The National Aviator's Guild (NAG), which represents pilots of the grounded carrier Jet Airways, Saturday requested Prime Minister Narendra Modi to "direct" the airline's lender State Bank of India to release one month's salary of all the employees.

WION Wallet: NAG urges PM Modi to ask SBI to release one month's salary to staff

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

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<a href="https://www.wionews.com/india-news/ask-sbi-to-release-one-months-salary-to-jet-airways-staff-national-aviators-guild-to-pm-modi-214028">Ask SBI to release one month's salary to Jet Airways staff: National Aviator's Guild to PM Modi</a>

The National Aviator's Guild (NAG), which represents pilots of the grounded carrier Jet Airways, Saturday requested Prime Minister Narendra Modi to "direct" the airline's lender State Bank of India to release one month's salary of all the employees.

<a href="https://www.wionews.com/south-asia/us-envoy-ghani-push-intra-afghan-talks-214023">US envoy, Ghani push 'intra-Afghan' talks</a>

The United States and Afghanistan stressed the need for "intra-Afghan dialogue" when US envoy Zalmay Khalilzad and Afghan President Ashraf Ghani held talks on Saturday, a palace statement said.

San Diego-area synagogue shooting appears to be hate crime, says Trump as gunman identified US President Donald Trump on Saturday sent his sympathies to the families of the victims of a San Diego-area synagogue shooting, saying it appeared to be a hate crime and that authorities will "get to the bottom of it.

San Diego-area synagogue shooting appears to be hate crime, says Trump as gunman identified US President Donald Trump on Saturday sent his sympathies to the families of the victims of a San Diego-area synagogue shooting, saying it appeared to be a hate crime and that authorities will "get to the bottom of it." Islamic State says its fighters behind police clashes in Sri Lanka The Islamic State group has claimed responsibility for three men who blew themselves up in clashes with Sri Lankan police, the militant group said in a statement. Messi fires Barcelona to eighth La Liga title in 11 years Lionel Messi clinched an eighth La Liga title for Barcelona in 11 seasons on Saturday as he scored the only goal in a 1-0 win at home to Levante. The Argentine star struck his league-leading 34th goal of the campaign after coming off the bench for the second half to help Barca wrap up the title with three games remaining. Ask SBI to release one month's salary to Jet Airways staff: National Aviator's Guild to PM Modi The National Aviator's Guild (NAG), which represents pilots of the grounded carrier Jet Airways, Saturday requested Prime Minister Narendra Modi to "direct" the airline's lender State Bank of India to release one month's salary of all the employees. US envoy, Ghani push 'intra-Afghan' talks The United States and Afghanistan stressed the need for "intra-Afghan dialogue" when US envoy Zalmay Khalilzad and Afghan President Ashraf Ghani held talks on Saturday, a palace statement said.

News brief: Big stories of the day

The National Aviator's Guild (NAG), which represents pilots of the <a href="https://www.wionews.com/india-news/jet-airways-employee-commits-suicide-214024">grounded carrier Jet Airways</a>, Saturday requested Prime Minister Narendra Modi to "direct" the airline's lender State Bank of India to release one month's salary of all the employees.

In a late evening e-mail to the prime minister, the guild also sought government's directive to "stop de-registration" of the airline's aircraft, which are now being leased by other domestic carriers.

"We urge you to direct SBI to release a month's salary to all employees on an urgent and humane basis. We don't want to see a repeat of the human tragedy which unfolded post the Kingfisher Airlines demise," said NAG president Karan Chopra in the e-mail.

Thousands of employees of Kingfisher lost over eight months' salary after the airline went bust in October 2012.

The guild also sought to expedite the binding bid date for the <a href="https://www.wionews.com/business-economy/jet-airways-shares-halt-three-day-slide-zoom-nearly-10-212907">Jet Airways stake</a> to "preserve" enterprise value of the airline.

It also urged the government to ascertain if there was a "premeditated conspiracy" to delay bid declaration or any other "illegal move" was afoot to allow those who have bid as individual entities to team up as a consortium now.

On Friday, Jet Airways chief executive Vinay Dube had said there was no commitment on the part of stakeholders on paying salaries.

The airline has not paid March salaries to its over 20,000 employees. Jet ceased operations on April 17.

The airline suspended operations after the SBI-led consortium of lenders rejected its demand of Rs 983 crore lifeline to help carry out operations and pay salaries.&nbsp;

The National Aviator's Guild (NAG), which represents pilots of the grounded carrier Jet Airways, Saturday requested Prime Minister Narendra Modi to "direct" the airline's lender State Bank of India to release one month's salary of all the employees. In a late evening e-mail to the prime minister, the guild also sought government's directive to "stop de-registration" of the airline's aircraft, which are now being leased by other domestic carriers. "We urge you to direct SBI to release a month's salary to all employees on an urgent and humane basis. We don't want to see a repeat of the human tragedy which unfolded post the Kingfisher Airlines demise," said NAG president Karan Chopra in the e-mail. Thousands of employees of Kingfisher lost over eight months' salary after the airline went bust in October 2012. The guild also sought to expedite the binding bid date for the Jet Airways stake to "preserve" enterprise value of the airline. It also urged the government to ascertain if there was a "premeditated conspiracy" to delay bid declaration or any other "illegal move" was afoot to allow those who have bid as individual entities to team up as a consortium now. On Friday, Jet Airways chief executive Vinay Dube had said there was no commitment on the part of stakeholders on paying salaries. The airline has not paid March salaries to its over 20,000 employees. Jet ceased operations on April 17. The airline suspended operations after the SBI-led consortium of lenders rejected its demand of Rs 983 crore lifeline to help carry out operations and pay salaries.

