In a historic first, national carrier Air India scripted history as its flight AI73, from Delhi bound to San Francisco, United States, became the first Indian commercial flight to fly over the Polar region on Thursday.&nbsp;

The feat was achieved on the occasion of India's 73rd Independence Day on Thursday. Air&nbsp;India's spokesperson tweeted out glimpses from the historic moment, he was aboard the airplane.&nbsp;

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Historic moment captured by phone. <a href="https://twitter.com/hashtag/AI73?src=hash&amp;ref_src=twsrc%5Etfw">#AI73</a> (Del-SFO) 1st Indian Comercial flight flown over Polar. <a href="https://t.co/fT2Do6nbI5">pic.twitter.com/fT2Do6nbI5</a>
— Dhananjay kumar (@dhananjaypro) <a href="https://twitter.com/dhananjaypro/status/1162059057634525186?ref_src=twsrc%5Etfw">August 15, 2019</a></blockquote>
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"Historic moment captured by phone. #AI73 (Del-SFO) 1st Indian commercial flight flown over Polar," Dhananjay Kumar tweeted out.&nbsp;

"Another feather by Air India flying over magnetic sensitive North Pole #Proud Air Indian," his tweet read.&nbsp;

Kumar also posted a nearly one-minute-long video which captured the scintillating view of the Polar region from the Air India flight.&nbsp;

The video exhibited a vast expanse of ice running to the horizon while AI73 flew over the Polar region.&nbsp;

Over 200 passengers were aboard the Air India flight which flew over Pakistan, Afghanistan, Kazakhstan and Russia before flying over North Pole and crossing over to the other side of the planet.&nbsp;

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In a historic first, national carrier Air India scripted history as its flight AI73, from Delhi bound to San Francisco, United States, became the first Indian commercial flight to fly over the Polar region on Thursday.

In a historic first, national carrier Air India scripted history as its flight AI73, from Delhi bound to San Francisco, United States, became the first Indian commercial flight to fly over the Polar region on Thursday. The feat was achieved on the occasion of India's 73rd Independence Day on Thursday. Air India's spokesperson tweeted out glimpses from the historic moment, he was aboard the airplane. Historic moment captured by phone. #AI73 (Del-SFO) 1st Indian Comercial flight flown over Polar. pic.twitter.com/fT2Do6nbI5 — Dhananjay kumar (@dhananjaypro) August 15, 2019 × "Historic moment captured by phone. #AI73 (Del-SFO) 1st Indian commercial flight flown over Polar," Dhananjay Kumar tweeted out. "Another feather by Air India flying over magnetic sensitive North Pole #Proud Air Indian," his tweet read. Kumar also posted a nearly one-minute-long video which captured the scintillating view of the Polar region from the Air India flight. The video exhibited a vast expanse of ice running to the horizon while AI73 flew over the Polar region. Over 200 passengers were aboard the Air India flight which flew over Pakistan, Afghanistan, Kazakhstan and Russia before flying over North Pole and crossing over to the other side of the planet.

Watch: Glimpses of first Indian commercial flight over North Pole

<a href="https://www.wionews.com/business-economy/government-orders-probe-into-jet-airways-over-alleged-mismanagement-of-funds-document-233074">Jet Airways</a> has extended the deadline for initial bids for the bankrupt airline to August&nbsp;10 from August&nbsp;3, a statement from the company said on Saturday.

Jet, once ranked among the country's biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

The bid submission deadline has been extended at the request of some prospective bidders, it said.

Jet Airways and its lenders have been searching for new investors since its planes were grounded and staff left unpaid.

Lenders to the airline agreed on July 19 to provide interim financing to help it cover legal and other costs as bankruptcy resolution experts seek a buyer.

Last month, Ministry of Corporate Affairs ordered an investigation into embattled Jet Airways over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash.

The ministry ordered the Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters.

Separately, a government source told Reuters that the airline's former chairman, Naresh Goyal, had approached Delhi High Court to quash an order by authorities that stops him from travelling abroad. The government plans to oppose Goyal`s plea, the source added.

Jet Airways has extended the deadline for initial bids for the bankrupt airline to August 10 from August 3, a statement from the company said on Saturday. Jet, once ranked among the country's biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

Jet Airways has extended the deadline for initial bids for the bankrupt airline to August 10 from August 3, a statement from the company said on Saturday. Jet, once ranked among the country's biggest airlines, was forced to ground all flights in April after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals. The bid submission deadline has been extended at the request of some prospective bidders, it said. Jet Airways and its lenders have been searching for new investors since its planes were grounded and staff left unpaid. Lenders to the airline agreed on July 19 to provide interim financing to help it cover legal and other costs as bankruptcy resolution experts seek a buyer. Last month, Ministry of Corporate Affairs ordered an investigation into embattled Jet Airways over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash. The ministry ordered the Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters. Separately, a government source told Reuters that the airline's former chairman, Naresh Goyal, had approached Delhi High Court to quash an order by authorities that stops him from travelling abroad. The government plans to oppose Goyal`s plea, the source added.

Jet Airways extends deadline for initial bids to August 10

Low-cost airline GoAir has put a new management team in place as it embarks on an aggressive expansion plan to capture the space vacated with the grounding of Jet Airways.

Miranda Mills, a former executive of Airbus and Rolls Royce, has been appointed as the new Chief Operating Officer. She will join in August and will report to Managing Director and Chief Executive Officer Jeh Wadia.

Mills bring with her over 25 years of experience in the aerospace industry.

Sanjay Gupta will be the new Chief Financial Officer while Arjun Dasgupta will take over as the Vice President for International Operations, the company said in a statement.

The other appointments include Samir Patel who will head network planning, Harjinder Singh Bhasin (airports), Shabnam Syed (marketing and e-commerce), Graham Parker (revenue management) and Richard Nanton (flight operations).

GoAir operates about 285 flights a day to 24 domestic destinations and has four international services.

On Thursday, it announced five new international services to the Gulf region, two to Bangkok and eight new domestic services.

The carrier with 11.1 per cent domestic market share is expanding its India operations from Hyderabad with eight new flights covering cities such as Cochin, Chennai, Jaipur, Bengaluru, Chandigarh and Patna.

Its new international services are Delhi-Abu Dhabi, Mumbai-Abu Dhabi, Mumbai-Muscat, Delhi-Bangkok, Kannur-Dubai, Mumbai-Bangkok and Kannur-Kuwait.

"We have embarked on an aggressive expansion plan and the new flights are a manifestation of that strategy," said Wadia.

"This is a milestone moment for us to have announced seven new international destinations within a year of commencement of our international operations. The global and regional expansion has been planned to allow quick and convenient connections for passengers and is a reflection of our continued journey towards excellence," he said.

GoAir has 51 aircraft and plans to expand its fleet further. Till date, it has flown over 73.3 million passengers since its inception. The company aims to touch the magic figure of 100 million passengers in the next two years. 
&nbsp;

Low-cost airline GoAir has put a new management team in place as it embarks on an aggressive expansion plan to capture the space vacated with the grounding of Jet Airways.

Low-cost airline GoAir has put a new management team in place as it embarks on an aggressive expansion plan to capture the space vacated with the grounding of Jet Airways. Miranda Mills, a former executive of Airbus and Rolls Royce, has been appointed as the new Chief Operating Officer. She will join in August and will report to Managing Director and Chief Executive Officer Jeh Wadia. Mills bring with her over 25 years of experience in the aerospace industry. Sanjay Gupta will be the new Chief Financial Officer while Arjun Dasgupta will take over as the Vice President for International Operations, the company said in a statement. The other appointments include Samir Patel who will head network planning, Harjinder Singh Bhasin (airports), Shabnam Syed (marketing and e-commerce), Graham Parker (revenue management) and Richard Nanton (flight operations). GoAir operates about 285 flights a day to 24 domestic destinations and has four international services. On Thursday, it announced five new international services to the Gulf region, two to Bangkok and eight new domestic services. The carrier with 11.1 per cent domestic market share is expanding its India operations from Hyderabad with eight new flights covering cities such as Cochin, Chennai, Jaipur, Bengaluru, Chandigarh and Patna. Its new international services are Delhi-Abu Dhabi, Mumbai-Abu Dhabi, Mumbai-Muscat, Delhi-Bangkok, Kannur-Dubai, Mumbai-Bangkok and Kannur-Kuwait. "We have embarked on an aggressive expansion plan and the new flights are a manifestation of that strategy," said Wadia. "This is a milestone moment for us to have announced seven new international destinations within a year of commencement of our international operations. The global and regional expansion has been planned to allow quick and convenient connections for passengers and is a reflection of our continued journey towards excellence," he said. GoAir has 51 aircraft and plans to expand its fleet further. Till date, it has flown over 73.3 million passengers since its inception. The company aims to touch the magic figure of 100 million passengers in the next two years.

GoAir appoints new management team to expand operations

Directorate General of Civil Aviation (DGCA) has done the safety audit of five airlines, including Air India, and has listed out security concerns in these carriers, said Civil Aviation Minister Hardeep Singh Puri on Thursday.

In a written reply in the Rajya Sabha, Puri said, "The implementation of Safety Management System (SMS) was found to be deficient. Quantum of Digital Flight Data Recorder (DFDR) data analysed under Flight Operations Quality Assurance (FOQA) was not as per the Indian safety regulators'&nbsp;requirement."

"Inspection schedules were not revised as per the latest Maintenance Planning Document (MPD). Maintenance Control Centre was found not to be maintained as per the required manpower. Flight crew rostering software was not upgraded," he added.

The Civil Aviation Minister further said, "Untrained staffs were found manning check-in counters. The other staff at counters too were found to have inadequate knowledge for the handling of Dangerous Goods despite being trained in Dangerous Good Regulations (DGR). DGCA found that there was a delay in carrying out the corrective actions for the FOQA exceedances."

"DGCA has directed the operators to take corrective action," he said.

Puri said, "The DGCA proactively works towards improving the safety level of civil air transport in the country."

"The DGCA regularly conducts safety audits of scheduled and non-scheduled airline operators in the country as per the annual surveillance plan. The last five safety audits conducted were of Air India Express, SpiceJet, Air India, Indigo and GoAirways," his reply reads.

On the question of whether there are any plans or any private airline came before the DGCA for its revival, Puri said, "No such proposal for revival from any private airline has been received by the DGCA."&nbsp; 
&nbsp;

Directorate General of Civil Aviation (DGCA) has done the safety audit of five airlines, including Air India, and has listed out security concerns in these carriers, said Civil Aviation Minister Hardeep Singh Puri on Thursday.

