday, March 4. In order to register an offence under PMLA, a predicate offence is required. 
	<div type="image" title="jet3" msid="74485789" hostid="261" caption="&amp;lt;p&amp;gt;Former Jet Airways chairman Naresh Goyal leaving the South Mumbai ED office after questioning in September 2019&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;span&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Last year, the ED filed its first case alleging violations with respect to the Foreign Exchange Management Act (<a href="https://m.economictimes.com/industry/transportation/airlines-/-aviation/ed-questions-jet-founder-naresh-goyal-in-fema-case/articleshow/71532979.cms">FEMA</a>). At the time, authorities were able to get details of 19 companies owned by Goyal, including five located outside India. Money laundering of up to ₹8,000 crore Authorities were able to ascertain the specifics of how money was siphoned offshore by Goyal using nefarious means. The ED is known to have digital evidence and incriminating documents of the payments made to foreign banks. The new case will look into the alleged irregularities, including the diversion of funds, committed by the grounded airline. A <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/agencies-suspect-jet-owners-siphoned-rs-8k-cr-via-bogus-bills/articleshow/72287222.cms">TOI</a> report claims that probe agencies suspect that more than 5,000 bogus bills — including those by aircraft lessors, maintenance agencies and general sales agents — were used to launder as much as ₹8,000 crore from the airline into tax havens. 
	<div type="image" title="jet3" msid="74485794" hostid="261" caption="&amp;lt;p&amp;gt;Former Jet Airways chairman Naresh Goyal leaving the South Mumbai ED office after questioning in September 2019&amp;lt;/p&amp;gt;"></div>

 Some of the suspected companies and directors are a part of the Offshore Leaks report by the International Consortium of Investigative Journalists (ICIJ), said the report. Goyal’s troubles are far from over Goyal was in hot water after Jet Airways had to <a href="https://www.businessinsider.in/indias-second-largest-airline-is-shutting-down-after-running-out-of-money/articleshow/68925635.cms">shut down in April last year</a> when it ran short on funds. Currently, at least three agencies are looking into Goyal and Jet Airways — the Income Tax Department, Serious Fraud Investigation Office (SFIO) and the ED. As the ED builds its case under FEMA and the PMLA, the IT department is looking into charges of tax evasion of more than ₹650 crore and SFIO is analysing company affairs. (With inputs from IANS and PTI) See also: <a href="https://www.businessinsider.in/business/news/ed-books-former-jet-airways-boss-goyal-for-money-laundering-conducts-raids/articleshow/74485474.cms">ED books former Jet Airways boss Goyal for money laundering; conducts raids</a> <a href="https://www.businessinsider.in/tata-group-may-bid-for-jet-airways-assets/articleshow/70022109.cms">The ₹10 trillion Tata Group may want some of Jet Airways’ parts after the airline’s employees decided to bid</a> <a href="https://www.businessinsider.in/indias-second-largest-airline-is-shutting-down-after-running-out-of-money/articleshow/68925635.cms">India's second-largest airline is shutting down after running out of money</a>