Ask SBI to release one month's salary to Jet Airways staff: National Aviator's Guild to PM Modi

A 43-year-old <a href="https://www.wionews.com/business-economy/jet-airways-shares-halt-three-day-slide-zoom-nearly-10-212907">Jet Airways</a> employee who was suffering from cancer allegedly committed suicide by jumping from the roof of his apartment on Saturday.

The deceased, identified as Shailesh Kumar Singh, had been with Jet Airways for 20 years. Suffering from cancer for the last three years, he had been on leave without pay for some months.

The deceased was living with his family in his Nalasopara East apartment.

The residents of the area had called police and fire brigade officials when&nbsp;Singh climbed up to the roof of his apartment and tried jumping from there.&nbsp;

But before police could find a way to rescue him, he jumped off the roof.

Police have sent the dead body for the post-mortem examination and further investigation in the incident is on.

Jet Airways has been going through an extreme financial crisis. On April 17, the airlines suspended all its operations in view of the financial crisis.

A 43-year-old Jet Airways employee who was suffering from cancer allegedly committed suicide by jumping from the roof of his apartment on Saturday. The deceased, identified as Shailesh Kumar Singh, had been with Jet Airways for 20 years.

A 43-year-old Jet Airways employee who was suffering from cancer allegedly committed suicide by jumping from the roof of his apartment on Saturday. The deceased, identified as Shailesh Kumar Singh, had been with Jet Airways for 20 years. Suffering from cancer for the last three years, he had been on leave without pay for some months. The deceased was living with his family in his Nalasopara East apartment. The residents of the area had called police and fire brigade officials when Singh climbed up to the roof of his apartment and tried jumping from there. But before police could find a way to rescue him, he jumped off the roof. Police have sent the dead body for the post-mortem examination and further investigation in the incident is on. Jet Airways has been going through an extreme financial crisis. On April 17, the airlines suspended all its operations in view of the financial crisis.

Jet Airways employee commits suicide

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%

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

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are currently on hold.

Supporting the 20,000 employees of the grounded Jet Airways, the union official said that the present policies of the government need to be relooked as they have only lead to a crisis in the industry and jobs of thousands of people are at stake.

Weighted down by huge debt, majorly from the public sector banks, Kingfisher went belly-up in 2012. Jet Airways, which has a debt of Rs 8,500 crore, mostly from the government-run banks, ceased operations last Wednesday due to paucity of cash.

The abrupt closure of Jet Airways operations, for the time being, has put jobs of its over 20,000 employees.

Moreover, as many as six airlines have closed down in the last five years.

"First it was Kingfisher which folded up, and now its Jet Airways, which has stopped operations, albeit for the time being. The votaries of the privatisation, both in the government and outside, need to understand that denationalisation alone can't bring profitability and efficiency. Had it been so, the two private airlines would not have gone bust," said an Air Corporation Employees Union (ACEU) senior official.

Stating that the foremost reason for the current crisis in the aviation industry is the government's "reliance" on the private sector in achieving its ambitious Vision 2040, which has projected the country's air passenger traffic to grow to 1.1 billion per year by 2040, the union official said, "the industry is not doing well from the vision document point of view as the growth is not sustainable, healthy and even".

Calling the government to reconsider its plans of privatising Air India, which are put on the backburner for the time being, the ACEU official said even in the present crisis when Jet Airways passengers are stranded across airports globally, it is the national carrier which has come to the rescue of the passengers by announcing special fares for such passengers.

"The government can't expect such a gesture from private airlines," he said.

"If the present crisis is allowed to continue, it will lead to an unprecedented crisis in the industry leading to more and more employees being thrown out of employment. A mere glance of problems indicate that there is something seriously wrong with the policy direction," he added.

There is also a need to put brakes on 'open sky policy' besides strict enforcement of bilateral to make the business of domestic companies, including of Air India, viable, he said.

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are currently on hold.