Directorate General of Civil Aviation (DGCA) has done the safety audit of five airlines, including Air India, and has listed out security concerns in these carriers, said Civil Aviation Minister Hardeep Singh Puri on Thursday. In a written reply in the Rajya Sabha, Puri said, "The implementation of Safety Management System (SMS) was found to be deficient. Quantum of Digital Flight Data Recorder (DFDR) data analysed under Flight Operations Quality Assurance (FOQA) was not as per the Indian safety regulators' requirement." "Inspection schedules were not revised as per the latest Maintenance Planning Document (MPD). Maintenance Control Centre was found not to be maintained as per the required manpower. Flight crew rostering software was not upgraded," he added. The Civil Aviation Minister further said, "Untrained staffs were found manning check-in counters. The other staff at counters too were found to have inadequate knowledge for the handling of Dangerous Goods despite being trained in Dangerous Good Regulations (DGR). DGCA found that there was a delay in carrying out the corrective actions for the FOQA exceedances." "DGCA has directed the operators to take corrective action," he said. Puri said, "The DGCA proactively works towards improving the safety level of civil air transport in the country." "The DGCA regularly conducts safety audits of scheduled and non-scheduled airline operators in the country as per the annual surveillance plan. The last five safety audits conducted were of Air India Express, SpiceJet, Air India, Indigo and GoAirways," his reply reads. On the question of whether there are any plans or any private airline came before the DGCA for its revival, Puri said, "No such proposal for revival from any private airline has been received by the DGCA."

DGCA conducts safety audit of five airlines, lists security concerns

One of the co-founders of <a href="https://www.wionews.com/business-economy/indigo-close-to-new-engine-deal-may-drop-pratt-for-cfm-223500">India's largest airline IndiGo</a> has alleged violation of corporate governance rules at parent company Interglobe Aviation Ltd and asked the securities regulator to intervene.

The move appears to indicate that a boardroom dispute is escalating after a report in May that the co-founders and two largest shareholders of India's largest airline were at odds over its expansion.&nbsp;

In a letter to Sebi or Securities and Exchange Board of India, co-founder Rakesh Gangwal alleged the company's board decisions were in defiance of governance protocols and laws.

Sebi, in its role as a stock market regulator, is empowered to protect the rights of investors in listed companies.

Co-founders Gangwal and Rahul Bhatia, along with their respective families, each control stakes of slightly less than 40 per cent in the airline's holding company, giving them both a major say in its strategy and plans.

"I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in his letter to Sebi, published on the Bombay Stock Exchange website&nbsp;

Sebi has sought a reply from Interglobe Aviation by July 19.&nbsp;

Gangwal, an American and an aviation industry veteran who spent years in senior roles at United Airlines and US Airways, has been a big factor in driving IndiGo's emergence as one of the fastest growing carriers in the world.

Bhatia, in turn, has been running things on the ground in India.

India's aviation sector has been shaken by the collapse of Jet Airways, which has sent travel prices soaring. Jet, once India's largest private carrier, was crippled by mounting losses.

IndiGo, SpiceJet and GoAir have been rushing to fill the vacuum left by Jet and gain control of its valuable slots.&nbsp;

IndiGo's fleet consists of more than 200 Airbus SE A320 and A321 narrowbody aircraft, along with just over a dozen ATR turboprops.&nbsp;

Bhatia's office did not respond to an e-mail and phone call from Reuters.

One of the co-founders of India's largest airline IndiGo has alleged violation of corporate governance rules at parent company Interglobe Aviation Ltd and asked the securities regulator to intervene.

One of the co-founders of India's largest airline IndiGo has alleged violation of corporate governance rules at parent company Interglobe Aviation Ltd and asked the securities regulator to intervene. The move appears to indicate that a boardroom dispute is escalating after a report in May that the co-founders and two largest shareholders of India's largest airline were at odds over its expansion. In a letter to Sebi or Securities and Exchange Board of India, co-founder Rakesh Gangwal alleged the company's board decisions were in defiance of governance protocols and laws. Sebi, in its role as a stock market regulator, is empowered to protect the rights of investors in listed companies. Co-founders Gangwal and Rahul Bhatia, along with their respective families, each control stakes of slightly less than 40 per cent in the airline's holding company, giving them both a major say in its strategy and plans. "I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in his letter to Sebi, published on the Bombay Stock Exchange website Sebi has sought a reply from Interglobe Aviation by July 19. Gangwal, an American and an aviation industry veteran who spent years in senior roles at United Airlines and US Airways, has been a big factor in driving IndiGo's emergence as one of the fastest growing carriers in the world. Bhatia, in turn, has been running things on the ground in India. India's aviation sector has been shaken by the collapse of Jet Airways, which has sent travel prices soaring. Jet, once India's largest private carrier, was crippled by mounting losses. IndiGo, SpiceJet and GoAir have been rushing to fill the vacuum left by Jet and gain control of its valuable slots. IndiGo's fleet consists of more than 200 Airbus SE A320 and A321 narrowbody aircraft, along with just over a dozen ATR turboprops. Bhatia's office did not respond to an e-mail and phone call from Reuters.

IndiGo co-founder turns to Sebi over alleged corporate governance violation

A SpiceJet aircraft, which has been stuck on the runway at Mumbai International Airport since Tuesday, was finally pulled out on runway surface on Thursday night.

"The disabled SpiceJet aircraft, which was stuck in Runway-27 RESA has been pulled out on Runway surface at 11:10 PM yesterday," Mumbai International Airport Limited (MIAL) spokesperson said.

Officials had been trying to pull the aircraft and operationalise the main runway which was shut after the city-bound SpiceJet SG 6237 skidded off the runway while landing at Chhatrapati Shivaji International Airport on July 2.

All passengers of the flight on Jaipur-Mumbai route were deplaned normally and are safe.

The incident led to the shutdown of the main runway of the Mumbai airport with flights cancelled or diverted to the nearby airports. An alternate runway was put into operation at the airport.&nbsp;

A SpiceJet aircraft, which has been stuck on the runway at Mumbai International Airport since Tuesday, was finally pulled out on runway surface on Thursday night.

A SpiceJet aircraft, which has been stuck on the runway at Mumbai International Airport since Tuesday, was finally pulled out on runway surface on Thursday night. "The disabled SpiceJet aircraft, which was stuck in Runway-27 RESA has been pulled out on Runway surface at 11:10 PM yesterday," Mumbai International Airport Limited (MIAL) spokesperson said. Officials had been trying to pull the aircraft and operationalise the main runway which was shut after the city-bound SpiceJet SG 6237 skidded off the runway while landing at Chhatrapati Shivaji International Airport on July 2. All passengers of the flight on Jaipur-Mumbai route were deplaned normally and are safe. The incident led to the shutdown of the main runway of the Mumbai airport with flights cancelled or diverted to the nearby airports. An alternate runway was put into operation at the airport.

SpiceJet plane stranded on Mumbai airport runway finally pulled out

Air India has suspended its Regional Director for East, Rohit Bhasin, for allegedly shoplifting a wallet from a duty-free shop at Sydney airport, officials said Sunday.

Bhasin was rostered as one of the commanders (pilots) of AI301 flight, which was set to depart at 10.45 am (local time) on June 22 from Sydney airport for Delhi.

"There is an initial report of one of its captains Mr Rohit Bhasin who is also working as a regional director picking up a wallet from a duty-free shop in Sydney. Air India has instituted an enquiry into this incident and has placed the captain under suspension," a spokesperson of the airline said.

The suspension order issued by the airline on Saturday stated: "It has been reported by regional manager Australasia that you allegedly committed an act of shoplifting from a duty free shop at Sydney airport before the departure of flight AI301 of 22nd June 2019, from Sydney airport for which you were rostered as one of the Commander."

"Without prejudice to any disciplinary action to be initiated against you and pending enquiry, you are hereby placed under suspension with immediate effect," the order stated.

The spokesperson said, "Air India lays the highest stress on the proper conduct of its staff and has a zero-tolerance policy towards acts of impropriety."&nbsp;

Air India has suspended its Regional Director for East, Rohit Bhasin, for allegedly shoplifting a wallet from a duty-free shop at Sydney airport, officials said Sunday.

Air India has suspended its Regional Director for East, Rohit Bhasin, for allegedly shoplifting a wallet from a duty-free shop at Sydney airport, officials said Sunday. Bhasin was rostered as one of the commanders (pilots) of AI301 flight, which was set to depart at 10.45 am (local time) on June 22 from Sydney airport for Delhi. "There is an initial report of one of its captains Mr Rohit Bhasin who is also working as a regional director picking up a wallet from a duty-free shop in Sydney. Air India has instituted an enquiry into this incident and has placed the captain under suspension," a spokesperson of the airline said. The suspension order issued by the airline on Saturday stated: "It has been reported by regional manager Australasia that you allegedly committed an act of shoplifting from a duty free shop at Sydney airport before the departure of flight AI301 of 22nd June 2019, from Sydney airport for which you were rostered as one of the Commander." "Without prejudice to any disciplinary action to be initiated against you and pending enquiry, you are hereby placed under suspension with immediate effect," the order stated. The spokesperson said, "Air India lays the highest stress on the proper conduct of its staff and has a zero-tolerance policy towards acts of impropriety."

Air India suspends its regional director for allegedly shoplifting at Sydney airport

Insolvency proceedings have been initiated against debt-ridden <a href="http://wionews.com/business-economy/banks-vote-to-send-jet-airways-for-bankruptcy-to-recover-dues-228085">Jet Airways</a>, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month.

The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20.

"Pursuant to an order dated June 20, 2019, of NCLT Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and Bankruptcy Code, 2016," Jet Airways said in a regulatory filing Sunday.

It further said that upon initiation of CIRP, the powers of the Board of Directors of the company have been suspended and shall be exercised by the Interim Resolution Professional.

Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.&nbsp;

The airline formally stopped flying on April 17 and banks voted for bankruptcy on June 17.

The NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to resolution professional Ashish Chhauchharia of Grant Thornton to conclude the resolution process, even though the bankruptcy law allows 180 days for the same, saying "the matter is of national importance."&nbsp;

The bench also instructed the resolution professional to file fortnightly progress report and submit the first such report on July 5 when it will begin to hear the matter again.

Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month.

Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on April 17 and saw lenders voting for bankruptcy earlier this month. The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20. "Pursuant to an order dated June 20, 2019, of NCLT Mumbai Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Jet Airways (India) as per the provisions of Insolvency and Bankruptcy Code, 2016," Jet Airways said in a regulatory filing Sunday. It further said that upon initiation of CIRP, the powers of the Board of Directors of the company have been suspended and shall be exercised by the Interim Resolution Professional. Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees. The airline formally stopped flying on April 17 and banks voted for bankruptcy on June 17. The NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to resolution professional Ashish Chhauchharia of Grant Thornton to conclude the resolution process, even though the bankruptcy law allows 180 days for the same, saying "the matter is of national importance." The bench also instructed the resolution professional to file fortnightly progress report and submit the first such report on July 5 when it will begin to hear the matter again.

Insolvency proceedings initiated against Jet Airways

Harried bankers Monday decided against <a href="https://www.wionews.com/business-economy/jet-airways-shares-continue-to-face-massive-selling-pressure-tumble-over-18-per-cent-227881">an outright sale of Jet Airways</a> to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues.

The once largest private sector airline started over 25 years ago by airline-ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes.

The decision of the lenders to seek bankruptcy process through the NCLT comes exactly two months after the airline stopped flying on April 17, after being on the fringe since last July.

The nascent bankruptcy process has been fraught with inordinate delays with only a fraction of the cases have been resolved within the timeline, while the asset in on the books of the once the largest airliner are just fraction of its dues which run into over Rs 36,000 crore.

After a meeting of the 26 lenders here Monday, SBI in a statement said, "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received".

Watch: Jet Airways lenders decide to take airline to NCLT

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The statement further said the move was necessitated as the prospective investor wants some Sebi exemptions for a possible deal which can be worked out better under the bankruptcy laws.

The Etihad-Hinduja consortium had reportedly shown interest but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge as they have asked for a large haircut from the lenders.

The decision also comes amidst reports of Goyal being put on a lookout notice by federal law enforcement agencies and also launching a money-laundering probe against him.

The grounding of Jet Airways, which was the largest full-service carrier left over 23,000 employees unpaid for months in the lurch, and also sent airfares soaring by over 40 per cent on average. And even after two months, prices are yet to normalise.

As the cash crisis worsened and lenders refused any lifeline to the airline under promoter chairman Goyal, who was forced to give up control on March 25, when lenders had in principle agreed to infuse Rs 1,500 crore for equity. But that never materialised, as bankers were chary of the fate of the February 12 circular of the RBI which was being heard at the Supreme Court.

Finally, on April 2, the apex court struck down the contentious circular, sealing the bank-led process to resolve the crisis at the airline.

The Abu Dhabi carrier Etihad has been holding 24 per cent in the airline since November 2013 after investing Rs 2,062 crore but is not interested in increasing the stake further or having management control of the airline.

With the March 25 resolution, Etihad's 24 per cent stake was halved and it lost its board representation as well along with Goyal and his wife Anita.

Anyway, the airline remains an asset only as a legal entity as its liabilities far outweigh the negligible assets. While its liabilities and debt are over Rs 36,000 crore, the only key assets are its two Heathrow airport slots and the minority stake in its loyalty programme called JPMiles.

Also, most of its domestic airport slots have been given away to other airlines by the government and so are some of its slots at some key international airports.

On the aeroplane assets side, Jet had only 16 on its book as the rest of its 123 fleet were on lease and most of them have been de-registered and taken away by the foreign lessors already.

The Jet shares are at multiyear lows and plunged 17 per cent Monday after exchanges last week put curbs on trading in its stock on June 12. In the past three trading sessions alone, the stock lost as much as 55 per cent of its value.

Monday the stock dived close to 17 per cent to close Rs 68.30 on the BSE with a market cap of just under Rs 776 crore, whose benchmark also plunged 1.25 per cent.

When banks converted a part of their debt into equity when the stock was trading over Rs 250 apiece. The conversion price was fixed at a nominal Re 1, though.

With bankers now opting for NCLT, the fate of the previous petitions from two operational creditors seeking bankruptcy could be expedited.

On June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had taken the airline to the Mumbai bench of the NCLT seeking bankruptcy and on June 13 the tribunal, which is yet to admit the petitions put off the matter for further hearing to June 20.

The airline owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar Enterprises.

Jet Airways owes over Rs 8,000 crore to a consortium of 26 banks led by the State Bank, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.

It can be noted that on April 8 through 12, bankers had put the airline on sale-offering 33 to 75 per cent stake-of which the lenders own 51 per cent now-to interested parties and received four preliminary bids.

The bids came in from two private equity players-TPG and Indigo Partners and also from Etihad Airways and the national sovereign wealth fund NIIF. But none of them chose to submit financial bids. The lenders had initially put May 30 deadline to complete the sale process.

In the run-up to the crisis, the Tatas, which already run two airlines--the full-service Vistara and the no-frills carrier AirAsia India with eponymous Malaysian group--had shown interest to take it over but since Goyal insisted on staying back as chairman the proposal did not materialise.

The same also reportedly led to the above four bidders to force the lenders to reject his bid piggy-ridding on a foreign investor.&nbsp;

Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues.

Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues. The once largest private sector airline started over 25 years ago by airline-ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes. The decision of the lenders to seek bankruptcy process through the NCLT comes exactly two months after the airline stopped flying on April 17, after being on the fringe since last July. The nascent bankruptcy process has been fraught with inordinate delays with only a fraction of the cases have been resolved within the timeline, while the asset in on the books of the once the largest airliner are just fraction of its dues which run into over Rs 36,000 crore. After a meeting of the 26 lenders here Monday, SBI in a statement said, "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received". Watch: Jet Airways lenders decide to take airline to NCLT The statement further said the move was necessitated as the prospective investor wants some Sebi exemptions for a possible deal which can be worked out better under the bankruptcy laws. The Etihad-Hinduja consortium had reportedly shown interest but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge as they have asked for a large haircut from the lenders. The decision also comes amidst reports of Goyal being put on a lookout notice by federal law enforcement agencies and also launching a money-laundering probe against him. The grounding of Jet Airways, which was the largest full-service carrier left over 23,000 employees unpaid for months in the lurch, and also sent airfares soaring by over 40 per cent on average. And even after two months, prices are yet to normalise. As the cash crisis worsened and lenders refused any lifeline to the airline under promoter chairman Goyal, who was forced to give up control on March 25, when lenders had in principle agreed to infuse Rs 1,500 crore for equity. But that never materialised, as bankers were chary of the fate of the February 12 circular of the RBI which was being heard at the Supreme Court. Finally, on April 2, the apex court struck down the contentious circular, sealing the bank-led process to resolve the crisis at the airline. The Abu Dhabi carrier Etihad has been holding 24 per cent in the airline since November 2013 after investing Rs 2,062 crore but is not interested in increasing the stake further or having management control of the airline. With the March 25 resolution, Etihad's 24 per cent stake was halved and it lost its board representation as well along with Goyal and his wife Anita. Anyway, the airline remains an asset only as a legal entity as its liabilities far outweigh the negligible assets. While its liabilities and debt are over Rs 36,000 crore, the only key assets are its two Heathrow airport slots and the minority stake in its loyalty programme called JPMiles. Also, most of its domestic airport slots have been given away to other airlines by the government and so are some of its slots at some key international airports. On the aeroplane assets side, Jet had only 16 on its book as the rest of its 123 fleet were on lease and most of them have been de-registered and taken away by the foreign lessors already. The Jet shares are at multiyear lows and plunged 17 per cent Monday after exchanges last week put curbs on trading in its stock on June 12. In the past three trading sessions alone, the stock lost as much as 55 per cent of its value. Monday the stock dived close to 17 per cent to close Rs 68.30 on the BSE with a market cap of just under Rs 776 crore, whose benchmark also plunged 1.25 per cent. When banks converted a part of their debt into equity when the stock was trading over Rs 250 apiece. The conversion price was fixed at a nominal Re 1, though. With bankers now opting for NCLT, the fate of the previous petitions from two operational creditors seeking bankruptcy could be expedited. On June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had taken the airline to the Mumbai bench of the NCLT seeking bankruptcy and on June 13 the tribunal, which is yet to admit the petitions put off the matter for further hearing to June 20. The airline owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar Enterprises. Jet Airways owes over Rs 8,000 crore to a consortium of 26 banks led by the State Bank, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore. It can be noted that on April 8 through 12, bankers had put the airline on sale-offering 33 to 75 per cent stake-of which the lenders own 51 per cent now-to interested parties and received four preliminary bids. The bids came in from two private equity players-TPG and Indigo Partners and also from Etihad Airways and the national sovereign wealth fund NIIF. But none of them chose to submit financial bids. The lenders had initially put May 30 deadline to complete the sale process. In the run-up to the crisis, the Tatas, which already run two airlines--the full-service Vistara and the no-frills carrier AirAsia India with eponymous Malaysian group--had shown interest to take it over but since Goyal insisted on staying back as chairman the proposal did not materialise. The same also reportedly led to the above four bidders to force the lenders to reject his bid piggy-ridding on a foreign investor.

Banks vote to send Jet Airways for bankruptcy to recover dues

In this segment of WION Wings we are in Hyderabad and this time a visit to AIR India's MRO facility. Have a look around

WION Wings: A visit to AIR India's MRO facility

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67.

In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

The cash-starved airline suspended operations in April.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.&nbsp;

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28. The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67. In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. The cash-starved airline suspended operations in April. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment.

Jet Airways shares continue to face massive selling pressure; tumble over 18%

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28.

The scrip tanked 10.77 per cent to close at Rs 82.05 on the BSE. Intra-day, the airline's stock tumbled 13.37 per cent to touch its multi-year low at Rs 79.65. 
On the NSE, shares plummeted 11.80 per cent to close at Rs 81.05.

In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE.

The shares had cracked nearly 18 per cent on Thursday also. The scrip has been falling for 10 consecutive days, tumbling 45.60 per cent.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular.

The cash-starved airline suspended operations in April and lenders are working on ways for its revival.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.

The decision has been taken jointly by the exchanges and would be effective from June 28, it said.

According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.&nbsp;

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28.

