<a href="https://www.wionews.com/south-asia/pakistan-foreign-ministry-submits-proposal-to-pm-imran-khan-to-open-sharada-temple-for-indians-205524">Pakistan foreign ministry submits </a><a href="https://www.wionews.com/south-asia/pakistan-foreign-ministry-submits-proposal-to-pm-imran-khan-to-open-sharada-temple-for-indians-205524">proposal</a><a href="https://www.wionews.com/south-asia/pakistan-foreign-ministry-submits-proposal-to-pm-imran-khan-to-open-sharada-temple-for-indians-205524"> to PM Imran Khan to open Sharada temple for Indians</a>

Pakistan foreign ministry has submitted a proposal to Pakistan Prime Minister Imran Khan for consultations to open the temple, government sources have told WION.

<a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">Naresh Goyal quits Jet Airways; bank-led board to run airline</a>

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

<a href="https://www.wionews.com/world/russia-again-denies-meddling-in-2016-us-presidential-election-says-ready-to-improve-ties-205519">Russia again denies meddling in 2016 US presidential election, says ready to improve ties</a>

The Kremlin on Monday again denied Moscow's interference in the 2016 US presidential election after Special Counsel Robert Mueller's report found there no conclusive evidence of Russian meddling.&nbsp;

<a href="https://www.wionews.com/south-asia/air-strike-kills-13-civilians-mostly-children-in-afghanistan-205525">Air strike kills 13 civilians, mostly children, in Afghanistan</a>

At least 13 civilians were killed, mostly children, in an air strike by "international forces" in the northern Afghan city of Kunduz late last week, the United Nations said Monday.

<a href="https://www.wionews.com/world/hamas-denies-firing-rocket-that-hit-house-near-tel-aviv-official-205536">Hamas denies firing rocket that hit </a><a href="https://www.wionews.com/world/hamas-denies-firing-rocket-that-hit-house-near-tel-aviv-official-205536">house</a><a href="https://www.wionews.com/world/hamas-denies-firing-rocket-that-hit-house-near-tel-aviv-official-205536"> near Tel Aviv: Official</a>

A Hamas official denied Israel's accusation that it was behind Monday's rocket strike north of Tel Aviv which wounded seven Israelis and led Prime Minister Benjamin Netanyahu to vow a strong response.

&nbsp;

Pakistan foreign ministry submits proposal to PM Imran Khan to open Sharada temple for Indians Pakistan foreign ministry has submitted a proposal to Pakistan Prime Minister Imran Khan for consultations to open the temple, government sources have told WION.

Pakistan foreign ministry submits proposal to PM Imran Khan to open Sharada temple for Indians Pakistan foreign ministry has submitted a proposal to Pakistan Prime Minister Imran Khan for consultations to open the temple, government sources have told WION. Naresh Goyal quits Jet Airways; bank-led board to run airline Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said. Russia again denies meddling in 2016 US presidential election, says ready to improve ties The Kremlin on Monday again denied Moscow's interference in the 2016 US presidential election after Special Counsel Robert Mueller's report found there no conclusive evidence of Russian meddling. Air strike kills 13 civilians, mostly children, in Afghanistan At least 13 civilians were killed, mostly children, in an air strike by "international forces" in the northern Afghan city of Kunduz late last week, the United Nations said Monday. Hamas denies firing rocket that hit house near Tel Aviv: Official A Hamas official denied Israel's accusation that it was behind Monday's rocket strike north of Tel Aviv which wounded seven Israelis and led Prime Minister Benjamin Netanyahu to vow a strong response.

News brief: Big stories of the day

Jet Airways promoter and former chairman&nbsp;<a href="https://www.wionews.com/business-economy/jet-airways-board-meeting-underway-pressure-on-founder-naresh-goyal-to-quit-205440">Naresh Goyal quit</a>&nbsp;the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said.

In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board.

<iframe width="560" height="315" src="https://www.youtube.com/embed/1gFv5AT7Uk8" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

The airline was under pressure for several months hit by debt of nearly $1 billion.

Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option".

The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs.

Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end.

Jet stocks surged over&nbsp;twelve per cent as the news of the founder quitting the airline spread.