Privatisation is not a remedy, which can make an airline profitable or efficient and shuttering of Jet Airways and Kingfisher is a case in point, a senior Air India employees union official said Sunday even as he urged the government to reconsider its plans to de-nationalise the flag carrier, which are currently on hold. Supporting the 20,000 employees of the grounded Jet Airways, the union official said that the present policies of the government need to be relooked as they have only lead to a crisis in the industry and jobs of thousands of people are at stake. Weighted down by huge debt, majorly from the public sector banks, Kingfisher went belly-up in 2012. Jet Airways, which has a debt of Rs 8,500 crore, mostly from the government-run banks, ceased operations last Wednesday due to paucity of cash. The abrupt closure of Jet Airways operations, for the time being, has put jobs of its over 20,000 employees. Moreover, as many as six airlines have closed down in the last five years. "First it was Kingfisher which folded up, and now its Jet Airways, which has stopped operations, albeit for the time being. The votaries of the privatisation, both in the government and outside, need to understand that denationalisation alone can't bring profitability and efficiency. Had it been so, the two private airlines would not have gone bust," said an Air Corporation Employees Union (ACEU) senior official. Stating that the foremost reason for the current crisis in the aviation industry is the government's "reliance" on the private sector in achieving its ambitious Vision 2040, which has projected the country's air passenger traffic to grow to 1.1 billion per year by 2040, the union official said, "the industry is not doing well from the vision document point of view as the growth is not sustainable, healthy and even". Calling the government to reconsider its plans of privatising Air India, which are put on the backburner for the time being, the ACEU official said even in the present crisis when Jet Airways passengers are stranded across airports globally, it is the national carrier which has come to the rescue of the passengers by announcing special fares for such passengers. "The government can't expect such a gesture from private airlines," he said. "If the present crisis is allowed to continue, it will lead to an unprecedented crisis in the industry leading to more and more employees being thrown out of employment. A mere glance of problems indicate that there is something seriously wrong with the policy direction," he added. There is also a need to put brakes on 'open sky policy' besides strict enforcement of bilateral to make the business of domestic companies, including of Air India, viable, he said.

Jet collapse: Privatisation not remedy, says Air India employees union official

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said.

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.

SBI, the lead lender of the seven-member consortium of domestic banks that have extended loans to the airline, has started the bidding process for stake sale in the carrier and clarity about potential bidders would emerge next month.

While lenders are “reasonably hopeful” of a successful bidding process, sources said banks are working on a plan B in case things don’t progress as expected. If the bidding process fails, lenders would favour a resolution for the debt-ridden Jet Airways outside the Insolvency and Bankruptcy Code (IBC) framework, sources said.

Recovery on the basis of existing security and tangible assets would be a preferred option, they added. Under the Code, the National Company Law Tribunal’s (NCLT) approval is required for initiating the process, wherein the resolution would be market-linked and time-bound.

Outside the NCLT would be a better option as far as plan B is concerned, sources said, adding that then banks would realise better value from the aircraft and other tangible assets owned by Jet Airways. Four entities — Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) — are learnt to have shown interest in picking up stake in Jet Airways.

The details of initial bidders are expected to be known on May 10. As they wait for the completion of the bidding process, the lenders are also looking at options to raise funds from the carrier’s available assets, including utilising Jet Airways’ 16 own planes.

On Friday, sources said that lenders have been proactive and cannot be blamed for the current situation at the airline. “They (lenders) have been actively engaging with the company for almost nine months ever since the airline started incurring cash losses and have been urging the management to come forward with a definite plan for resolution.”

“Unfortunately, the management and the promoter delayed in taking a decision leading to the present situation. The lenders continued to support the airline during this period,” one of the sources had said

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said.

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said. 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. SBI, the lead lender of the seven-member consortium of domestic banks that have extended loans to the airline, has started the bidding process for stake sale in the carrier and clarity about potential bidders would emerge next month. While lenders are “reasonably hopeful” of a successful bidding process, sources said banks are working on a plan B in case things don’t progress as expected. If the bidding process fails, lenders would favour a resolution for the debt-ridden Jet Airways outside the Insolvency and Bankruptcy Code (IBC) framework, sources said. Recovery on the basis of existing security and tangible assets would be a preferred option, they added. Under the Code, the National Company Law Tribunal’s (NCLT) approval is required for initiating the process, wherein the resolution would be market-linked and time-bound. Outside the NCLT would be a better option as far as plan B is concerned, sources said, adding that then banks would realise better value from the aircraft and other tangible assets owned by Jet Airways. Four entities — Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) — are learnt to have shown interest in picking up stake in Jet Airways. The details of initial bidders are expected to be known on May 10. As they wait for the completion of the bidding process, the lenders are also looking at options to raise funds from the carrier’s available assets, including utilising Jet Airways’ 16 own planes. On Friday, sources said that lenders have been proactive and cannot be blamed for the current situation at the airline. “They (lenders) have been actively engaging with the company for almost nine months ever since the airline started incurring cash losses and have been urging the management to come forward with a definite plan for resolution.” “Unfortunately, the management and the promoter delayed in taking a decision leading to the present situation. The lenders continued to support the airline during this period,” one of the sources had said

Jet Airways crisis: Lenders in favour of non-IBC resolution if bidding process fails

Jet Airways CEO Vinay Dube on Saturday informed the media he, along with his staff, met Finance Minister Arun Jaitley at his residence and requested him "to have an open and transparent bid process," news agency ANI reported. &nbsp;

Dube added that Jaitley assured them and that there were four parties interested in Jet Airways.&nbsp;

"We met Finance Minister Arun Jaitley and presented our case. We requested him to have an open and transparent bid process, he assured us of that and also told us that as part of an expression of interest that there were 4 parties that were interested in Jet Airways," Dube told reporters today evening in New Delhi.&nbsp;

Jet Airways, earlier in the week, shuttered its operations temporarily owing to lenders deciding not to extend any emergency funds.