Shares of grounded Jet Airways continued the downward trend, plunging nearly 12 per cent on Friday, after stock exchanges, earlier this week, decided to impose restrictions on its stock trading from June 28. The scrip tanked 10.77 per cent to close at Rs 82.05 on the BSE. Intra-day, the airline's stock tumbled 13.37 per cent to touch its multi-year low at Rs 79.65. On the NSE, shares plummeted 11.80 per cent to close at Rs 81.05. In terms of traded volume, 19.47 lakh shares were traded on the BSE, while over 1 crore shares were traded on the NSE. The shares had cracked nearly 18 per cent on Thursday also. The scrip has been falling for 10 consecutive days, tumbling 45.60 per cent. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved airline suspended operations in April and lenders are working on ways for its revival. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment. The decision has been taken jointly by the exchanges and would be effective from June 28, it said. According to the circular, the company has failed to provide prompt responses to queries of exchanges regarding various rumours.

Jet Airways shares continue downward trend; tumble nearly 12%

The National Stock Exchange of India (NSE) said on Wednesday contracts of <a href="https://www.wionews.com/business-economy/spicejet-examines-taking-over-widebody-jets-previously-operated-by-jet-airways-223354">Jet Airways</a> Ltd would be pulled out of trading in the Futures and Options segment, citing the embattled carrier's failure to respond to queries about rumours in the market.

Shares of Jet, once the biggest private airline in India, have more than halved since the airline shut down its operations in April after its lenders refused to bail it out.

Jet's securities will now be moved to the trade for trade segment with effect from June 28 as a "preventive surveillance measure", from the current rolling segment which allows daily trading, the stock exchange said in a circular.

"There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip," NSE said, adding that trading may not reflect the actual status of the company.

NSE also cited the company's failure to submit its financial results for the year ended March 31 as well as observations made by the airline's auditor as reasons for the move.

The National Stock Exchange of India (NSE) said on Wednesday contracts of Jet Airways Ltd would be pulled out of trading in the Futures and Options segment, citing the embattled carrier's failure to respond to queries about rumours in the market.

The National Stock Exchange of India (NSE) said on Wednesday contracts of Jet Airways Ltd would be pulled out of trading in the Futures and Options segment, citing the embattled carrier's failure to respond to queries about rumours in the market. Shares of Jet, once the biggest private airline in India, have more than halved since the airline shut down its operations in April after its lenders refused to bail it out. Jet's securities will now be moved to the trade for trade segment with effect from June 28 as a "preventive surveillance measure", from the current rolling segment which allows daily trading, the stock exchange said in a circular. "There are concerns with regard to continuity of flow of information about the company which is very vital for the appropriate price discovery in the scrip," NSE said, adding that trading may not reflect the actual status of the company. NSE also cited the company's failure to submit its financial results for the year ended March 31 as well as observations made by the airline's auditor as reasons for the move.

Jet Airways to be removed from trading in NSE's futures and options market

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger.

The deal would reshape the competitive landscape by forming a conglomerate which spans commercial aviation and defence procurement. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment.

While United Technologies and Raytheon have some common customers, their business overlap is limited, an argument the companies plan to make once US antitrust regulators start scrutinising the merger.

However, the two major commercial aircraft makers, Boeing Co and Airbus SE, as well as the Pentagon, have been known to use their significant purchasing power to seek concessions from their suppliers and may not welcome a potential lessening in competition among them.

When United Technologies rebuffed an acquisition offer from Honeywell International Inc in 2016, United Technologies chief executive Greg Hayes justified the decision partly by predicting that Boeing and Airbus would never accept having a supplier that would "build the plane from tip to tail."

United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of <a href="https://www.wionews.com/business-economy/united-tech-to-buy-rockwell-collins-for-30-billion-combine-aerospace-operations-19883">Rockwell Collins</a>, which was completed in 2018, and the Pratt &amp; Whitney engines business.

Chinese authorities scrutinised the acquisition of airplane parts maker Rockwell Collins closely, given the companies' footprint in that country's market. This resulted in the deal closing in November 2018, as opposed to the targeted third quarter.

Trade tensions between the United States and China were blamed at least partly by analysts for that delay, but a source close to the deal said the companies did not expect this to be repeated because Raytheon does not do business in China.

Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The merger is expected to result in more than $1 billion in cost synergies by the end of the fourth year, the companies said.

United Technologies shareholders will own about 57% of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The companies negotiated the terms over several months, according to the source, who requested anonymity discussing the confidential deliberations.

The deal has been structured so that no shareholder of either company will receive a premium. United Technologies and Raytheon have market capitalisations of $114 billion and $52 billion, respectively.

The deal is expected to close in the first half of 2020.

The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. The new company will also assume about $26 billion in net debt, they added.

Defence spending rise

Raytheon, maker of the Tomahawk and the Patriot missile systems, and other US military contractors are expected to benefit from strong global demand for fighter jets and munitions as well as higher US defence spending in fiscal 2020, much of it driven by US President Donald Trump's administration.

However, Pentagon spending is projected to slow down after an initial boost under Trump. A deal with United Technologies would allow Raytheon to expand into commercial aviation.

Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of international trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic.

The International Air Transport Association, which represents about 290 carriers accounting for more than 80% of global air traffic, cited these concerns earlier this month when it said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion.

The deal with Raytheon could put pressure on General Electric Co, which competes with United Technologies for commercial aerospace clients, to seek scale. It could also push other defence contractors, such as Lockheed Martin Corp, to explore expanding their commercial businesses.

Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor.

Morgan Stanley, Evercore Inc and Goldman Sachs Group Inc were financial advisers to United Technologies, while Wachtell, Lipton, Rosen &amp; Katz was its legal adviser. Citigroup Inc was a financial adviser to Raytheon, and RBC Capital Markets LLC provided a fairness opinion. Shearman &amp; Sterling LLP was the legal adviser to Raytheon

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger.

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger. The deal would reshape the competitive landscape by forming a conglomerate which spans commercial aviation and defence procurement. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment. While United Technologies and Raytheon have some common customers, their business overlap is limited, an argument the companies plan to make once US antitrust regulators start scrutinising the merger. However, the two major commercial aircraft makers, Boeing Co and Airbus SE, as well as the Pentagon, have been known to use their significant purchasing power to seek concessions from their suppliers and may not welcome a potential lessening in competition among them. When United Technologies rebuffed an acquisition offer from Honeywell International Inc in 2016, United Technologies chief executive Greg Hayes justified the decision partly by predicting that Boeing and Airbus would never accept having a supplier that would "build the plane from tip to tail." United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of Rockwell Collins, which was completed in 2018, and the Pratt & Whitney engines business. Chinese authorities scrutinised the acquisition of airplane parts maker Rockwell Collins closely, given the companies' footprint in that country's market. This resulted in the deal closing in November 2018, as opposed to the targeted third quarter. Trade tensions between the United States and China were blamed at least partly by analysts for that delay, but a source close to the deal said the companies did not expect this to be repeated because Raytheon does not do business in China. Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The merger is expected to result in more than $1 billion in cost synergies by the end of the fourth year, the companies said. United Technologies shareholders will own about 57% of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The companies negotiated the terms over several months, according to the source, who requested anonymity discussing the confidential deliberations. The deal has been structured so that no shareholder of either company will receive a premium. United Technologies and Raytheon have market capitalisations of $114 billion and $52 billion, respectively. The deal is expected to close in the first half of 2020. The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. The new company will also assume about $26 billion in net debt, they added. Defence spending rise Raytheon, maker of the Tomahawk and the Patriot missile systems, and other US military contractors are expected to benefit from strong global demand for fighter jets and munitions as well as higher US defence spending in fiscal 2020, much of it driven by US President Donald Trump's administration. However, Pentagon spending is projected to slow down after an initial boost under Trump. A deal with United Technologies would allow Raytheon to expand into commercial aviation. Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of international trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic. The International Air Transport Association, which represents about 290 carriers accounting for more than 80% of global air traffic, cited these concerns earlier this month when it said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion. The deal with Raytheon could put pressure on General Electric Co, which competes with United Technologies for commercial aerospace clients, to seek scale. It could also push other defence contractors, such as Lockheed Martin Corp, to explore expanding their commercial businesses. Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor. Morgan Stanley, Evercore Inc and Goldman Sachs Group Inc were financial advisers to United Technologies, while Wachtell, Lipton, Rosen & Katz was its legal adviser. Citigroup Inc was a financial adviser to Raytheon, and RBC Capital Markets LLC provided a fairness opinion. Shearman & Sterling LLP was the legal adviser to Raytheon

United Technologies, Raytheon to create $120 billion aerospace and defence giant

Under pressure from frequent flyers alarmed over climate change, the airline industry says it is "hellbent" on reducing emissions — but the technology needed to drastically reduce its carbon footprint is still out of reach.

In recent months climate activists have stepped up efforts to convince travellers to boycott air travel, with Swedish schoolgirl and campaigner Greta Thunberg spearheading the trains-over-planes movement and making "flygskam", or flight shame, a buzzword in the Scandinavian country.

"The sector is under considerable pressure," admitted Alexandre de Juniac, chief executive of the International Air Transport Association (IATA), whose members met this week in Seoul.

The industry has been under fire over its carbon emissions, which at 285 grams of CO2 emitted per kilometre travelled by a passenger far exceed all other modes of transport. Road transportation follows at 158 and rail travel is at 14, according to European Environment Agency figures.

De Juniac said the industry was "hellbent" on lowering emissions but the sector is also accused of underestimating its environmental impact, with the IATA chief lobbying heavily against a "green tax" on aviation backed by several countries including the Netherlands.&nbsp;

"Often these taxes are absorbed in the budgets of states and are spent on whatever they want, except the environment," he said.&nbsp;

The International Civil Aviation Organization (ICAO) estimates that air transport is responsible for two per cent of global CO2 emissions -- roughly equivalent to the overall emissions of Germany, according to consulting firm Sia Partners.

But aircraft also emit particles such as nitrogen oxides, which can trap heat at high altitude, meaning the industry is actually responsible for five per cent of global warming, according to the Climate Action Network, an umbrella group of environmental NGOs.

The industry has committed to improving fuel efficiency by 1.5 per cent per year from 2009 to 2020 and stabilising its CO2 emissions in preparation for a 50 percent reduction by 2050 compared to 2005.

It is a major challenge given that the number of passengers is expected to double over the next two decades to reach 8.2 billion in 2037.