In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline. 
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<img alt="Jet Airways founder Naresh Goyal, wife Anita quit board" data-align="center" data-entity-type="file" data-entity-uuid="daeaed6f-7e2a-4fa8-8d8f-84ab7fe5c045" src="//cdn.wionews.com/sites/default/files/inline-images/Jet.jpg" />
&nbsp;

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said. Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said. In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board. The airline was under pressure for several months hit by debt of nearly $1 billion. Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option". The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs. Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end. Jet stocks surged over twelve per cent as the news of the founder quitting the airline spread. In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline.

Naresh Goyal quits Jet Airways; bank-led board to run airline

Finally, Jet Airways chief Naresh Goyal quits

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit.

The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25.

The Sensex has now lost over 575 points in two sessions.

<a href="https://www.wionews.com/business-economy/naresh-goyal-quits-jet-airways-205510">Jet Airways rallied</a> nearly 15.5 per cent after it announced Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board of the cash-strapped airline.

The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266.

On the National Stock Exchange (NSE), shares zoomed 15.46 per cent to close at Rs 261 apiece.

On the traded volume front, 33.60 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day.

Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said.

Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added.

Worries over the health of the global economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018.

Most other Asian markets too ended sharply down, while European shares were trading lower in their opening sessions.

The 30-share Sensex, after opening lower at 38,016.76, stayed in the negative territory through the session and slipped below the 38,000-mark to touch a low of 37,667.40 on mounting selling pressure in sync with the global sell-off.

However, fag-end buying at lower levels trimmed losses to some extent. The benchmark finally ended at 37,808.91 -- down by 355.70 points or 0.93 per cent.

The 50-issue NSE Nifty too cracked below the 11,400-mark and hit a low of 11,311.60, before finishing 102.65 points, or 0.90 per cent down at 11,354.25.

Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds remained net buyers, pumping in Rs 1,374.57 crore in Friday's trade, provisional data showed.

(With inputs from PTI)

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit.

Domestic equity market ended nearly a per cent lower on Monday on growing fears about a US recession and global economic slowdown, with banking and realty counters taking the biggest hit. The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25. The Sensex has now lost over 575 points in two sessions. Jet Airways rallied nearly 15.5 per cent after it announced Chairman Naresh Goyal and his wife Anita Goyal have stepped down from the board of the cash-strapped airline. The stock jumped 12.69 per cent to close at Rs 254.50 on the BSE. During the day, it rose sharply by 17.77 per cent to Rs 266. On the National Stock Exchange (NSE), shares zoomed 15.46 per cent to close at Rs 261 apiece. On the traded volume front, 33.60 lakh shares were traded on the BSE and over 4 crore shares on the NSE during the day. Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said. Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added. Worries over the health of the global economy heightened last week after cautious remarks by the US Federal Reserve sent 10-year treasury yields to the lowest since early 2018. Most other Asian markets too ended sharply down, while European shares were trading lower in their opening sessions. The 30-share Sensex, after opening lower at 38,016.76, stayed in the negative territory through the session and slipped below the 38,000-mark to touch a low of 37,667.40 on mounting selling pressure in sync with the global sell-off. However, fag-end buying at lower levels trimmed losses to some extent. The benchmark finally ended at 37,808.91 -- down by 355.70 points or 0.93 per cent. The 50-issue NSE Nifty too cracked below the 11,400-mark and hit a low of 11,311.60, before finishing 102.65 points, or 0.90 per cent down at 11,354.25. Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds remained net buyers, pumping in Rs 1,374.57 crore in Friday's trade, provisional data showed. (With inputs from PTI)

Sensex tanks 356 points on global recession fears; Jet rallies 15% as Goyal steps down

A meeting of the Jet Airways board is currently underway in Mumbai.&nbsp;<a href="https://www.wionews.com/business-economy/amid-crisis-jet-airways-says-confident-of-resolving-the-current-situation-205085">The airline is currently hobbling under over $1 billion of debt</a> and the board is to be briefed about the latest developments in the airline.&nbsp;

The board is also expected to take a call today on the continuation of Naresh Goyal as chairman of the board.&nbsp;

As per reports, the banks to which Jet owes money want Naresh Goyal, his wife Anita Goyal, whole time member Gaurang Shetty, and Naseem Zaidi off the board

At least one television channel and its sister newspaper reported Monday that&nbsp;Goyal and his wife&nbsp;are expected to leave the board Monday.

The reports added that Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993.

Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline.

Monday's report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks.

Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors — some of which have forced the airline to ground as many as 40 planes.

Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 per cent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition.

Etihad's stake is likely to be diluted in the near future, the television channel reported.