Naresh Goyal questioned all night by ED after fresh charges of money laundering

<ul><li><keyword id="6355247" type="UNKNOWN" weightage="20" keywordseo="jet">Jet</keyword> chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>, released a joint statement along with partner <keyword id="6437601" type="ORGANIZATION" weightage="20" keywordseo="etihad">Etihad</keyword>’s CEO, Tony Douglas, declaring their confidence in the plan to make Jet Airways financially viable again. </li><li>The statement came hours after speculative reports of a possible move to <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> court by banks. </li><li>Banks want Etihad take operational control of Jet, a move opposed by the current chairman Naresh Goyal.</li></ul>The battle for control over India’s beleaguered Jet Airways may have taken a turn towards resolution. Chairman Naresh Goyal, released <a href="https://www.jetairways.com/en/in/jetexperience/press-releases.aspx">a joint statement</a> along with partner Etihad’s CEO, Tony Douglas, declaring their confidence in the plan to make Jet Airways financially viable again. “Jet Airways, its principal shareholders, including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the bank-led provisional resolution plan (BLPRP) to ensure the carrier emerges as a financially strong and resilient airline,” said the statement. The statement has come hours after reports speculated that the company’s biggest lender State Bank of India may drag the airline <a href="https://www.businessinsider.in/sbi-may-move-indias-bankruptcy-court-to-recover-dues-from-jet-airways-report/articleshow/68145302.cms">to bankruptcy court</a> - a move that will hurt everyone involved. Once the case lands in the National Company Law Tribunal, the control of the company would be handed over to creditors, where a debt repayment plan overseen by court-appointed bankruptcy professional would follow. Without a consensus by the <a href="https://economictimes.indiatimes.com/industry/banking/finance/how-insolvency-and-bankruptcy-code-lays-down-a-robust-framework-to-deal-with-distressed-assets/articleshow/62583210.cms">majority</a> of the creditors, the company runs the risk to be liquidated. The resolution plan, which was formulated by the airline’s creditors received the approval of Jet’s shareholders <a href="https://www.business-standard.com/article/companies/jet-airways-shareholders-give-consent-to-debt-equity-conversion-119022300017_1.html">earlier this week.</a> Etihad had abstained from voting on the resolution proposals, <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-mulling-insolvency-route-via-nclt-to-recover-jet-airways-loan/articleshow/68141255.cms">reports</a> said. Bankers <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">have been keen</a> that Etihad take operational control of the embattled airline, a proposal that the current chairman Naresh Goyal has fought tooth and nail. However, within hours after reports of a possible move to bankruptcy, Jet Airways and Etihad issued the joint statement. The bailout plan will see a consortium of banks, led by State Bank of India, take a 51% stake in Jet by converting their debt into equity. It also involves the raising of ₹8.5 billion worth of capital, a quarter of which will come from Goyal and Etihad - which will likely see its 24% stake in the airline rise. Meanwhile, pilots have also threatened to leave the airline and lessors have sought <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/lessors-doubt-jet-airways-rescue-plan-pull-out-more-planes-sources/articleshow/68095481.cms">to seize planes</a>. An anonymous source from the airline told <a href="https://www.business-standard.com/article/companies/jet-will-re-emerge-as-a-robust-airline-goyal-etihad-ceo-in-joint-message-119022600019_1.html">Business Standard</a> that the airline’s employees were anxious and uncertain about the resolution process. The statement was likely intended at preventing the departure of pilots and other employees over unpaid dues. While the joint statement was high on confidence, it didn’t give much in the way of details or a timeline. Not surprisingly, Jet’s <a href="https://www.google.com/search?q=jet+airways+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=jet+airways+share+price&amp;aqs=chrome.0.0l6.4239j1j7&amp;sourceid=chrome&amp;ie=UTF-8">shares</a> opened a mere fraction of a percentage point higher. The finer details of the plan will likely be made available <a href="https://www.moneycontrol.com/news/business/companies/jet-airways-etihad-outline-plan-to-reclaim-airline-of-first-choice-position-3581871.html">in the first week of March</a>, when Jet’s creditors sit down with Etihad to discuss capital-raising. Etihad has been extremely rigid about its participation in the bailout, having dealt with the fallout of a number <a href="https://www.arabianbusiness.com/transport/398798-etihad-airways-improves-performance-but-alitalia-airberlin-continue-to-haunt-financials">of questionable investments</a> in the recent past. The first order of business for Jet will be to make good on salary payments and the repayment of ₹17 billion worth of debts maturing by the end of the financial year. As of March 2018, it had total debts of ₹84.1 billion. SEE ALSO: <a href="https://www.businessinsider.in/sbi-may-move-indias-bankruptcy-court-to-recover-dues-from-jet-airways-report/articleshow/68145302.cms">SBI denies reports it is weighing NCLT to recover dues from Jet Airways</a> <a href="https://www.businessinsider.in/indias-banks-watch-jet-airways-takeover-battle-between-naresh-goyal-and-etihad/articleshow/67618063.cms">A former Jet Airways insider says Naresh Goyal cannot run the airline</a> <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit</a>