- Biofuels, electric engines - 
Companies are banking on a new generation of less polluting planes with updated engines, aerodynamic modifications and fittings that weigh less -- among them tablets to replace heavy pilot manuals.

However Shukor Yusof, analyst with Malaysia-based Endau Analytics, told AFP the industry had made progress but "that all these technological advances to cut emissions are tough to implement quickly due to the nature of the industry hemmed by high costs and the fact that planes typically take decades before they are replaced".

Philippe Plouvier, associate director of consulting firm Boston Consulting Group in Paris, said "the constant renewal of the fleet is a major part of it (cutting emissions)", explaining that the latest models of large aircraft reduce CO2 by 20 to 25 per cent.&nbsp;

"But that only solves around 30 per cent of the problem," he said. The rest, he added, can only be resolved by developing sustainable biofuels or turning to electric power -- technology which is currently impractical.

Several airlines have begun testing biofuels but production costs remain high and industry experts do not believe electric engines will be rolled out commercially for another two decades.

"Batteries today are still too big and heavy to be used as the main source of power for aircraft," said Leithen Francis, managing director of Singapore-based aviation public relations agency Francis &amp; Low.

"Aircraft today take off heavy -- because the aircraft is carrying a full load of fuel -- but then the aircraft uses up its fuel during the flight and lands light.

"Aircraft powered by batteries will take off heavy and then have to land heavy, so developing aircraft that can do that -- without having a hard landings or causing structural damage to the airframe -- will be a challenge," Francis told AFP.

The ICAO says better management of air traffic can help and a new generation of more fuel-efficient plane designs is predicted within five or ten years.

But time is not on the aviation industry's side.

A landmark UN report last year concluded that CO2 emissions must drop 45 per cent by 2030 -- and reach "net zero" by 2050 -- if the rise in Earth's temperature is to be checked at the safer limit of 1.5C.

Plouvier of the Boston Consulting Group said to meet the 2050 goal, the aviation industry "must start today and very quickly". 
&nbsp;

Under pressure from frequent flyers alarmed over climate change, the airline industry says it is "hellbent" on reducing emissions — but the technology needed to drastically reduce its carbon footprint is still out of reach.

Under pressure from frequent flyers alarmed over climate change, the airline industry says it is "hellbent" on reducing emissions — but the technology needed to drastically reduce its carbon footprint is still out of reach. In recent months climate activists have stepped up efforts to convince travellers to boycott air travel, with Swedish schoolgirl and campaigner Greta Thunberg spearheading the trains-over-planes movement and making "flygskam", or flight shame, a buzzword in the Scandinavian country. "The sector is under considerable pressure," admitted Alexandre de Juniac, chief executive of the International Air Transport Association (IATA), whose members met this week in Seoul. The industry has been under fire over its carbon emissions, which at 285 grams of CO2 emitted per kilometre travelled by a passenger far exceed all other modes of transport. Road transportation follows at 158 and rail travel is at 14, according to European Environment Agency figures. De Juniac said the industry was "hellbent" on lowering emissions but the sector is also accused of underestimating its environmental impact, with the IATA chief lobbying heavily against a "green tax" on aviation backed by several countries including the Netherlands. "Often these taxes are absorbed in the budgets of states and are spent on whatever they want, except the environment," he said. The International Civil Aviation Organization (ICAO) estimates that air transport is responsible for two per cent of global CO2 emissions -- roughly equivalent to the overall emissions of Germany, according to consulting firm Sia Partners. But aircraft also emit particles such as nitrogen oxides, which can trap heat at high altitude, meaning the industry is actually responsible for five per cent of global warming, according to the Climate Action Network, an umbrella group of environmental NGOs. The industry has committed to improving fuel efficiency by 1.5 per cent per year from 2009 to 2020 and stabilising its CO2 emissions in preparation for a 50 percent reduction by 2050 compared to 2005. It is a major challenge given that the number of passengers is expected to double over the next two decades to reach 8.2 billion in 2037. - Biofuels, electric engines - Companies are banking on a new generation of less polluting planes with updated engines, aerodynamic modifications and fittings that weigh less -- among them tablets to replace heavy pilot manuals. However Shukor Yusof, analyst with Malaysia-based Endau Analytics, told AFP the industry had made progress but "that all these technological advances to cut emissions are tough to implement quickly due to the nature of the industry hemmed by high costs and the fact that planes typically take decades before they are replaced". Philippe Plouvier, associate director of consulting firm Boston Consulting Group in Paris, said "the constant renewal of the fleet is a major part of it (cutting emissions)", explaining that the latest models of large aircraft reduce CO2 by 20 to 25 per cent. "But that only solves around 30 per cent of the problem," he said. The rest, he added, can only be resolved by developing sustainable biofuels or turning to electric power -- technology which is currently impractical. Several airlines have begun testing biofuels but production costs remain high and industry experts do not believe electric engines will be rolled out commercially for another two decades. "Batteries today are still too big and heavy to be used as the main source of power for aircraft," said Leithen Francis, managing director of Singapore-based aviation public relations agency Francis & Low. "Aircraft today take off heavy -- because the aircraft is carrying a full load of fuel -- but then the aircraft uses up its fuel during the flight and lands light. "Aircraft powered by batteries will take off heavy and then have to land heavy, so developing aircraft that can do that -- without having a hard landings or causing structural damage to the airframe -- will be a challenge," Francis told AFP. The ICAO says better management of air traffic can help and a new generation of more fuel-efficient plane designs is predicted within five or ten years. But time is not on the aviation industry's side. A landmark UN report last year concluded that CO2 emissions must drop 45 per cent by 2030 -- and reach "net zero" by 2050 -- if the rise in Earth's temperature is to be checked at the safer limit of 1.5C. Plouvier of the Boston Consulting Group said to meet the 2050 goal, the aviation industry "must start today and very quickly".

Pressure mounts on aviation industry over climate change

A massive security lapse was detected on an Air India flight after a gaping hole was found in the aircraft carrying around 225 passengers.

The flight was cordoned off as soon as it landed in San Francisco.

The flight, AI-183, had taken off from New Delhi on Sunday and the route is considered as one of the world's longest.

Air India has begun an internal investigation into the incident."Boeing B777 aircraft, VT-ALH arrived in SFO on AI 183. During walk around inspection on arrival, a small cut/crack on the bottom right corner of the left side to the entry door. Air India is trying to get help from the local Aircraft Maintenance Repair Agencies for the repair, failing which men and material would be sent from India," Air India spokesperson Dhananjay Kumar told ANI.

Sources in Air India said that "crew members of the aircraft are to be questioned regarding the massive safety lapses."&nbsp;

A massive security lapse was detected on an Air India flight after a gaping hole was found in the aircraft carrying around 225 passengers. The flight was cordoned off as soon as it landed in San Francisco.

A massive security lapse was detected on an Air India flight after a gaping hole was found in the aircraft carrying around 225 passengers. The flight was cordoned off as soon as it landed in San Francisco. The flight, AI-183, had taken off from New Delhi on Sunday and the route is considered as one of the world's longest. Air India has begun an internal investigation into the incident."Boeing B777 aircraft, VT-ALH arrived in SFO on AI 183. During walk around inspection on arrival, a small cut/crack on the bottom right corner of the left side to the entry door. Air India is trying to get help from the local Aircraft Maintenance Repair Agencies for the repair, failing which men and material would be sent from India," Air India spokesperson Dhananjay Kumar told ANI. Sources in Air India said that "crew members of the aircraft are to be questioned regarding the massive safety lapses."

Massive safety breach: 'Hole' detected in Air India aircraft

The Hinduja Group said on Tuesday it is evaluating a possible bid for <a href="https://www.wionews.com/business-economy/after-cfo-jet-airways-ceo-vinay-dube-resigns-218733">debt-laden Jet Airways Ltd</a>, sending shares of the grounded carrier as high as 14 per cent&nbsp;in afternoon trading.

The company was responding to a Reuters request for comment after a leading newspaper said the group would start the process of bidding this week.

Hinduja Group is in talks with Jet founder Naresh Goyal and investor Etihad, besides talking to investment bankers led by SBI Capital Markets for due diligence, the report said, citing sources.

SBI Capital Markets declined to comment, while Etihad did not respond to a Reuters query.

Jet Airways, once the biggest private carrier in the country, owes vast sums to its lessors, employees, fuel suppliers and other parties. It stopped all flights from April 17 after its lenders refused to give it any more funds to keep the carrier flying.

The Indian carrier, which is also saddled with roughly $1.2 billion in bank debt, was crippled by mounting losses as it attempted to compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet Ltd and Wadia Group-owned GoAir.

For months, Jet has tried to convince investors, including Etihad, to pump in money and save the airline. However, suitors had some qualms, while a deadline for any interested parties to submit binding bids for the carrier ended on May 10.

State Bank of India (SBI), Jet's lead lender and the bank overseeing the sale process, earlier said it had only received three conditional offers, including one from Etihad.

Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier had said, adding that it cannot be the sole investor.

The airline has been rapidly shedding aircraft in recent weeks, as lessors have rushed to deregister and repossess planes in the wake of the turmoil.

It has also seen the exit of its chief executive and several other senior officials, lost hundreds of pilots, cabin crew and engineers to rivals and seen its valuable slots reallocated to rivals, making the rescue of the debt-laden carrier much tougher for a new investor.

Jet's shares were trading 14% higher at 149.70 rupees at 0925 GMT in an otherwise weak Mumbai market.

The Hinduja Group said on Tuesday it is evaluating a possible bid for debt-laden Jet Airways Ltd, sending shares of the grounded carrier as high as 14 per cent in afternoon trading.