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Jet Airways CEO Vinay Dube: We met Finance Minister Arun Jaitley&amp;presented our case. We requested him to have an open&amp;transparent bid process,he assured us of that &amp; also told us that as part of expression of interest there were 4 parties that were interested in Jet Airways. <a href="https://t.co/jiuRC9IVoG">pic.twitter.com/jiuRC9IVoG</a>
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<a href="https://www.wionews.com/business-economy/jet-airways-shares-sink-over-32-hit-52-week-low-during-the-day-211542">Shares of Jet Airways continued to fall</a> for the second day in a row on Thursday, plummeting over 32 per cent.&nbsp;

The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 -- 52-week low.

On the National Stock Exchange (NSE), shares sank 31 per cent to close at Rs 165.75 apiece.

Stock markets were closed on Wednesday and Friday.&nbsp;

Meanwhile, in a statement early Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for a stake sale.

Jet had been on a decline in the past few months as competition from budget airlines hurt its profitability and led to a debt pile. It reported losses for four straight quarters despite sales holding up.

Jet Airways CEO Vinay Dube on Saturday informed the media he, along with his staff, met Finance Minister Arun Jaitley at his residence and requested him "to have an open and transparent bid process," news agency ANI reported.

Jet Airways CEO Vinay Dube on Saturday informed the media he, along with his staff, met Finance Minister Arun Jaitley at his residence and requested him "to have an open and transparent bid process," news agency ANI reported. Dube added that Jaitley assured them and that there were four parties interested in Jet Airways. "We met Finance Minister Arun Jaitley and presented our case. We requested him to have an open and transparent bid process, he assured us of that and also told us that as part of an expression of interest that there were 4 parties that were interested in Jet Airways," Dube told reporters today evening in New Delhi. Jet Airways, earlier in the week, shuttered its operations temporarily owing to lenders deciding not to extend any emergency funds. Jet Airways CEO Vinay Dube: We met Finance Minister Arun Jaitley&presented our case. We requested him to have an open&transparent bid process,he assured us of that & also told us that as part of expression of interest there were 4 parties that were interested in Jet Airways. pic.twitter.com/jiuRC9IVoG — ANI (@ANI) April 20, 2019 × Shares of Jet Airways continued to fall for the second day in a row on Thursday, plummeting over 32 per cent. The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 -- 52-week low. On the National Stock Exchange (NSE), shares sank 31 per cent to close at Rs 165.75 apiece. Stock markets were closed on Wednesday and Friday. Meanwhile, in a statement early Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for a stake sale. Jet had been on a decline in the past few months as competition from budget airlines hurt its profitability and led to a debt pile. It reported losses for four straight quarters despite sales holding up.

Jet CEO Vinay Dube meets Arun Jaitley, says 'we have been assured of open and transparent bid process'

Jet Airways Has Shut Down Its Operations After Flying For 25 Years. Here's A Look At The Jet Saga - Reasons, Job Losses, Protests & Soaring Ticket Prices

Gravitas: Jet Airways Crisis: Did Naresh Goyal 'crash' his beloved airlines?

The trouble at Jet Airways NSE -31.46 % is expected to spill over on to the balance sheets and revenues of leading hotel chains and in-flight catering companies that are on the growing list of vendors to which the airline owes money.

Jet Airways' wings fold impacted Hospitality sector

Civil Aviation Secretary Pradeep Singh Kharola briefed media following cessation of the Jet Airways flights. Watch full video to know more.

Civil aviation secretary brief media over Jet Airways crisis

After the Jet Crisis several sectors have been impacted including the hospitality sector. Watch full video to know more.

Jet crisis' impact on hospitality sector

Thousands of employees have been stung by the rapid unravelling of Jet Airways, which, saddled with more than $1.2 billion in bank debt, grounded all its planes on Wednesday after lenders rejected a plea for emergency funds.

Despair over jobs as Jet Airways grounded

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently.

The grounding of Jet Airways flights has greatly affected the export of fresh produce to Europe.

Jet Airways had the highest capacity for Cargo. The airline had accounted for 50 per cent of exports from Mumbai to places like London, Amsterdam, Paris and Singapore.

Dubai based Emirates which has the second highest cargo capacity has in result hiked freight rates by 30 per cent to 40 per cent.

The freight rates on an average used to vary between 75 to 80 rupees per kg. But now they have risen to an excess of 100 rupees per kg.

The business community is cautious of the fact that if the status quo continues. This might have a long term impact on export volumes and price commitments.

The trouble at Jet Airways is also impacting the earnings of the hospitality industry.

The troubled airline owes a great deal of money to leading hotel chains and in-flight caterers.

Sources say&nbsp;that the suspended airline owes money to hotels like Marriott, taj, Hilton and Hyatt for crew accommodation that was booked in advance.

Air carriers don't often pay in advance. Billing cycle and room nights vary for each carrier. And bills are often sent to the companies later for payment.

&nbsp;

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently.