Jet Airways was not immediately available for comment when contacted by Reuters.&nbsp;

(With inputs from Reuters)

A meeting of the Jet Airways board is currently underway in Mumbai. The airline is currently hobbling under over $1 billion of debt and the board is to be briefed about the latest developments in the airline.

A meeting of the Jet Airways board is currently underway in Mumbai. The airline is currently hobbling under over $1 billion of debt and the board is to be briefed about the latest developments in the airline. The board is also expected to take a call today on the continuation of Naresh Goyal as chairman of the board. As per reports, the banks to which Jet owes money want Naresh Goyal, his wife Anita Goyal, whole time member Gaurang Shetty, and Naseem Zaidi off the board At least one television channel and its sister newspaper reported Monday that Goyal and his wife are expected to leave the board Monday. The reports added that Chief Executive Vinay Dube is expected to stay on board the 25-year-old airline Goyal set up with his wife in 1993. Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 per cent stake in the airline. Monday's report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks. Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors — some of which have forced the airline to ground as many as 40 planes. Jet has survived a near-death experience once before; in 2013, Abu Dhabi's Etihad Airways injected $600 million of capital for a 24 per cent stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition. Etihad's stake is likely to be diluted in the near future, the television channel reported. Jet Airways was not immediately available for comment when contacted by Reuters. (With inputs from Reuters)

Jet Airways board meets, pressure on founder Naresh Goyal to quit

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added.

"Top officials at the finance ministry seek regular updates on the issue," said an official at one of Jet's lenders, who did not want to be identified as discussions are private.

Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported.

New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be "transitory" and lenders could sell the stakes once Jet revives.

The government has also nudged its 49 per cent-owned National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet, a separate government source said.

Saddled with more than US $1 billion of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors - some of which have begun terminating lease deals.

The world's biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term.

It is crucial for India that Jet revives as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official said.

The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India's hinterland.

A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money.

If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer.

Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder with a 24 per cent stake.

India's finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment.

KINGFISHER'S COLLAPSE

Most companies in Jet's financial condition would be placed by creditors into India's new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines's demise in 2012 have prompted the government to seek a more sober road to rescue, they said.

Kingfisher's bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns.

Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official.

If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations.

While on the surface Jet's future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout.

But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity.

New Delhi is also backing a proposal for Jet's founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said.

"Saving Jet is not equivalent to saving Goyal," the official said.

RISING AIRFARE

Jet, with its fleet of 119 planes, once controlled a sixth of India's domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India.

The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source.

India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said.

"The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help," he said.

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters. The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added. "Top officials at the finance ministry seek regular updates on the issue," said an official at one of Jet's lenders, who did not want to be identified as discussions are private. Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported. New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be "transitory" and lenders could sell the stakes once Jet revives. The government has also nudged its 49 per cent-owned National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet, a separate government source said. Saddled with more than US $1 billion of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors - some of which have begun terminating lease deals. The world's biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term. It is crucial for India that Jet revives as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official said. The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India's hinterland. A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money. If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer. Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder with a 24 per cent stake. India's finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment. KINGFISHER'S COLLAPSE Most companies in Jet's financial condition would be placed by creditors into India's new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines's demise in 2012 have prompted the government to seek a more sober road to rescue, they said. Kingfisher's bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns. Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official. If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations. While on the surface Jet's future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout. But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity. New Delhi is also backing a proposal for Jet's founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said. "Saving Jet is not equivalent to saving Goyal," the official said. RISING AIRFARE Jet, with its fleet of 119 planes, once controlled a sixth of India's domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India. The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source. India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said. "The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help," he said.

Government asked banks to save Jet Airways, avoid bankruptcy: Sources

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after two sources told Reuters that<a href="http://www.wionews.com/business-economy/jet-airways-founder-naresh-goyal-agrees-to-step-down-as-chairman-sources-200362"> founder Naresh Goyal had agreed to step down as chairman</a>.

Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 per cent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said.

Jet, saddled with over $1 billion debt, had a rough 2018 as competition intensified in the Indian skies, the rupee depreciated and high oil prices squeezed margins.

Jet did not respond to an email seeking comments. The company had said last week that its board had approved a rescue deal which will make its lenders, led by State Bank of India (SBI), its largest shareholder.

The airline was also forced to ground another six planes on Thursday due to non-payment of dues to lessors, taking the tally to 19 which is about 15 per cent of its fleet. It has a fleet of about 123, mainly Boeing Co planes, including 16-owned aircraft.

