Jet Airways may take off again from summer of 2021: Report

News Network
December 1, 2020

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Jet Airways, which was grounded in April 2019 as it ran out of cash and failed to get emergency funding, will resume as a full-service airline in summer of 2021, according to a report by Business Standard, quoting sources.

The new owners of the carrier plan to operate the airline with a strong presence in the domestic market while connecting prominent European and West Asian cities with Delhi, Mumbai, and Bengaluru. The source told the publication that Jet will remain listed.

According to the report, Murari Lal Jalan, the businessman who led the winning consortium for Jet, plans to hold more than 51 per cent stake in the airline. Around 14 per cent will be held by London-based financial advisory firm Kalrock Capital while lenders will keep close to 10 per cent in the Naresh Goyal-promoted airline. The new owners are said to pump in more money after the regulatory clearance. The consortium has proposed to invest around Rs 1,000 crore.

 “Both promoters have persona and business net worth. We are very optimistic about the business and if all regulatory approvals come on time, we plan to start operations in six months. We want to take Jet Airways back to its heydays,” the person quoted above told the publication.

The resolution plan proposed by Kalrock Capital and Jalan, which was approved by the lenders of Jet Airways in October, is currently awaiting approval from the National Company Law Tribunal (NCLT). If the court allows, Florian Fritsch and Murari Lal Jalan would have the task of taking the airline off the ground again at a time when the aviation industry globally is in financial distress due to the pandemic.

Jalan has already started meeting policymakers, aircraft manufacturers, vendors and has assured there will be no dearth of funding to revive the airline, the source added.

Jet Airways saw its losses widening to Rs 5,535.75 crore in the year ended March 2019, mainly due to surge in expenses, as against a loss of Rs 766.13 crore in 2017-18. These figures are for standalone comprehensive losses.

Comments

Ahmed
 - 
Thursday, 10 Dec 2020

I am sure that Murali Lal Jalan is from Gujrat and good friend (may be partner) of Amit shah and he will receive all the necessary approvals. Any how, it will be nice to know commencing of flights.

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News Network
April 24,2024

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Ambikapur (Chhattisgarh): Prime Minister Narendra Modi on Wednesday hit out at the Congress, saying the 'vote bank hungry' party wanted to implement reservation on the basis of religion.

Addressing a poll rally in Ambikapur, the headquarters of Surguja district in Chhattisgarh, PM Modi also said the Congress wanted to impose inheritance tax in the country and snatch the rights of people's children.

Some forces want a "weak" government of the Congress and "I.N.D.I." alliance in the country as they thought that if India becomes 'atmanirbhar' (self-reliant), their shops will be shut, he said.

"Today when I have come to Surguja, I want to present the Muslim League thinking of the Congress in front of the country. When their manifesto was released, on the same day I had said, and saying today also that the Congress manifesto has the imprint of Muslim League," Modi said.

When the Constitution was being drafted, it was decided under the leadership of Babasaheb Ambedkar that there would be no reservation on the basis of religion in India, he said.

"If there will be reservation then it will be for by Dalit brothers and sisters and tribal brothers and sisters," he said.

"But the vote bank hungry Congress never cared about the words of the great personalities, sanctity of the Constitution and the words of Babasaheb Ambedkar. Years ago, the Congress made an attempt to implement reservation on the basis of religion in Andhra Pradesh. Then Congress has planned to implement it in the entire country," Modi said.

They talked about implementing 15 per cent reservation on the basis of religion and said it will be done after curtailing the quota of the Scheduled Castes, Scheduled Tribes and Other Backward Classes, he added.

In its 2009 manifesto, Congress's intention was the same and in the 2014 manifesto, it clearly said it will not leave this issue, the prime minister said.

The Congress wanted to change the Constitution and hand over rights of the SCs, STs and OBCs to its vote bank, he said.

The intention of the Congress is not good, it is not according to the Constitution, social justice and secularism. If anyone can protect your reservation, it is the BJP, Modi said.

"The Congress's eyes are not only on your reservation, but also on your earnings, your houses, shops and farms. The 'shehzada' of Congress (apparently referring to Rahul Gandhi) says they will conduct an X-ray of the property of every house and every family in the country. The Congress will snatch all these from you and they say that they will equally distribute them," he said.

Do you know to whom they will distribute it after 'looting' it from you? Modi asked, to which the people replied in affirmative.

"I need not to tell you to whom they will distribute," he added.

Modi further said the 'dangerous intentions' of Congress are coming to forth one by one and now it says it will impose inheritance tax.

"The advisor of shehzada of the shahi parivar, who was also the advisor to the shehzada's father, had said that more tax should be imposed on the middle class and those who earn by toiling hard. Now the Congress says it will impose inheritance tax. It will impose tax on the assets inherited by people from their parents. Now, the panja (Congress poll symbol) will snatch the assets from your children," he said without taking any name.