The employees and the passengers are not the only ones feeling the domino effect of the Jet Airways crisis, businesses across the spectrum are also feeling the heat as the operations of the 25-year-old airline came to a grinding halt recently. The grounding of Jet Airways flights has greatly affected the export of fresh produce to Europe. Jet Airways had the highest capacity for Cargo. The airline had accounted for 50 per cent of exports from Mumbai to places like London, Amsterdam, Paris and Singapore. Dubai based Emirates which has the second highest cargo capacity has in result hiked freight rates by 30 per cent to 40 per cent. The freight rates on an average used to vary between 75 to 80 rupees per kg. But now they have risen to an excess of 100 rupees per kg. The business community is cautious of the fact that if the status quo continues. This might have a long term impact on export volumes and price commitments. The trouble at Jet Airways is also impacting the earnings of the hospitality industry. The troubled airline owes a great deal of money to leading hotel chains and in-flight caterers. Sources say that the suspended airline owes money to hotels like Marriott, taj, Hilton and Hyatt for crew accommodation that was booked in advance. Air carriers don't often pay in advance. Billing cycle and room nights vary for each carrier. And bills are often sent to the companies later for payment.

Jet Airways crisis seeps into allied business

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

India′s Jet Airways suspends all operations and 20,000 jobs are at stake as India′s Jet Airways is staring at shutting down operation all together. Watch full video to know more.#JetAirways, #JobsAtStake, #JetAirwaysFlights

India′s Jet Airways suspends all operations

Jet Airways lenders Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations.

The announcement from the lenders came early morning ahead of market opening.

"The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," a statement said.

A consortium of 26 lenders led by State Bank of India (SBI), with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors. 
"Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," it said.

Banks on Wednesday rejected an immediate Rs 400 crore demand of Jet Airways compelling it to ground operations.&nbsp;

Jet Airways lenders Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations.

Jet Airways lenders Thursday said they are reasonably hopeful of a successful bidding process for stake sale, a day after the cash-starved carrier suspended its operations. The announcement from the lenders came early morning ahead of market opening. "The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid documents on April 16," a statement said. A consortium of 26 lenders led by State Bank of India (SBI), with 51 per cent stake in the debt-trapped airline, has invited bids from potential suitors. "Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner," it said. Banks on Wednesday rejected an immediate Rs 400 crore demand of Jet Airways compelling it to ground operations.

Jet Airways: Lenders reasonably hopeful of successful bidding process for stake sale

Shares of <a href="https://www.wionews.com/business-economy/jet-airways-employees-seek-pm-modis-intervention-to-help-them-out-211447">Jet Airways continued to fall</a> for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered its operations temporarily.

The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 -- 52-week low.

On the National Stock Exchange (NSE), <a href="https://www.wionews.com/business-economy/sensex-nifty-fall-as-jet-airways-stocks-bleed-211510">shares sank 31 per cent</a> to close at Rs 165.75 apiece.

On the traded volume front, 60.41 lakh shares of the company were traded on the BSE and over 5 crore shares on the NSE during the day.

The scrip had fallen 7.62 per cent on Tuesday also. In two days, the company's market valuation has eroded by Rs 1,111.14 crore to Rs 1,861.86 crore on the BSE.

Stock markets were closed Wednesday on account of Mahavir Jayanti.

With lenders deciding not to extend any emergency funds, Jet Airways on Wednesday announced temporary suspension of operations.

Meanwhile, in a statement early Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for stake sale.

The announcement came early morning ahead of market opening.

Jet had been on a decline in the past few months as competition from budget airlines hurt its profitability and led to a debt pile. It reported losses for four straight quarters despite sales holding up.

Shares of Jet Airways continued to fall for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered its operations temporarily.

Shares of Jet Airways continued to fall for the second day in a row, plummeting over 32 per cent on Thursday, a day after the ailing airline shuttered its operations temporarily. The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 -- 52-week low. On the National Stock Exchange (NSE), shares sank 31 per cent to close at Rs 165.75 apiece. On the traded volume front, 60.41 lakh shares of the company were traded on the BSE and over 5 crore shares on the NSE during the day. The scrip had fallen 7.62 per cent on Tuesday also. In two days, the company's market valuation has eroded by Rs 1,111.14 crore to Rs 1,861.86 crore on the BSE. Stock markets were closed Wednesday on account of Mahavir Jayanti. With lenders deciding not to extend any emergency funds, Jet Airways on Wednesday announced temporary suspension of operations. Meanwhile, in a statement early Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for stake sale. The announcement came early morning ahead of market opening. Jet had been on a decline in the past few months as competition from budget airlines hurt its profitability and led to a debt pile. It reported losses for four straight quarters despite sales holding up.

After shutting operation, Jet Airways shares sink over 32%

Sensex fell 135.36 points to finish at 39,140.28 on Thursday with the Nifty slipping 34.35 pts to close at 11,752.80 dragged down by banking and Jet Airways stocks.

<a href="https://www.wionews.com/business-economy/jet-airways-employees-seek-pm-modis-intervention-to-help-them-out-211447">Jet Airways' shares had nosedived</a> 34 per cent in early trade to its lowest in 10 years after it halted all flight operations indefinitely on Wednesday night as lenders rejected its plea for emergency funds.

This was the stock's worst-ever intraday drop.

The Nifty PSU Bank index fell as much as 2.4 per cent to its lowest over three weeks, with SBI dropping 2.4 per cent.

Yes Bank Ltd, which is also a lender to Jet, fell by as much as 4.7 per cent in its sharpest intraday drop since February 18.

The benchmark indices had closed at record highs on Tuesday on earnings optimism and forecast of a near-normal monsoon. Markets were closed Wednesday for Mahavir Jayanti.