The stock posted its biggest daily percentage gain since February 15, hitting a high of 237.05 rupees. It was last up 4.4 per cent as of 0347 GMT.

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after two sources told Reuters that founder Naresh Goyal had agreed to step down as chairman.

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after two sources told Reuters that founder Naresh Goyal had agreed to step down as chairman. Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 per cent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said. Jet, saddled with over $1 billion debt, had a rough 2018 as competition intensified in the Indian skies, the rupee depreciated and high oil prices squeezed margins. Jet did not respond to an email seeking comments. The company had said last week that its board had approved a rescue deal which will make its lenders, led by State Bank of India (SBI), its largest shareholder. The airline was also forced to ground another six planes on Thursday due to non-payment of dues to lessors, taking the tally to 19 which is about 15 per cent of its fleet. It has a fleet of about 123, mainly Boeing Co planes, including 16-owned aircraft. The stock posted its biggest daily percentage gain since February 15, hitting a high of 237.05 rupees. It was last up 4.4 per cent as of 0347 GMT.

Jet Airways shares rise after report of chairman stepping down

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake, one source said. The source said Goyal would continue to be a part of the company in some capacity even after stepping down as chairman.

The rising dominance of low-cost carriers like IndiGo in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash.

Saddled with a billion dollars in debt, Jet Airways is struggling to make payments to its pilots, vendors and lessors, some of whom have forced the airline to ground over a dozen planes.

Jet did not respond to an email seeking comment but said last week its board had approved a rescue deal which will make its lenders, lead by State Bank of India (SBI), its largest shareholders.

The deal, which is subject to regulatory approvals, includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft.

Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to put more money into the airline including interim funds of about 7 billion rupees ($99 million), one of the sources said.

The Abu Dhabi carrier, however, is still in discussions to raise its stake in Jet but will not shoulder any management responsibility, said a third source aware of the matter.

"Management of the airline is a hot sticking point that needs to be sorted out," said the source, indicating that Etihad's patience appeared to be wearing thin.

An Etihad spokesman declined to comment.

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal. Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake, one source said. The source said Goyal would continue to be a part of the company in some capacity even after stepping down as chairman. The rising dominance of low-cost carriers like IndiGo in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash. Saddled with a billion dollars in debt, Jet Airways is struggling to make payments to its pilots, vendors and lessors, some of whom have forced the airline to ground over a dozen planes. Jet did not respond to an email seeking comment but said last week its board had approved a rescue deal which will make its lenders, lead by State Bank of India (SBI), its largest shareholders. The deal, which is subject to regulatory approvals, includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft. Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to put more money into the airline including interim funds of about 7 billion rupees ($99 million), one of the sources said. The Abu Dhabi carrier, however, is still in discussions to raise its stake in Jet but will not shoulder any management responsibility, said a third source aware of the matter. "Management of the airline is a hot sticking point that needs to be sorted out," said the source, indicating that Etihad's patience appeared to be wearing thin. An Etihad spokesman declined to comment.

Jet Airways founder Naresh Goyal agrees to step down as chairman: Sources

Shares of <a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/jet-airways-shares-fall-further-plunge-over-5-190956&amp;sa=U&amp;ved=0ahUKEwjxysS08vTfAhVQ-2EKHSw1Dq8QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw27JMTSDbEvEEEVIeVY35-N">Jet Airways</a> erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

The scrip bounced back and ended 5.09 per cent higher at Rs 284.80 on the BSE. During the day, the stock had plunged 5.31 per cent to Rs 256.60.

At NSE, shares of the company soared 5.28 per cent to close at Rs 283.95.

In terms of equity volume, 48.12 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day. 
Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.

This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company

Shares of Jet Airways erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Shares of Jet Airways erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. The scrip bounced back and ended 5.09 per cent higher at Rs 284.80 on the BSE. During the day, the stock had plunged 5.31 per cent to Rs 256.60. At NSE, shares of the company soared 5.28 per cent to close at Rs 283.95. In terms of equity volume, 48.12 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day. Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company

Jet Airways shares bounce back; settle with over 5 per cent gain

<a href="http://13.232.42.114/business-economy/ready-to-infuse-up-to-rs-700-crore-in-jet-airways-subject-to-conditions-says-naresh-goyal-190922">Shares of Jet Airways</a> fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company.