The threat of bankruptcy forces Etihad and Naresh Goyal to call for truce

<ul><li>The National Company Law Tribunal admitted plea State Bank of India's (SBI) plea against Jet Airways. </li><li>SBI and 26 lenders filed a case against Jet as per Insolvency and Bankruptcy Code (IBC). </li><li>With a debt of over ₹85 billion, Jet was declared bankrupt by a court in The Netherlands. </li></ul>The bankruptcy proceedings of Jet Airways have started as National Company Law Tribunal (NCLT) admitted the plea of its largest lender, State Bank of India (SBI) on Thursday. A two-judge bench which heard the case of SBI and 26 other lenders, also directed an interim resolution professional to resolve the matter within three months. In anticipation of a possible resolution to the airline’s crisis which was grounded in April 17, the stock of the company rallied today. It went up by 120% at one point, hitting the upper circuit. As the markets closed, <a href="https://www.businessinsider.in/jet-airways-stock-springs-a-surprise-gains-by-66/articleshow/69872150.cms" data-type="tilCustomLink" target="_blank">it ended 93% higher</a> than the closing price a day before. The Bombay Stock Exchange sought a clarification from the company on the price increase. Earlier this week, the lenders of the bank including State Bank of India, met to find a possible solution to stop it from going bankrupt. But they could find <a href="https://www.businessinsider.in/jet-airways-is-headed-to-bankruptcy-court-as-bankers-fail-to-find-a-buyer/articleshow/69826885.cms">no viable option</a>, leading it to National Company Law Tribunal (NCLT). Jet Airways has been in debt of as much as ₹85 billion, due to making bets on expansion as competition in the aviation sector heightened. The increased costs of running an airline like aviation turbine fuel (ATF) also went up, deepening the crisis at the debt-ridden company. After the company went belly up, two of its creditors, Shaman Wheels and Gagar Enterprises moved approached the insolvency court, to recover their dues. In the meanwhile, the airline also owes salaries to its pilots and other staff and The National Aviators Guild has sent a notice demanding the same. The guild also threatened to join insolvency proceedings if they fail to pay up. The airline however has been declared bankrupt in Netherlands by a court, where it owes money to two of its service providers. Rocco Mulder has been appointed as the administrator in the bankruptcy proceedings in the case told<a href="https://www.business-standard.com/article/current-affairs/nclt-to-hear-grounded-jet-airways-insolvency-plea-on-wednesday-119061801141_1.html"> Business Standard</a> that “the opening of insolvency proceedings in the Netherlands has universal effect”. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-stock-springs-a-surprise-gains-by-66/articleshow/69872150.cms" data-type="tilCustomLink" target="_blank">Jet Airways stock nearly doubled in a day as the rumour mill in the market goes berserk</a> <a href="https://www.businessinsider.in/markets/india-latest-market-udpate-research-shows-top-losers-mid-and-small-cap-stocks-have-lost-2-4-trillion-in-one-year/articleshow/69868683.cms" data-type="tilCustomLink" target="_blank">Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone</a>

It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%

<ul><li>A consortium of creditors, led by the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), have proposed a $900 million resolution plan for <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword>. </li><li>The plan involves a $450 million capital infusion by cash-poor Jet Airways and its partner <keyword id="6437601" type="ORGANIZATION" weightage="20" keywordseo="etihad">Etihad</keyword>, as well as the restructuring of $450 million worth of loans that are due by the end of March 2019. </li><li>This will likely involve the conversion of debt to an equity stake in the airline, diluting the stake of the Goyal promoters and could require a seemingly reluctant Etihad to take over operations.