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
November 15,2024

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Iran’s Islamic Revolution Guards Corps (IRGC) has killed or captured 69 terrorists linked to the Israeli spy agency Mossad during a major counterterrorism drill in the country's southeast, its spokesman says.  

General Ahmad Shafaei, the spokesman for the “Martyrs of Security” drill, said Friday that a total of 23 terrorists have been killed and another 46 arrested in various clean-up operations ever since the IRGC Ground Force launched it in the Sistan and Baluchestan province on November 1.

Seven terrorists have also turned themselves in during the period.

“The undeniable fact about terrorists is that they rely on arrogant powers, particularly the intelligence service of the wicked and vicious Zionist regime," Shafaei said.

“Unfortunately, weapons and munitions at terrorists’ disposal are among the most sophisticated ones in the world. This accounts for their heavy dependence.” 

The official stated that several members of the disbanded terror teams were non-Iranian nationals, who had been hired by foreign intelligence agencies to carry out acts of sabotage and terror inside Iran.

In a most recent operation, six terrorists were arrested and four others were eliminated, three of whom were non-Iranians, he added. 

On October 26, ten members of Iran's law enforcement forces were killed in a terrorist attack in the Gohar Kuh district of Taftan in the Sistan and Baluchestan province.

The so-called Jaish al-Adl terrorist group claimed responsibility for the assault, which was one of the deadliest in the province in recent months.

The group has carried out numerous terrorist attacks in Iran, primarily in Sistan and Baluchestan.

Its tactics include the abduction of border guards as well as targeting civilians and police stations within the province to incite chaos and disorder.

In January, Iran launched a military operation during which the headquarters of the Pakistan-based terrorist group was targeted in missile strikes, destroying its infrastructure.

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News Network
November 27,2024

Mangaluru: A five-year-long pursuit of justice continues for several youths from Dakshina Kannada who fell victim to a fraudulent food delivery job scam in Kuwait. The victims, lured by promises of lucrative overseas employment, now find themselves entangled in legal battles and financial ruin.

In a recent development, the Enforcement Directorate (ED) summoned the victims to its Mangaluru office as part of the ongoing investigation. The case, which dates back to May 28, 2019, was initially registered at the Mangaluru North police station based on a complaint filed by Usman, a resident of Jalligudde. His brother, Aboobakkar Siddique, was among the 34 victims duped by Manikya Associates, a recruitment agency operated by Prasad Shetty.

According to the complaint, the victims were promised jobs as food delivery executives in Kuwait with a salary of ₹40,000 per month. “I paid ₹80,000 to the agent and ended up spending seven harrowing months in Kuwait without any salary,” shared a victim who now works in construction. Another victim, now employed as a driver, said, “I dreamt of working abroad to support my family. I even pledged jewelry to pay the fees, but it took me years to recover financially.”

The victims allege that they were left stranded in Kuwait in January 2019 after completing all formalities. With no jobs and mounting expenses, their ordeal lasted seven months. They were eventually repatriated with the help of Indian expats and the Embassy of India in Kuwait, just two months after the complaint was filed.

The ED investigation is reportedly progressing, and victims said they were assured that their payments to the agent would be refunded soon. An ED official confirmed that efforts to ensure justice are ongoing.

For these youths, the pain of shattered dreams and financial losses has lingered for years, with many still struggling to rebuild their lives. As they await justice, their plight serves as a cautionary tale about the perils of fraudulent recruitment schemes.

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News Network
November 27,2024

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Chandrashekaranatha Swami (left) with chief minister

Bengaluru: Amidst the ongoing Waqf controversy in the state, a Vokkaliga seer has sparked controversy by suggesting the disenfranchisement of Muslims, claiming it would end vote bank politics in India.

The provocative remarks were made by Kumara Chandrashekaranatha Swami during a protest organized by the Bharatiya Kisan Sangh, a farmers’ organization with links to the RSS. The protest focused on farmers' lands being marked as Waqf properties.

"Politicians are exploiting this issue for votes. Muslims should be deprived of voting rights. This step is necessary to eliminate vote bank politics and allow India to prosper," the seer stated. He is the head of the Vishwa Vokkaliga Mahasamsthana Mutt, which was founded with support from JD(S) leader and former Prime Minister HD Deve Gowda.

The seer also made misleading claims about Pakistan, stating, “In Pakistan, minorities don’t have the right to vote. If we implement the same in India, Muslims would be isolated, and peace would prevail.” However, minorities in Pakistan have voting rights. 

Chandrashekaranatha Swami continued his criticism of the Waqf Board, accusing it of unlawfully seizing properties. “It is unjust to take someone’s property. We must ensure that the Waqf Board is abolished,” he said. He further emphasized the need for farmers' land to remain protected, even at the cost of political fallout.

Minister Condemns Remarks

Minister for Social Welfare, H.C. Mahadevappa, swiftly condemned the seer’s comments, stating, “After years of struggle, Baba Saheb Dr. B.R. Ambedkar established the principle of ‘one vote, one value.’ It is crucial for Dalits, backward communities, and minorities to understand its significance.”

He continued, "Those who spread hatred for political gain under the guise of religion must end their harmful rhetoric."

Earlier, Kumara Chandrashekaranatha Swami had stirred controversy by suggesting that Chief Minister Siddaramaiah step down to allow Deputy Chief Minister D.K. Shivakumar to assume the role of Chief Minister for the remainder of the term. The statement created a fresh political debate, raising questions about the power dynamics in Karnataka's ruling party.

The seer remarked, “Everyone has had the opportunity to hold the Chief Minister’s position, except D.K. Shivakumar. I request our experienced Chief Minister Siddaramaiah to vacate the post and bless Shivakumar with the opportunity.”

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