The scrip declined 5.31 per cent to Rs 256.60 on BSE. On NSE, shares of the company slumped 4.93 per cent to Rs 256.40. 
The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE.

Jet Airways' shares slumped nearly 8 per cent on Wednesday too. 
The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. 
This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company. The scrip declined 5.

Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company. The scrip declined 5.31 per cent to Rs 256.60 on BSE. On NSE, shares of the company slumped 4.93 per cent to Rs 256.40. The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE. Jet Airways' shares slumped nearly 8 per cent on Wednesday too. The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

Jet Airways shares fall further; plunge over 5%

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.

This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

"Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter.

When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code.

SBI is the lead lender of a consortium of Indian banks that have provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.&nbsp;

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. "Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter. When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code. SBI is the lead lender of a consortium of Indian banks that have provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.

Ready to infuse up to Rs 700 crore in Jet Airways subject to conditions, says Naresh Goyal

<a href="http://www.wionews.com/business-economy/timeline-debt-laden-jet-airways-rocky-ride-189644">Shares in India's Jet Airways</a> jumped over 18 per cent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control.

CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 per cent stake to 20-25 per cent and agree to the voting rights on his stake being capped at 10 per cent, in a bid to save the debt-laden carrier.

The report also said Etihad may infuse capital into Jet and raise its stake from the 24 per cent it currently owns.

Jet and Goyal did not immediately respond to emails seeking comment.

Cash-strapped Jet early in the month said it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of India.

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft. 
&nbsp;

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Shares in India's Jet Airways jumped over 18 per cent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control. CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 per cent stake to 20-25 per cent and agree to the voting rights on his stake being capped at 10 per cent, in a bid to save the debt-laden carrier. The report also said Etihad may infuse capital into Jet and raise its stake from the 24 per cent it currently owns. Jet and Goyal did not immediately respond to emails seeking comment. Cash-strapped Jet early in the month said it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of India. The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018. Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft.

Jet Airways shares jump after report chairman Naresh Goyal likely to step down

Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters.

In what one of the people described as an ill-tempered showdown between the airline and some of the world's leading leasing firms, Jet's main lender State Bank of India sought to provide reassurance that India's biggest full-service carrier is doing all it can to pay its staff, suppliers and creditors.

"Jet has been delinquent for many months. Nobody wants to get in a situation where the problems worsen and it becomes even more difficult to take out aircraft," one of the people said.

Jet controls over a sixth of a market experiencing an unprecedented boom in air travel. Yet high fuel taxes, a weak rupee and price competition have squeezed profitability, leaving Jet with 80.52 billion rupees ($1.14 billion) in net debt as at the end of September and defaulting on payments.

The airline had previously told some lessors it would clear arrears by Dec. 31, but was unable do so, the people close to the matter said.

At meetings on Tuesday, held at SBI's headquarters in Mumbai's business district, the bank's Chairman Rajnish Kumar was asked how Jet planned to raise equity or debt, said one of the people - an attendee, who found the responses lacked sufficient detail.

Other attendees included Jet's management team, including the airline's founder and Chairman Naresh Goyal, as well as a senior adviser of Etihad Airways, which owns 24 per cent of Jet and which did not provide any assurances, the person said.

An official from Punjab National Bank later said lenders have "in-principle" agreed to extend some help to Jet, but details on the mechanics of it are still being worked out.

Some lessors have engaged with lawyers, are working with their technical teams about repossession and are monitoring the planes, but the situation could be complicated by a new bankruptcy law that allows up to 270 days where no action is permitted against the debtor or its assets, the person said.

Lessors such as GE Capital Aviation Services (GECAS) SMBC Aviation Capital and Jackson Square are looking into stopping the transfer of Boeing Co 737 MAX jets that had been due for delivery to Jet, the person said.

A second person said deliveries of 737 MAX jets from lessors had been behind schedule since November.

Avolon, DAE Aerospace, BOC Aviation Ltd and Aircastle Ltd also attended the meetings along with GECAS and SMBC, one of the people said, declining to specify which are considering reclaiming planes.

Jet Airways, in a statement on Friday, said the airline is working on its turnaround strategy and updating its partners, in real time, on efforts taken to improve its liquidity.

"A comprehensive plan that will ensure business sustainability, preserve value, and enable the company to honour its obligations was outlined," a Jet spokesman said in the statement, adding that the meeting took place in an atmosphere of cordiality and mutual appreciation.