Top losers in the Sensex pack included Yes Bank, Vedanta, IndusInd Bank, Tata Steel, L&amp;T, SBI, NTPC, Kotak Bank, HDFC, HDFC Bank, PowerGrid, Infosys and ITC, falling up to 4.18 per cent. 
On the other hand, RIL was the biggest gainer on the index, rising 2.79 per cent ahead of its Q4 results.

Earlier in the morning, the benchmark index was 200 points up in early trade, extending gains ahead of RIL's earnings which is due on Thursday.

After hitting a lifetime intra-day high of 39,487.45 on Thursday morning, the 30-share index traded 136.38 points or 0.35 per cent higher at 39,412.02. The NSE Nifty too soared to another record high of 11,856 in early session.

Shares of RIL rallied over 2.30 per cent, adding more that 100 points to the gains on Sensex. The company is scheduled to release its Q4 results after the markets close.

Gainers in the Sensex on Thursday included include Tata Motors, Asian Paints, Hero MotoCorp, HDFC, ICICI Bank, Axis Bank, Maruti, TCS, HDFC Bank and HCL Tech, rising up to 2.04 per cent.

Sensex fell 135.36 points to finish at 39,140.28 on Thursday with the Nifty slipping 34.35 pts to close at 11,752.80 dragged down by banking and Jet Airways stocks.

Sensex fell 135.36 points to finish at 39,140.28 on Thursday with the Nifty slipping 34.35 pts to close at 11,752.80 dragged down by banking and Jet Airways stocks. Jet Airways' shares had nosedived 34 per cent in early trade to its lowest in 10 years after it halted all flight operations indefinitely on Wednesday night as lenders rejected its plea for emergency funds. This was the stock's worst-ever intraday drop. The Nifty PSU Bank index fell as much as 2.4 per cent to its lowest over three weeks, with SBI dropping 2.4 per cent. Yes Bank Ltd, which is also a lender to Jet, fell by as much as 4.7 per cent in its sharpest intraday drop since February 18. The benchmark indices had closed at record highs on Tuesday on earnings optimism and forecast of a near-normal monsoon. Markets were closed Wednesday for Mahavir Jayanti. Top losers in the Sensex pack included Yes Bank, Vedanta, IndusInd Bank, Tata Steel, L&T, SBI, NTPC, Kotak Bank, HDFC, HDFC Bank, PowerGrid, Infosys and ITC, falling up to 4.18 per cent. On the other hand, RIL was the biggest gainer on the index, rising 2.79 per cent ahead of its Q4 results. Earlier in the morning, the benchmark index was 200 points up in early trade, extending gains ahead of RIL's earnings which is due on Thursday. After hitting a lifetime intra-day high of 39,487.45 on Thursday morning, the 30-share index traded 136.38 points or 0.35 per cent higher at 39,412.02. The NSE Nifty too soared to another record high of 11,856 in early session. Shares of RIL rallied over 2.30 per cent, adding more that 100 points to the gains on Sensex. The company is scheduled to release its Q4 results after the markets close. Gainers in the Sensex on Thursday included include Tata Motors, Asian Paints, Hero MotoCorp, HDFC, ICICI Bank, Axis Bank, Maruti, TCS, HDFC Bank and HCL Tech, rising up to 2.04 per cent.

Sensex, Nifty fall as Jet Airways stocks bleed

Around 22,000 employees of <a href="https://www.wionews.com/business-economy/lenders-reject-jet-airways-request-for-rs-400-crore-emergency-funding-sources-211192">Jet Airways</a> on Thursday sought the intervention of Prime Minister Narendra Modi in saving the<a href="https://www.wionews.com/business-economy/post-jet-crisis-indian-airfares-skyrocketing-210648"> airline</a>, which has not been able to pay the salary to its pilots and engineers for the last three and a half months.

The employees of debt-ridden airline demonstrated at Mumbai headquarters of the&nbsp;Jet Airways to press for their demand. The protesting employees blocked the gate of the airline's office.

NCP leader and Jet Airways Officers and Staff Association (AIJOSA) president Kiran Pawaskar is at Mumbai headquarters to meet the management of the airline at its Andheri headquarters.&nbsp;

"Over 16000 employees are without work today and close to 6000 more employees are attached to the company. Seems There is no job security in the aviation sector, earlier Kingfisher, Damania Airways, Modiluft there is so much shut down in the sector. I have written a letter to PM Modi, FM Jaitley, Nitin Gadkari Ji to intervene. There are employees in the age group 45-50, no other airline will employ them. Management says that there is no finance to run company. After &nbsp;May 10 bidding process we will get to know if operations will commence," said Kiran Pawaskar.

"Why isn’t govt giving money to the airline that can survive.PMO can intervene, as all banks are finally under that govt. The aviation industry is being run by the ministry, they should help." he added.

Meanwhile, India's civil aviation regulator has asked Jet Airways to submit a "concrete and credible revival plan" to restart operations suspended by the debt-laden airline.

"DGCA (Directorate General of Civil Aviation) would endeavour to do its best to help the company revive its operations within the set regulatory framework," the regulator said in a statement.

Lenders are carrying out the bidding process for stake sale in the ailing airline, which has a debt burden of more than Rs 8,000 crore.