The Congress' mantra is 'loot of Congress zindagi ke sath bhi, zindagi ke baad bhi', he said.

"They (Congress) want to snatch your assets and rights of your children," Modi added.

The PM also said he had come to seek people's blessings for a developed Chhattisgarh and a developed India.

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News Network
April 22,2024

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The BJP has opened its account in the ongoing Lok Sabha elections. The party's candidate from Gujarat's Surat constituency, Mukesh Dalal, has won the polls as all his opponents are now out of the fray.

BJP's Mukesh Dalal elected unopposed from the Surat Lok Sabha seat after all other candidates withdrew from the contest, the party's Gujarat unit chief CR Paatil said today. Today was the deadline for withdrawing nominations.

The nominations of the Congress party's Surat candidate and his substitute were rejected by the returning officer over alleged discrepancies in paperwork, a development that the Congress called an attempt at "match-fixing".

"Surat has presented the first lotus to Prime Minister Narendra Modi. I congratulate our candidate for Surat Lok Sabha seat Mukesh Dalal for getting elected unopposed," Mr Paatil posted on the microblogging website X, referring to the BJP's election symbol.

Eight candidates - seven of them independents - and Pyarelal Bharti of the Bahujan Samaj Party (BSP) withdrew their papers.

The nomination papers of the Congress's Surat candidate Nilesh Kumbhani was rejected on Sunday after the district returning officer Saurabh Parghi found discrepancies in the signatures of the proposers.

The nomination form of Suresh Padsala, the Congress's substitute candidate from Surat, was also found invalid.

The returning officer had said the four nomination forms submitted by the two Congress candidates did not appear genuine. The proposers, in their affidavits, had said they had not signed the forms themselves, the returning officer said in the order.

Congress lawyer Babu Mangukiya said the party will approach the high court and the Supreme Court for relief.

Congress leader Jairam Ramesh in a post on X said the Surat developments indicate "democracy is under threat". "Our elections, our democracy, Babasaheb Ambedkar's Constitution - all are under a generational threat. This is the most important election of our lifetime," Mr Ramesh said.

Mr Ramesh alleged the "distress" of micro, small and medium enterprise (MSME) owners and the business community in PM Modi's "Anyay Kaal" and their anger have "spooked the BJP so badly that they are attempting to match-fix the Surat Lok Sabha polls, which they have won consistently since the 1984 Lok Sabha elections."

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News Network
April 17,2024

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Russian President Vladimir Putin says Iran’s “tactful and wise” response to Israeli aggression on its consulate in Syria was the best way to punish the aggressor.

Putin made the remarks in a phone conversation with President Ebrahim Raeisi on Tuesday.

“What the Islamic Republic of Iran did in response to what happened criminally and in the light of the inaction of the [UN] Security Council, was the best way to punish the aggressor and represented the tactfulness and rationality of Iran's politicians,” Putin said.

The Russian president said the Israeli regime’s “terrorist act” against the Iranian consulate in Damascus was against all international standards and rules.

He also strongly criticized the United States and certain Western countries for creating tension in the region. “We believe that the Islamic Republic of Iran is one of the main pillars of stability and security in the region.”

“We firmly declare that we will respond to any action against Iran's interests with greater force and broader and more painful than the previous [response],” President Raeisi said in the phone call.

The Iranian president also said Tehran's response to the Israeli regime was within the framework of international law, saying Israel’s terrorist act was a clear violation of international law and a serious threat to global peace.

“The destructive role of the US and some western countries and the inaction and inefficiency of international institutions, including the United Nations and the Security Council, in dealing with the aggressive action of the Zionist regime in attacking the Iranian consulate in Syria caused the Islamic Republic of Iran to exercise its right to self-defense.”

Raeisi further thanked Moscow for its “principled and constructive” stance against the Israeli aggression in Damascus. 

He appreciated the diplomatic efforts of the Russian government to thwart the conspiracies of the United States and certain Western countries in the UN Security Council.

“To those countries that have adopted double standards in the face of the crimes of the Zionist regime and express concerns about escalating tensions in the region, we advise them to rather stop supporting the Zionists genocide and crimes against the oppressed Palestinian people to preserve peace and stability in the region,” Raeisi said.

Iran’s Islamic Revolution Guards Corps (IRGC) launched extensive missile and drone strikes against the occupied territories late on April 13 in response to Israel’s missile attack on the consular section of the Iranian embassy in Damascus.

Operation True Promise has inflicted damage on Israeli military bases across the occupied territories. The extent of damage is yet to be specified. 

Brigadier General Mohammad Reza Zahedi, a commander of the IRGC Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers were assassinated in the Israeli attack on Iran’s diplomatic mission.

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