The Hinduja Group said on Tuesday it is evaluating a possible bid for debt-laden Jet Airways Ltd, sending shares of the grounded carrier as high as 14 per cent in afternoon trading. The company was responding to a Reuters request for comment after a leading newspaper said the group would start the process of bidding this week. Hinduja Group is in talks with Jet founder Naresh Goyal and investor Etihad, besides talking to investment bankers led by SBI Capital Markets for due diligence, the report said, citing sources. SBI Capital Markets declined to comment, while Etihad did not respond to a Reuters query. Jet Airways, once the biggest private carrier in the country, owes vast sums to its lessors, employees, fuel suppliers and other parties. It stopped all flights from April 17 after its lenders refused to give it any more funds to keep the carrier flying. The Indian carrier, which is also saddled with roughly $1.2 billion in bank debt, was crippled by mounting losses as it attempted to compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet Ltd and Wadia Group-owned GoAir. For months, Jet has tried to convince investors, including Etihad, to pump in money and save the airline. However, suitors had some qualms, while a deadline for any interested parties to submit binding bids for the carrier ended on May 10. State Bank of India (SBI), Jet's lead lender and the bank overseeing the sale process, earlier said it had only received three conditional offers, including one from Etihad. Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier had said, adding that it cannot be the sole investor. The airline has been rapidly shedding aircraft in recent weeks, as lessors have rushed to deregister and repossess planes in the wake of the turmoil. It has also seen the exit of its chief executive and several other senior officials, lost hundreds of pilots, cabin crew and engineers to rivals and seen its valuable slots reallocated to rivals, making the rescue of the debt-laden carrier much tougher for a new investor. Jet's shares were trading 14% higher at 149.70 rupees at 0925 GMT in an otherwise weak Mumbai market.

Hinduja Group evaluating bid for Jet Airways, shares rise

According to reports Aviation Minister is to give decision soon on India's debt-ridden Jet Airways. Watch this video to know more.

WION Wallet: Aviation Minister to give decision soon on Jet Airways

According to reports, Rahul Bhatia, Rakesh Gangwal who are promoters of the IndiGo airlines have developed some serious differences. Watch this video to know more.

Spat between IndiGo promoters

Around 25 flights have been delayed at Kolkata airport as its Internet server has gone down since 5.30 pm on Monday, a senior official of the Airports Authority of India (AAI) said.&nbsp;

The airlines, therefore, have been issuing boarding passes manually since 5.30 pm, the official added.&nbsp;

The AAI owns and manages more than 100 airports - including the Netaji Subhash Chandra Bose International Airport in Kolkata - across the country.

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"The Internet server has been down since 5.30 pm and it is likely to start working from 10.30 pm today. Around 25 flights have been delayed in between 5.30 pm and 9 pm by an average time of 20-25 minutes," said the AAI official.

The official added that the IT team of the AAI is working diligently to resolve the issue.

Around 25 flights have been delayed at Kolkata airport as its Internet server has gone down since 5.30 pm on Monday, a senior official of the Airports Authority of India (AAI) said.

Around 25 flights have been delayed at Kolkata airport as its Internet server has gone down since 5.30 pm on Monday, a senior official of the Airports Authority of India (AAI) said. The airlines, therefore, have been issuing boarding passes manually since 5.30 pm, the official added. The AAI owns and manages more than 100 airports - including the Netaji Subhash Chandra Bose International Airport in Kolkata - across the country. West Bengal: Over 20 flights delayed at Kolkata airport after a fault in Local Area Network inside the airport. Issue started around 5:15 pm after which all airlines started issuing boarding pass manually. Airport authorities say IT Team working on the issue. https://t.co/ouDpHOeNIk — ANI (@ANI) May 13, 2019 × "The Internet server has been down since 5.30 pm and it is likely to start working from 10.30 pm today. Around 25 flights have been delayed in between 5.30 pm and 9 pm by an average time of 20-25 minutes," said the AAI official. The official added that the IT team of the AAI is working diligently to resolve the issue.

Around 25 flights delayed at Kolkata airport as Internet server goes down

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.

Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going.

"(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai.

<a href="https://www.wionews.com/business-economy/jet-airways-pilots-union-asks-supreme-court-to-direct-sbi-to-release-funds-217246">Jet Airways' pilots' union had appealed to the Supreme Court of India</a> to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline.

The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes.

The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going. "(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai. Jet Airways' pilots' union had appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters. Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline. The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes. The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

State Bank of India says two bids received for Jet Airways

National Aviators Guild (NAG) have requested PM Modi to release one month salary of the employees of the Jet Airways. Watch this video to know more.

WION Wallet: Jet Airways writes to PM Modi

As uncertainty continues over the fate of the <a href="https://www.wionews.com/india-news/more-people-might-follow-suit-if-government-doesnt-intervene-nag-on-jet-employees-suicide-214094">shuttered Jet Airways</a>, an employees' consortium has proposed to take over the airline with at least Rs 3,000 crore expected from outside investors for the bid, according to two staff unions.

This is the first time that employees have come together with a proposal to run the more than 25-year-old Jet Airways, which temporarily suspended operations on April 17.

Two associations representing pilots and engineers -- SWIP and JAMEVA -- have written to State Bank of India (SBI) Chairman Rajnish Kumar proposing that they would take over the airline and can bring in up to Rs 7,000 crore.

The Society for Welfare of Indian Pilots (SWIP) and the Jet Aircraft Maintenance Engineers Welfare Association (JAMEVA) have written a letter to the SBI chief asking the lead lender to consider "employee consortium" as an intending bidder for the carrier.

While SWIP has around 800 members, there are about 500 employees with JAMEVA.

"The contribution from employees would be realised from their future earnings and increased productivity... As per our initial estimate, the contribution of employees group over a hypothetical 5-year Employee Stock Ownership Programme (ESOP) is likely to be upward of Rs 4,000 crore.

"In addition, we are also confident of securing an investment commitment of up to Rs 3,000 crore from outside investors," the letter, dated April 29, said.

The letter has been signed by four people -- SWIP General Secretary Ashwani Tyagi, JAMEVA President Ashish Kumar Mohanty, Jet Airways Manager (Human Resources)

BB Singh and Jet Lite Senior Vice President (Operations) and Accountable Manager P P Singh.

The deadline for submitting initial bids have already ended and the list of shortlisted entities is expected to be finalised on May 10.

SBI Capital Markets, on behalf of the lenders' consortium led by the SBI, is managing the bidding process.

"We confirm that a proposal for employee takeover of Jet Airways has been submitted by us... We are optimistic that the banks and Government of India will give our plan a serious consideration," the two unions said in a joint statement.

Tyagi said the letter has also been signed by two officials of the airline.

Cash-starved Jet Airways stopped operations on April 17 after lenders decided not to extend emergency funds. Since then, employees have held gatherings in various cities and have also met various ministers with pleas to save the airline.

As uncertainty continues over the fate of the shuttered Jet Airways, an employees' consortium has proposed to take over the airline with at least Rs 3,000 crore expected from outside investors for the bid, according to two staff unions.

As uncertainty continues over the fate of the shuttered Jet Airways, an employees' consortium has proposed to take over the airline with at least Rs 3,000 crore expected from outside investors for the bid, according to two staff unions. This is the first time that employees have come together with a proposal to run the more than 25-year-old Jet Airways, which temporarily suspended operations on April 17. Two associations representing pilots and engineers -- SWIP and JAMEVA -- have written to State Bank of India (SBI) Chairman Rajnish Kumar proposing that they would take over the airline and can bring in up to Rs 7,000 crore. The Society for Welfare of Indian Pilots (SWIP) and the Jet Aircraft Maintenance Engineers Welfare Association (JAMEVA) have written a letter to the SBI chief asking the lead lender to consider "employee consortium" as an intending bidder for the carrier. While SWIP has around 800 members, there are about 500 employees with JAMEVA. "The contribution from employees would be realised from their future earnings and increased productivity... As per our initial estimate, the contribution of employees group over a hypothetical 5-year Employee Stock Ownership Programme (ESOP) is likely to be upward of Rs 4,000 crore. "In addition, we are also confident of securing an investment commitment of up to Rs 3,000 crore from outside investors," the letter, dated April 29, said. The letter has been signed by four people -- SWIP General Secretary Ashwani Tyagi, JAMEVA President Ashish Kumar Mohanty, Jet Airways Manager (Human Resources) BB Singh and Jet Lite Senior Vice President (Operations) and Accountable Manager P P Singh. The deadline for submitting initial bids have already ended and the list of shortlisted entities is expected to be finalised on May 10. SBI Capital Markets, on behalf of the lenders' consortium led by the SBI, is managing the bidding process. "We confirm that a proposal for employee takeover of Jet Airways has been submitted by us... We are optimistic that the banks and Government of India will give our plan a serious consideration," the two unions said in a joint statement. Tyagi said the letter has also been signed by two officials of the airline. Cash-starved Jet Airways stopped operations on April 17 after lenders decided not to extend emergency funds. Since then, employees have held gatherings in various cities and have also met various ministers with pleas to save the airline.

Now, employees' consortium to bid for Jet Airways; seeks to raise Rs 3,000 crore from outside investors

"Jet Airways employee Shailesh Kumar Singh committed suicide because he had no hope left and there could be more victims if the government does not intervene in the Jet Airways crisis," said Asim Valiani vice president of the National Aviators Guild (NAG) on Sunday.

"Shailesh passed away yesterday by committing suicide. We do not want it to become a repeat of the Kingfisher airlines debacle. We are also extremely disappointed by the government not doing anything to help the 22,000 employees of Jet Airways, we are afraid that at this rate there could be more suicides. His (Shailesh Singh) son is also an employee of Jet Airways and they simply had no money, of course, he was suffering from cancer but this is not the way to go," said Valiani talking to ANI.

Shailesh Kumar Singh, a senior technician in Jet Airways, was suffering from stomach cancer and the crisis surrounding the Airline had allegedly forced him to <a href="https://www.wionews.com/india-news/jet-airways-employee-commits-suicide-214024">commit suicide by jumping off a building in Mumbai on April 26</a>.

Valiani also added that the employees of Jet were completely clueless of their fate and with each passing day were losing hope and appealed that all the political parties should come together to find a solution to the crisis surrounding the airlines.

He said,&nbsp;"Subramanian Swamy has raised some very important issues, even we want to know who is running Jet Airways, the old promoters have resigned and there is no new one to take his place."

"We have been appealing to the government to intervene so that the livelihood of 22,000 employees is not hampered; we even met the Finance Minister. I would request all the political parties to come together and find a solution to our problem."&nbsp;

"Jet Airways employee Shailesh Kumar Singh committed suicide because he had no hope left and there could be more victims if the government does not intervene in the Jet Airways crisis," said Asim Valiani vice president of the National Aviators Guild (NAG) on Sunday.