If Jet fails to attract a buyer and collapses that would put thousands of Jet's employees out of jobs, many of whom have been unpaid for weeks or months, and affect thousands of others whose jobs are tied to the fortunes of the airline.

Facing severe liquidity crisis, Jet Airways on Wednesday night suspended its operations indefinitely. The airline`s revival now depends on successful stake sale initiated by the lenders led by SBI. 
 
(With inputs from agencies)

Around 22,000 employees of Jet Airways on Thursday sought the intervention of Prime Minister Narendra Modi in saving the airline, which has not been able to pay the salary to its pilots and engineers for the last three and a half months.

Around 22,000 employees of Jet Airways on Thursday sought the intervention of Prime Minister Narendra Modi in saving the airline, which has not been able to pay the salary to its pilots and engineers for the last three and a half months. The employees of debt-ridden airline demonstrated at Mumbai headquarters of the Jet Airways to press for their demand. The protesting employees blocked the gate of the airline's office. NCP leader and Jet Airways Officers and Staff Association (AIJOSA) president Kiran Pawaskar is at Mumbai headquarters to meet the management of the airline at its Andheri headquarters. "Over 16000 employees are without work today and close to 6000 more employees are attached to the company. Seems There is no job security in the aviation sector, earlier Kingfisher, Damania Airways, Modiluft there is so much shut down in the sector. I have written a letter to PM Modi, FM Jaitley, Nitin Gadkari Ji to intervene. There are employees in the age group 45-50, no other airline will employ them. Management says that there is no finance to run company. After May 10 bidding process we will get to know if operations will commence," said Kiran Pawaskar. "Why isn’t govt giving money to the airline that can survive.PMO can intervene, as all banks are finally under that govt. The aviation industry is being run by the ministry, they should help." he added. Meanwhile, India's civil aviation regulator has asked Jet Airways to submit a "concrete and credible revival plan" to restart operations suspended by the debt-laden airline. "DGCA (Directorate General of Civil Aviation) would endeavour to do its best to help the company revive its operations within the set regulatory framework," the regulator said in a statement. Lenders are carrying out the bidding process for stake sale in the ailing airline, which has a debt burden of more than Rs 8,000 crore. If Jet fails to attract a buyer and collapses that would put thousands of Jet's employees out of jobs, many of whom have been unpaid for weeks or months, and affect thousands of others whose jobs are tied to the fortunes of the airline. Facing severe liquidity crisis, Jet Airways on Wednesday night suspended its operations indefinitely. The airline`s revival now depends on successful stake sale initiated by the lenders led by SBI. (With inputs from agencies)

Jet Airways employees seek PM Modi's intervention amid crisis

Hinting at job losses going forward, grounded carrier <a href="https://www.wionews.com/business-economy/jet-airways-to-cancel-operations-temporarily-tonight-after-lenders-refuse-emergency-funds-sources-211219">Jet Airways chief executive Vinay Dube </a>said Wednesday said the airline does not have an "answer" at present on the fate of its 20,000-odd employees during the stake sale process.

The SBI-led consortium of lenders has offered <a href="https://www.wionews.com/business-economy/lenders-reject-jet-airways-request-for-rs-400-crore-emergency-funding-sources-211192">prospective bidders ownership</a> of the airline anywhere between 31.2 per cent and 75 for which it had run an online bidding process between April 8 and 12 and had shortlisted four - Etihad Airways, NIIF, private equity funds TPG Capital and Indigo Partners- who can submit the final bids by May 10.

<iframe width="560" height="315" src="https://www.youtube.com/embed/dyDwhrw2mIA" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

"However, we must also be realistic that the sale process will take some time and will throw up several more challenges for us, many of which we don't have the answer today," Dube said in a communication to the harried employees who have not been paid since March.

"For example, we don't have an answer today to the very important question of what happens to employees during the sale process," he added.

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Nevertheless, he said the leadership team is working on answering such questions alongside the lenders.

Jet owes over three months salaries to 15 per cent of the staff comprising senior management, pilots and engineers. Besides it has also defaulted on the March salary of its entire workforce.

Dube, in the letter said the decision to shut the operations temporarily was taken after painstaking evaluation of all alternatives and guidance and advice of the board.

"A decision like this is never easy to make, but without the interim funding, which we have been repeatedly requesting for, we are simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of our guests, employees, partners and service providers," he said.

Over the past several weeks and months, the airline has tried every means possible to seek funding, both interim as well as long-term funds, to keep the operations going, but could not succeed, he said.

"Late last night we were informed by SBI, on behalf of the consortium of the lenders, that they are unable to consider our request for interim funding of Rs 983 crores," he said adding, however, this was declined.

But public statements from the airline, and government officials Tuesday said the management was looking for a lifeline of Rs 400 crore.

"But, tomorrow is another day and tomorrow provides us with new hope, new opportunity and new expectationswe are worth investing in, you are worth investing in and we confident that we will be back to share the joy of flying with our fellow-guests once again," Dube signed off with an emotional touch.&nbsp;

Hinting at job losses going forward, grounded carrier Jet Airways chief executive Vinay Dube said Wednesday said the airline does not have an "answer" at present on the fate of its 20,000-odd employees during the stake sale process.