</li></ul>After Jet Airways <a href="https://www.businessinsider.in/jet-airways-misses-a-loan-repayment-and-gets-downgraded-again-further-compromising-owner-naresh-goyals-plans-to-retain-control-of-the-airline/articleshow/67361859.cms">defaulted on a debt payment</a> - incidentally, its first time doing so at the end of 2018 owing to a “temporary cash flow mismatch,” and was subsequently downgraded by ICRA, a ratings agency, the struggling airline’s creditors had no choice but to spring into action. A consortium of creditors, led by the State Bank of India (SBI), have proffered a $900 million resolution plan for Jet Airways, according <a href="https://www.livemint.com/Companies/bxFwwHNTpH6sbmavKjoujK/Banks-propose-900-million-turnaround-plan-for-Jet-Airways.html">to Mint</a>. The plan, which is subject to a vote, is two-pronged. On one hand, it involves a $450 million capital infusion by cash-poor Jet Airways and its partner Etihad, which holds a 24% stake. On the other hand, the airline’s creditors have tentatively agreed to restructure and renegotiate $450 million worth of loans that are due by the end of March 2019. This could involve the conversion of debt to an equity stake in the airline, diluting the stake of current shareholders and giving creditors like SBI a sizeable holding. As an additional provision, all debt repayments will be suspended until April 2019. If the deal goes through, however, it will require the owners of Jet Airways and the Goyal family to give up majority control by reducing their 51% stake. The airline’s creditors are reportedly hoping to have the turnaround plan ready for implementation by the end of the current fiscal year. This is contingent on Jet Airways raising enough cash, be it through the sale of a stake in its loyalty programme, Jet Privilege, or the offloading of equity to another investor. Concurrently, Jet Airways’ creditors have reportedly decided against extending any additional loans to the airline, at least until <a href="https://timesofindia.indiatimes.com/business/india-business/no-new-loan-to-jet-till-viability-report-lenders/articleshow/67445660.cms">a forensic report on Jet’s finances</a> is released by Ernst and Young, a consultancy. At the end of 2018, the airline requested SBI for a ₹15 billion stop-gap loan. If Jet Airways is unable to clean up its act or commence the resolution plan, which is subject to a rating by credit agencies, it could very well be referred to the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) by its creditors. The NCLT is an extra-judicial authority set up under the Insolvency and <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">Bankruptcy</keyword> Code to facilitate resolution proceedings. The Goyal family will do what it can to avoid this procedure as it favours liquidation and prioritises the preferences of major creditors. Hence, it seems more likely than not that the owners of Jet Airways will end up ceding operational control in the airline. In the absence of any serious buyer, the responsibility will ultimately fall on Etihad. But does Etihad even want to step in? Jet has tried to secure a fresh investment from its partner but the talks have not yielded any result. It has, however, reported managed to get Etihad to guarantee any further loans. After a turbulent few years, it seems to be a case of twice bitten, forever shy for the Emirati airline. Its partner airlines in Europe, AirBerlin, in which it holds a 29% stake, and Alitalia, in which it has a 49% holding, have both undergone bankruptcy proceedings, resulting in significant losses for Etihad. One wonders then if the Emirati airline has the stomach for another risky investment in the form of a higher stake in Jet Airways. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-misses-a-loan-repayment-and-gets-downgraded-again-further-compromising-owner-naresh-goyals-plans-to-retain-control-of-the-airline/articleshow/67361859.cms">Jet Airways misses a loan repayment and gets downgraded again, further compromising owner Naresh Goyal’s plans to retain control of the airline</a> <a href="https://www.businessinsider.in/the-owner-of-jet-airways-is-reportedly-trying-to-secure-a-rescue-deal-with-partner-etihad-to-avoid-losing-control-of-his-struggling-airline/articleshow/66808564.cms">The owner of Jet Airways is reportedly trying to secure a rescue deal with partner Etihad to avoid losing control of his struggling airline</a>

Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit

<ul><li><keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> Sons, which is the joint owner of <keyword id="2467342" type="COMPANY" weightage="20" keywordseo="Vistara">Vistara</keyword> with <keyword id="6368386" type="COMPANY" weightage="20" keywordseo="singapore-airlines">Singapore Airlines</keyword>, is in talks to purchase a controlling stake in struggling carrier <keyword id="6358200" type="DOMAIN" weightage="20" keywordseo="jet-airways">Jet Airways</keyword>. </li><li>The Indian conglomerate is reported to be mulling an all-stock merger between SIA Airlines, the parent company of Vistara, and Jet Airways. </li><li>However, the deal is contingent on the majority owner of Jet Airways, <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>, relinquishing control of the airline. </li><li>The chairman of Tata Sons, N. Chandrasekaran, will reportedly make a case for the Jet Airways deal to the rest of the conglomerate’s managing board today. </li></ul> India’s media outlets have been rife in recent days with news that Tata Sons, one of the country’s largest conglomerates and joint owner of Vistara with Singapore Airlines, is in talks to purchase a controlling stake in <a href="https://www.businessinsider.in/jet-airways-has-a-plan-to-stave-off-a-potential-bankruptcy/articleshow/65992075.cms">struggling carrier Jet Airways</a>. If successful, the combined entity will be one India’s largest airlines, giving Tata Sons a firmer grasp of the country’s aviation sector. In fact, Tata Sons is reported to be mulling an all-stock merger between SIA Airlines, the parent company of Vistara, and Jet Airways as <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/tata-sia-airlines-eyes-all-stock-merger-of-vistara-with-jet-airways/articleshow/66628400.cms">the potential first step </a>to a two-part transaction, according to the Economic Times. This leg of the deal will likely involve a share swap. The second part of the deal, however, is where it gets tricky for Jet Airways. Tata Sons wants Naresh Goyal, the promoter of Jet Airways, to relinquish his control of the company and possibly <a href="https://www.business-standard.com/article/companies/tata-sons-jet-airways-deal-only-if-naresh-goyal-gives-up-board-seat-118111501545_1.html">give up his board seat</a>. As a result, the second step could involve a complete buyout of Goyal’s stake in the combined entity by Singapore Airlines. The impetus is clear. Rather than giving Goyal a fresh round of funds to do as he pleases, Tata Sons wants the ability to implement strict cost control and restructuring measures at the airline. Goyal isn’t expected to cash out easily, but if that’s the only hurdle preventing a rescue of Jet Airways, it may be the most prudent thing to do. The most plausible scenario will see him and his partner in Jet Airways, Etihad Airlines, end up with a minority stake. The Goyal family currently holds a 51% stake in the airline while Etihad has a 24% share. The deal has its pros and cons for Tata Sons. By gaining access to Jet’s fleet of aircraft, national and international routes, flight facilities and landing licenses, Tata Sons will become a bigger force to reckon with in the industry. Vistara, on the other hand, will benefit from the added heft of a number of cross-country routes. However, Jet is dangerously close to insolvency. Not only will Tata Sons have to take responsibility for Jet’s debts and, but it will also have to pump a significant amount of capital to turn around the troubled airline. Wide support It seems that India’s capital markets are in mood to cheer the deal. Jet Airways’ shares on the National Stock Exchange (NSE) rose by <a href="https://www.google.co.in/search?q=jet+airways+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=jet+airways+share+price&amp;aqs=chrome.0.0l6.4874j0j7&amp;sourceid=chrome&amp;ie=UTF-8">27% </a>on 15 November as reports surfaced that Tata Sons was conducting due diligence on Jet Airways came to light. In addition, the Indian government is also said to be in favour of the deal. In fact, according to a <a href="https://www.bloombergquint.com/global-economics/tata-said-to-have-been-asked-by-modi-to-explore-buying-jet-stake#gs.MEU1Mas">Bloomberg report</a>, the Narendra Modi administration urged Tata Sons to consider the deal, and possibly add a sweetener in the form of a haircut on Jet Airways’ loans to state-run banks. It is no secret that India’s aviation sector is in <a href="https://www.businessinsider.in/indias-largest-passenger-airline-just-posted-its-first-ever-quarterly-loss-since-going-public-and-its-results-reflect-the-larger-woes-of-the-countrys-aviation-sector/articleshow/66362156.cms">the doldrums</a> owing to the recent surge in fuel prices, and the government doesn’t want to risk the failure of a large airline as it heads into election year. The chairman of Tata Sons, N. Chandrasekaran, will reportedly<a href="https://www.livemint.com/Companies/ldbWRm3h3FgNEpCBns9ntL/Tata-Sons-chairman-to-pitch-to-board-on-plan-to-buy-Jet-Airw.html"> make a case for the Jet Airways deal</a> to the rest of the conglomerate’s managing board on Friday. The theme of his pitch will be clear. The deal will catapult Vistara from a small carrier operating on popular routes to one of the country’s largest airlines. SEE ALSO: <a href="https://www.businessinsider.in/indias-largest-passenger-airline-just-posted-its-first-ever-quarterly-loss-since-going-public-and-its-results-reflect-the-larger-woes-of-the-countrys-aviation-sector/articleshow/66362156.cms">India’s largest passenger airline just posted its first ever quarterly loss since going public — and its results reflect the larger woes of the country’s aviation sector</a> <a href="https://www.businessinsider.in/jet-airways-has-a-plan-to-stave-off-a-potential-bankruptcy/articleshow/65992075.cms">Jet Airways has a plan to stave off a potential bankruptcy</a> <a href="https://www.businessinsider.in/the-indian-government-is-planning-a-rescue-package-for-the-aviation-sector-as-the-losses-pile-up/articleshow/65681289.cms">The Indian government is planning a rescue package for the aviation sector as the losses pile up</a>

Indian conglomerate Tata is in talks to buy out troubled carrier Jet Airways in a deal that  could create one of the country's largest airlines

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

Supreme Court’s order weighs down heavily upon Kejriwal — Check out how many AAP MLAs have criminal cases

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

(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

You Searched For "naresh goyal case" and got 12 results

Naresh Goyal's 'incessant siphoning of funds' among reasons behind Jet Airways' downfall: ED

PTI

CBI searches at Jet Airways office, founder Naresh Goyal's residence in bank fraud case

PTI

Jet Airways founder Naresh Goyal sent to 14-day judicial custody

PTI

Naresh Goyal questioned all night by ED after fresh charges of money laundering

Prabhjote Gill

The threat of bankruptcy forces Etihad and Naresh Goyal to call for truce

Dilsher Dhillon

It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%

Katya Naidu

Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit

Dilsher Dhillon

Indian conglomerate Tata is in talks to buy out troubled carrier Jet Airways in a deal that could create one of the country's largest airlines

Dilsher Dhillon

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

PTI

Supreme Court’s order weighs down heavily upon Kejriwal — Check out how many AAP MLAs have criminal cases

BI India Bureau

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

BI India Bureau

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

PTI

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