"Jet Airways employee Shailesh Kumar Singh committed suicide because he had no hope left and there could be more victims if the government does not intervene in the Jet Airways crisis," said Asim Valiani vice president of the National Aviators Guild (NAG) on Sunday. "Shailesh passed away yesterday by committing suicide. We do not want it to become a repeat of the Kingfisher airlines debacle. We are also extremely disappointed by the government not doing anything to help the 22,000 employees of Jet Airways, we are afraid that at this rate there could be more suicides. His (Shailesh Singh) son is also an employee of Jet Airways and they simply had no money, of course, he was suffering from cancer but this is not the way to go," said Valiani talking to ANI. Shailesh Kumar Singh, a senior technician in Jet Airways, was suffering from stomach cancer and the crisis surrounding the Airline had allegedly forced him to commit suicide by jumping off a building in Mumbai on April 26. Valiani also added that the employees of Jet were completely clueless of their fate and with each passing day were losing hope and appealed that all the political parties should come together to find a solution to the crisis surrounding the airlines. He said, "Subramanian Swamy has raised some very important issues, even we want to know who is running Jet Airways, the old promoters have resigned and there is no new one to take his place." "We have been appealing to the government to intervene so that the livelihood of 22,000 employees is not hampered; we even met the Finance Minister. I would request all the political parties to come together and find a solution to our problem."

More people might follow suit if government doesn't intervene: NAG on Jet employee's suicide

After Jet Airways and Kingfisher Airlines, it is now the turn of Pawan Hans Limited, which is facing a financial crisis.

Pawan Hans'&nbsp;management, on April 25, issued a circular to its employees stating that the company is not in a position to disburse employees'&nbsp;salaries for the month of April due to "uncomfortable financial position in Pawan Hans."

"While reviewing the overall performance of the company, it has been observed that the company is facing an uncomfortable financial position. The industry's future is uncertain as many of our established businesses and our associated challenges are threatening future deployments. In terms of financial performance, the revenue has sharply declined in the financial year 2018-19 and the company has incurred a net loss to the tune going to Rs 89 crore during this financial year," the circular said.

"Also, search trends have been financially downturn owing to serious mismatch that has been built up between the revenue income depending on the present business volume and the expenses, particularly on the staff cost. The situation has further turned critical as the outstanding amount lying with various customers has risen to alarming levels of over Rs 230 crores. Therefore, there is a need for complete transformation by adopting corrective measures in various areas of management," it said.

The circular further said, "Keeping in view the crucial financial position of the company, it has been decided to defer the salary for the month of April 2019 of the employees other than who are directly contributing to the production till the time a target recovering 60 per cent of the outstanding dues by bringing the receivable below Rs 100 crore on achieving the task. The issue would be reviewing with alternative methods of cost-cutting with and improve the deficiency in Pawan Hans Ltd operations with a contribution of each individual employees."

The said circular was given to the employees who are currently not getting their salaries, due to the financial crunch. Pawan Hans Employees Union has replied to the management on the salary issue and said that it is inhuman.

"It is inhuman to stop the salaries of workers who all are due for wage revision. The so-called management is diverting the issue with the stopping of payment where the same company executives have pocketed the new skills with arrears. It is for your kind information that we are wearing a black ribbon as a mark of protest against the inhuman act of the management," the union said.

"We are holding that meeting after office or at 7:30 hours after completing our duties against the inhuman workers'&nbsp;act of the management, who will be solely responsible for any outward incident," it added.

The above reply was given by Pawan Hans'&nbsp;Employees Union to the management of the company.

The union members have threatened to approach the CAG and CBI over Pawan Hans'&nbsp;financial issues if the management did not listen to their grievances.

It is to be noted that in last year, the government decided to call off a fresh bid for 100 per cent stake sale in Pawan Hans. As of now, the firm has a fleet of around 46 choppers.&nbsp;

After Jet Airways and Kingfisher Airlines, it is now the turn of Pawan Hans Limited, which is facing a financial crisis. Pawan Hans' management, on April 25, issued a circular to its employees stating that the company is not in a position to disburse employees' salaries for the month of April due to "uncomfortable financial position in Pawan Hans.

After Jet Airways and Kingfisher Airlines, it is now the turn of Pawan Hans Limited, which is facing a financial crisis. Pawan Hans' management, on April 25, issued a circular to its employees stating that the company is not in a position to disburse employees' salaries for the month of April due to "uncomfortable financial position in Pawan Hans." "While reviewing the overall performance of the company, it has been observed that the company is facing an uncomfortable financial position. The industry's future is uncertain as many of our established businesses and our associated challenges are threatening future deployments. In terms of financial performance, the revenue has sharply declined in the financial year 2018-19 and the company has incurred a net loss to the tune going to Rs 89 crore during this financial year," the circular said. "Also, search trends have been financially downturn owing to serious mismatch that has been built up between the revenue income depending on the present business volume and the expenses, particularly on the staff cost. The situation has further turned critical as the outstanding amount lying with various customers has risen to alarming levels of over Rs 230 crores. Therefore, there is a need for complete transformation by adopting corrective measures in various areas of management," it said. The circular further said, "Keeping in view the crucial financial position of the company, it has been decided to defer the salary for the month of April 2019 of the employees other than who are directly contributing to the production till the time a target recovering 60 per cent of the outstanding dues by bringing the receivable below Rs 100 crore on achieving the task. The issue would be reviewing with alternative methods of cost-cutting with and improve the deficiency in Pawan Hans Ltd operations with a contribution of each individual employees." The said circular was given to the employees who are currently not getting their salaries, due to the financial crunch. Pawan Hans Employees Union has replied to the management on the salary issue and said that it is inhuman. "It is inhuman to stop the salaries of workers who all are due for wage revision. The so-called management is diverting the issue with the stopping of payment where the same company executives have pocketed the new skills with arrears. It is for your kind information that we are wearing a black ribbon as a mark of protest against the inhuman act of the management," the union said. "We are holding that meeting after office or at 7:30 hours after completing our duties against the inhuman workers' act of the management, who will be solely responsible for any outward incident," it added. The above reply was given by Pawan Hans' Employees Union to the management of the company. The union members have threatened to approach the CAG and CBI over Pawan Hans' financial issues if the management did not listen to their grievances. It is to be noted that in last year, the government decided to call off a fresh bid for 100 per cent stake sale in Pawan Hans. As of now, the firm has a fleet of around 46 choppers.

Pawan Hans latest to hit by financial crisis after Kingfisher, Jet Airways; holds employees' salaries for April

Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at the close of trade Tuesday on value-buying at lower levels.

The scrip jumped 9.90 per cent to close at Rs 169.90 on the BSE. During the day, it zoomed 12.19 per cent to Rs 173.45.

At the NSE, shares advanced 8.30 per cent to close at Rs 167.55.

On the traded volume front, 45.27 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day.

In the past three days, the scrip plummeted 40.94 per cent. It hit its 52-week low of Rs 132.20 on Monday.

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.

Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots. PTI

Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at the close of trade Tuesday on value-buying at lower levels. The scrip jumped 9.

Ending a three-day losing streak, shares of Jet Airways (India) surged nearly 10 per cent at the close of trade Tuesday on value-buying at lower levels. The scrip jumped 9.90 per cent to close at Rs 169.90 on the BSE. During the day, it zoomed 12.19 per cent to Rs 173.45. At the NSE, shares advanced 8.30 per cent to close at Rs 167.55. On the traded volume front, 45.27 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day. In the past three days, the scrip plummeted 40.94 per cent. It hit its 52-week low of Rs 132.20 on Monday. Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots. PTI

Jet Airways shares halt three-day slide; zoom nearly 10%

Domestic air passenger traffic growth managed to remain in the green in March growing falt or 0.14 per cent, largely due to the huge capacity reduction following the troubles at Jet Airways in the month, show the monthly data released by the DGCA Monday.

The cumulative traffic of 11 domestic airlines stood at 11.59 million in March compared to 11.58 million passengers a year ago, as per the data.

The March numbers are a big setback to the industry which had been clipping at over 20 per cent for more than four years in a row. After a record run-rate in high double digits, traffic has been on a lower altitude in January when it grew 9.1 per cent, first single-digit growth in four years, and lost the momentum further in February when the incremental growth was capped at a low 5.62 per cent.

The disappointing March numbers can mostly be attributed to the troubles that Jet had been facing and the resultant spike in ticket prices across other airlines. The airline was finally grounded last week.

Jet Airways, once the second largest airline after no-frills IndiGo, lost as much as nearly half of the market share to 5.37 per cent during the month under review as against 10 per cent in the same period of last fiscal.

Together with subsidiary JetLite, the consolidated traffic of the now non-functional carrier was 6.71 lakh passengers in the month, whereas in the same period last year it had flown 15 lakh passengers on its own.

Budget carrier IndiGo continued to be the largest player with a market share of 46.9 per cent ferrying 54 lakh passengers during the month, while its closest rival SpiceJet was a distant second with 13.6 per cent of the total traffic pie carrying 15.81 million in March.

Significantly, the national carrier Air India, which has a number of aircraft on the ground for quite some time now, had the dubious distinction of cancelling the maximum number of flights or 8.94 per cent of its scheduled departures, followed by JetLite and new entrant Star Air.

The passenger load factor in March has shown falling trend compared to February due to the end of the vacation period.

SpiceJet continued its spree of highest average seat occupancy across its planes at 91.4 per cent while GoAir topped the on-time performance chart for the sixth consecutive month at 95.2 per cent.

Domestic air passenger traffic growth managed to remain in the green in March growing falt or 0.14 per cent, largely due to the huge capacity reduction following the troubles at Jet Airways in the month, show the monthly data released by the DGCA Monday.

Domestic air passenger traffic growth managed to remain in the green in March growing falt or 0.14 per cent, largely due to the huge capacity reduction following the troubles at Jet Airways in the month, show the monthly data released by the DGCA Monday. The cumulative traffic of 11 domestic airlines stood at 11.59 million in March compared to 11.58 million passengers a year ago, as per the data. The March numbers are a big setback to the industry which had been clipping at over 20 per cent for more than four years in a row. After a record run-rate in high double digits, traffic has been on a lower altitude in January when it grew 9.1 per cent, first single-digit growth in four years, and lost the momentum further in February when the incremental growth was capped at a low 5.62 per cent. The disappointing March numbers can mostly be attributed to the troubles that Jet had been facing and the resultant spike in ticket prices across other airlines. The airline was finally grounded last week. Jet Airways, once the second largest airline after no-frills IndiGo, lost as much as nearly half of the market share to 5.37 per cent during the month under review as against 10 per cent in the same period of last fiscal. Together with subsidiary JetLite, the consolidated traffic of the now non-functional carrier was 6.71 lakh passengers in the month, whereas in the same period last year it had flown 15 lakh passengers on its own. Budget carrier IndiGo continued to be the largest player with a market share of 46.9 per cent ferrying 54 lakh passengers during the month, while its closest rival SpiceJet was a distant second with 13.6 per cent of the total traffic pie carrying 15.81 million in March. Significantly, the national carrier Air India, which has a number of aircraft on the ground for quite some time now, had the dubious distinction of cancelling the maximum number of flights or 8.94 per cent of its scheduled departures, followed by JetLite and new entrant Star Air. The passenger load factor in March has shown falling trend compared to February due to the end of the vacation period. SpiceJet continued its spree of highest average seat occupancy across its planes at 91.4 per cent while GoAir topped the on-time performance chart for the sixth consecutive month at 95.2 per cent.