Hinting at job losses going forward, grounded carrier Jet Airways chief executive Vinay Dube said Wednesday said the airline does not have an "answer" at present on the fate of its 20,000-odd employees during the stake sale process. The SBI-led consortium of lenders has offered prospective bidders ownership of the airline anywhere between 31.2 per cent and 75 for which it had run an online bidding process between April 8 and 12 and had shortlisted four - Etihad Airways, NIIF, private equity funds TPG Capital and Indigo Partners- who can submit the final bids by May 10. "However, we must also be realistic that the sale process will take some time and will throw up several more challenges for us, many of which we don't have the answer today," Dube said in a communication to the harried employees who have not been paid since March. "For example, we don't have an answer today to the very important question of what happens to employees during the sale process," he added. Nevertheless, he said the leadership team is working on answering such questions alongside the lenders. Jet owes over three months salaries to 15 per cent of the staff comprising senior management, pilots and engineers. Besides it has also defaulted on the March salary of its entire workforce. Dube, in the letter said the decision to shut the operations temporarily was taken after painstaking evaluation of all alternatives and guidance and advice of the board. "A decision like this is never easy to make, but without the interim funding, which we have been repeatedly requesting for, we are simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of our guests, employees, partners and service providers," he said. Over the past several weeks and months, the airline has tried every means possible to seek funding, both interim as well as long-term funds, to keep the operations going, but could not succeed, he said. "Late last night we were informed by SBI, on behalf of the consortium of the lenders, that they are unable to consider our request for interim funding of Rs 983 crores," he said adding, however, this was declined. But public statements from the airline, and government officials Tuesday said the management was looking for a lifeline of Rs 400 crore. "But, tomorrow is another day and tomorrow provides us with new hope, new opportunity and new expectationswe are worth investing in, you are worth investing in and we confident that we will be back to share the joy of flying with our fellow-guests once again," Dube signed off with an emotional touch.

No answer to what happens to employees during sale process: Jet Airways CEO Vinay Dube

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The decision from the cash-stressed company comes shortly after banks refused to provide it with an emergency funding of Rs 400 crore.

Fineprint: After snub from banks, Jet Airways cancels all operations with immediate effect

Jet Airways has decided to<a href="https://www.wionews.com/business-economy/lenders-reject-jet-airways-request-for-rs-400-crore-emergency-funding-sources-211192"> ground operations temporarily</a> from Wednesday midnight after lenders refused its request for Rs 400 crore "emergency funds", sources told newswire PTI.

The struggling airways has informed the exchanges that it is "forced to cancel" all operations following banks refusal to extend funds. It will operate its <a href="https://www.wionews.com/business-economy/jet-airways-shares-sink-8-amid-reports-of-temporary-shutdown-of-operations-210939">last international flight tonight </a>before temporarily stopping operations abroad.

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The airline has been defaulting on payments, forcing lessors to retake almost all its planes and it has been operating just about five planes since Tuesday, down over 120 planes from last year.

Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. During the past five years airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone belly up even as the government boasts of double-digits growth for more than four years in tow.

An official announcement of grounding of operations is expected anytime now as the Jet Airways board had on Tuesday authorised chief executive Vinay Dube to make one last appeal to the SBI-led consortium to get a life-line of Rs 400 crore Wednesday, before taking a final call on the future.

"The Jet Airways management's request for Rs 400 crore emergency funds has been rejected," banking sources told PTI.

A source at the Jet Airways also said the airline was likely to shutter soon as the banks have not extended it the required financial support.

"The airline has failed to garner the funds it was desperately looking for to continue operations," he said.

The airline is currently operating only five planes from 123 aircraft in the fleet till last December.

Jet Airways has decided to ground operations temporarily from Wednesday midnight after lenders refused its request for Rs 400 crore "emergency funds", sources told newswire PTI.

Jet Airways has decided to ground operations temporarily from Wednesday midnight after lenders refused its request for Rs 400 crore "emergency funds", sources told newswire PTI. The struggling airways has informed the exchanges that it is "forced to cancel" all operations following banks refusal to extend funds. It will operate its last international flight tonight before temporarily stopping operations abroad. The airline has been defaulting on payments, forcing lessors to retake almost all its planes and it has been operating just about five planes since Tuesday, down over 120 planes from last year. Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. During the past five years airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone belly up even as the government boasts of double-digits growth for more than four years in tow. An official announcement of grounding of operations is expected anytime now as the Jet Airways board had on Tuesday authorised chief executive Vinay Dube to make one last appeal to the SBI-led consortium to get a life-line of Rs 400 crore Wednesday, before taking a final call on the future. "The Jet Airways management's request for Rs 400 crore emergency funds has been rejected," banking sources told PTI. A source at the Jet Airways also said the airline was likely to shutter soon as the banks have not extended it the required financial support. "The airline has failed to garner the funds it was desperately looking for to continue operations," he said. The airline is currently operating only five planes from 123 aircraft in the fleet till last December.

Jet Airways to cancel operations temporarily tonight after lenders refuse 'emergency funds': Sources

Cash-strapped Jet Airways has cancelled all its domestic and international flights with immediate effect after lenders rejected the airline’s request for an emergency fund infusion of Rs 400 crore.

Jet Airways temporarily shuts operations as lenders refuse emergency fund

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