Air passenger traffic growth slows to a whimper in March, ending a 4-year record

A plea was filed in the Delhi High Court Monday seeking direction to the Ministry of Civil Aviation and DGCA to ensure refund or alternative mode of travel to passengers who had booked tickets with Jet Airways, which has temporarily suspended all its domestic and international flights.

The plea said the sudden suspension of air services of Jet Airways has resulted in a major crisis for the passengers who were not informed about it earlier.

The application filed by activist Bejon Kumar Misra sought direction to the Ministry of Civil Aviation and Directorate General of Civil Aviation (DGCA) to adopt prompt redressal mechanism for all affected passengers to access full refund of air tickets with reasonable compensation or arrange alternative mode of travel for them to reach their destination as an emergency exercise.

The plea is likely to come up for hearing on April 24.

The plea, filed through advocates Shashank Deo Sudhi and Shashi Bhushan, said, "It is common knowledge that all competitor airlines have exorbitantly increased their airfares and the toothless and vulnerable consumers are constrained to suffer not only in terms of money but also in terms of mental harassment of unprecedented scale."

Citing media report, it said more than Rs 360 crore of the passengers/consumers hard earned money is under threat due to non-refund of ticket value.

"The passengers have to not only purchase alternative tickets at a highly exorbitant cost but also go through lots of anxieties and mental agony. This has resulted in profiteering by other airlines at the cost of the passengers and till date no relief has been announced by the respondents (Ministry and DGCA). It is on record that such a situation was existing for more than two years, but was intentionally allowed by the authorities without any concern for passengers and other affected parties," the plea claimed.

It also said an amendment to the existing laws and appointment of an effective regulator is the need of the hour to protect the interest of passengers and regulate airfares in an open and transparent manner to avoid such events in future.

After months of uncertainty, Jet Airways announced a temporary suspension of its operations on April 17 as it failed to receive emergency funds from lenders.

A day after the airline suspended operations, hundreds of employees gathered in the national capital seeking measures to revive the carrier, which has been in operation for nearly 26 years.

Domestic lenders have invited bids for selling stake in Jet Airways. On April 18, the lenders said they were "reasonably hopeful" that the bidding process for the airline would end successfully.

A plea was filed in the Delhi High Court Monday seeking direction to the Ministry of Civil Aviation and DGCA to ensure refund or alternative mode of travel to passengers who had booked tickets with Jet Airways, which has temporarily suspended all its domestic and international flights.

A plea was filed in the Delhi High Court Monday seeking direction to the Ministry of Civil Aviation and DGCA to ensure refund or alternative mode of travel to passengers who had booked tickets with Jet Airways, which has temporarily suspended all its domestic and international flights. The plea said the sudden suspension of air services of Jet Airways has resulted in a major crisis for the passengers who were not informed about it earlier. The application filed by activist Bejon Kumar Misra sought direction to the Ministry of Civil Aviation and Directorate General of Civil Aviation (DGCA) to adopt prompt redressal mechanism for all affected passengers to access full refund of air tickets with reasonable compensation or arrange alternative mode of travel for them to reach their destination as an emergency exercise. The plea is likely to come up for hearing on April 24. The plea, filed through advocates Shashank Deo Sudhi and Shashi Bhushan, said, "It is common knowledge that all competitor airlines have exorbitantly increased their airfares and the toothless and vulnerable consumers are constrained to suffer not only in terms of money but also in terms of mental harassment of unprecedented scale." Citing media report, it said more than Rs 360 crore of the passengers/consumers hard earned money is under threat due to non-refund of ticket value. "The passengers have to not only purchase alternative tickets at a highly exorbitant cost but also go through lots of anxieties and mental agony. This has resulted in profiteering by other airlines at the cost of the passengers and till date no relief has been announced by the respondents (Ministry and DGCA). It is on record that such a situation was existing for more than two years, but was intentionally allowed by the authorities without any concern for passengers and other affected parties," the plea claimed. It also said an amendment to the existing laws and appointment of an effective regulator is the need of the hour to protect the interest of passengers and regulate airfares in an open and transparent manner to avoid such events in future. After months of uncertainty, Jet Airways announced a temporary suspension of its operations on April 17 as it failed to receive emergency funds from lenders. A day after the airline suspended operations, hundreds of employees gathered in the national capital seeking measures to revive the carrier, which has been in operation for nearly 26 years. Domestic lenders have invited bids for selling stake in Jet Airways. On April 18, the lenders said they were "reasonably hopeful" that the bidding process for the airline would end successfully.

Plea in Delhi High Court to provide refund or alternative flights to Jet Airways passengers

With Jet Airways suspending operations, as many as 440 slots are vacant at Delhi and Mumbai airports which will be allocated to other airlines in a transparent manner, a senior official said.

The grounding of planes by Jet Airways has resulted in a capacity reduction in the domestic sector, which has also led to a spurt in airfares in many sectors.

Civil Aviation Secretary Pradeep Singh Kharola Thursday said the 440 slots vacated by Jet Airways at Delhi and Mumbai airports would be allocated to other airlines on an interim basis through a "rational, fair and equitable" manner.

There are 280 vacant slots at Mumbai and over 160 at the Delhi airport. These two aerodromes are among the busiest in the country.

The slots would be allocated for three months by a committee, comprising officials from the DGCA, Airports Authority of India (AAI) and respective airports.

Kharola also said around 30 more planes would be inducted by various airlines in the next three months.&nbsp;

With Jet Airways suspending operations, as many as 440 slots are vacant at Delhi and Mumbai airports which will be allocated to other airlines in a transparent manner, a senior official said.

With Jet Airways suspending operations, as many as 440 slots are vacant at Delhi and Mumbai airports which will be allocated to other airlines in a transparent manner, a senior official said. The grounding of planes by Jet Airways has resulted in a capacity reduction in the domestic sector, which has also led to a spurt in airfares in many sectors. Civil Aviation Secretary Pradeep Singh Kharola Thursday said the 440 slots vacated by Jet Airways at Delhi and Mumbai airports would be allocated to other airlines on an interim basis through a "rational, fair and equitable" manner. There are 280 vacant slots at Mumbai and over 160 at the Delhi airport. These two aerodromes are among the busiest in the country. The slots would be allocated for three months by a committee, comprising officials from the DGCA, Airports Authority of India (AAI) and respective airports. Kharola also said around 30 more planes would be inducted by various airlines in the next three months.

Government to allocate 440 vacant Jet slots to other airlines

Aviation regulator DGCA has issued a show-cause notice to budget carrier IndiGo's chief operating officer and engineering head over the Pratt &amp; Whitney engines issues, sources close to the development said.

The Directorate General of Civil Aviation (DGCA) is also conducting a special safety audit of the airline's operations and engineering, they said.

Indian carriers IndiGo and GoAir, which have Pratt &amp; Whitney-powered Airbus A320 neo planes, have been facing problems with these engines, manufactured by the US firm since their induction in the fleet three years ago.

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IndiGo Airlines: We confirm there is currently a DGCA (Directorate General of Civil Aviation) audit on, which is combined with the annual main base audit. We've received a limited number of show cause notices and we have responded accordingly. <a href="https://t.co/4KPmRAYmjj">pic.twitter.com/4KPmRAYmjj</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1118475563381874688?ref_src=twsrc%5Etfw">April 17, 2019</a></blockquote>
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"The DGCA issued show-cause notice last week to IndiGo's chief operating officer Wolfgang Prock-Schauer and engineering head S C Gupta over the Pratt &amp; Whitney engines issues," a source said.

"The aviation regulator is also conducting a special safety audit of the airline after coming across issues in its operations and engineering," he said.

Queries sent to Prock-Schauer and IndiGo spokesperson remained unanswered.

When contacted, Director General B S Bhullar said the DGCA carries out detailed audit of all airlines at least once a year. He did comment on the show-cause notice.

"We conduct a detailed audit of all airlines at least once in a year. (Audit of) IndiGo is this month...Some other one (airline) in June. Every audit involves some action," Bhullar told PTI.&nbsp;

Aviation regulator DGCA has issued a show-cause notice to budget carrier IndiGo's chief operating officer and engineering head over the Pratt & Whitney engines issues, sources close to the development said.

Aviation regulator DGCA has issued a show-cause notice to budget carrier IndiGo's chief operating officer and engineering head over the Pratt & Whitney engines issues, sources close to the development said. The Directorate General of Civil Aviation (DGCA) is also conducting a special safety audit of the airline's operations and engineering, they said. Indian carriers IndiGo and GoAir, which have Pratt & Whitney-powered Airbus A320 neo planes, have been facing problems with these engines, manufactured by the US firm since their induction in the fleet three years ago. IndiGo Airlines: We confirm there is currently a DGCA (Directorate General of Civil Aviation) audit on, which is combined with the annual main base audit. We've received a limited number of show cause notices and we have responded accordingly. pic.twitter.com/4KPmRAYmjj — ANI (@ANI) April 17, 2019 × "The DGCA issued show-cause notice last week to IndiGo's chief operating officer Wolfgang Prock-Schauer and engineering head S C Gupta over the Pratt & Whitney engines issues," a source said. "The aviation regulator is also conducting a special safety audit of the airline after coming across issues in its operations and engineering," he said. Queries sent to Prock-Schauer and IndiGo spokesperson remained unanswered. When contacted, Director General B S Bhullar said the DGCA carries out detailed audit of all airlines at least once a year. He did comment on the show-cause notice. "We conduct a detailed audit of all airlines at least once in a year. (Audit of) IndiGo is this month...Some other one (airline) in June. Every audit involves some action," Bhullar told PTI.

DGCA issues notice to IndiGo over P&W engine, conducts safety audit

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