The turnaround plan involves creating a competitive cost structure and restructuring the balance sheet, among other things, and is expected to "deliver a positive impact on the financials of the company," he said.

SBI and SMBC Aviation did not immediately respond to requests for comment. DAE Aerospace, GECAS, Aircastle and Jackson Square did not respond outside of regular business hours. Etihad, BOC Aviation and Avolon declined to comment.

The people familiar with the talks were not authorised to speak publicly on the matter and so declined to be identified.

Financial help

Jet, controlled by Goyal, has turned to Etihad for financial help. However, the Abu Dhabi airline is not "in any position to sink new equity into Jet at this juncture," said a person familiar with Etihad's position.

Etihad posted a "significant loss" at the end of last year that would continue into 2019, according to an internal memo seen by sources on Thursday. The memo also showed 50 pilots would lose their jobs as the airline cut costs.

Jet held talks with Indian conglomerate Tata Sons Ltd about financial aid last year. Sources told Reuters that Goyal ended the talks because Tata would have wanted him to step down or take a less prominent role.

A source close to Tata on Thursday said there had been no recent engagement with Jet and doing so was "extremely unlikely" because Tata people had "moved on internally".

Tata Sons declined to comment on Friday.

Repossession

After the disorderly collapse of Kingfisher Airlines in 2012, India modified rules in line with the Cape Town convention, an international treaty making it easier for foreign owners to repossess aircraft when airlines default on payments.

Lessors can file a complaint with the government which has the power to cancel the registration of a plane within five working days and allow lessors to repossess it subject to certain conditions, including unpaid dues on the aircraft.

Some laws conflict with full implementation of the convention and the government in October said it was consulting to revise those laws - a move that could reduce lease rates for Indian carriers. Nevertheless, the ability to repossess a plane can be a more complicated process in India than in some other countries.

On Tuesday, Jet proposed to creditors that it would catch up with debt payments in arrears as of September, and from April meet debt payments as they come due, showed a document seen by Reuters.

Jet's debt payments will be large over the next few years, starting with about 17 billion rupees due by March-end, credit-ratings firm ICRA said in a Jan. 2 research note.

Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters.

Crisis talks between India's cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters. In what one of the people described as an ill-tempered showdown between the airline and some of the world's leading leasing firms, Jet's main lender State Bank of India sought to provide reassurance that India's biggest full-service carrier is doing all it can to pay its staff, suppliers and creditors. "Jet has been delinquent for many months. Nobody wants to get in a situation where the problems worsen and it becomes even more difficult to take out aircraft," one of the people said. Jet controls over a sixth of a market experiencing an unprecedented boom in air travel. Yet high fuel taxes, a weak rupee and price competition have squeezed profitability, leaving Jet with 80.52 billion rupees ($1.14 billion) in net debt as at the end of September and defaulting on payments. The airline had previously told some lessors it would clear arrears by Dec. 31, but was unable do so, the people close to the matter said. At meetings on Tuesday, held at SBI's headquarters in Mumbai's business district, the bank's Chairman Rajnish Kumar was asked how Jet planned to raise equity or debt, said one of the people - an attendee, who found the responses lacked sufficient detail. Other attendees included Jet's management team, including the airline's founder and Chairman Naresh Goyal, as well as a senior adviser of Etihad Airways, which owns 24 per cent of Jet and which did not provide any assurances, the person said. An official from Punjab National Bank later said lenders have "in-principle" agreed to extend some help to Jet, but details on the mechanics of it are still being worked out. Some lessors have engaged with lawyers, are working with their technical teams about repossession and are monitoring the planes, but the situation could be complicated by a new bankruptcy law that allows up to 270 days where no action is permitted against the debtor or its assets, the person said. Lessors such as GE Capital Aviation Services (GECAS) SMBC Aviation Capital and Jackson Square are looking into stopping the transfer of Boeing Co 737 MAX jets that had been due for delivery to Jet, the person said. A second person said deliveries of 737 MAX jets from lessors had been behind schedule since November. Avolon, DAE Aerospace, BOC Aviation Ltd and Aircastle Ltd also attended the meetings along with GECAS and SMBC, one of the people said, declining to specify which are considering reclaiming planes. Jet Airways, in a statement on Friday, said the airline is working on its turnaround strategy and updating its partners, in real time, on efforts taken to improve its liquidity. "A comprehensive plan that will ensure business sustainability, preserve value, and enable the company to honour its obligations was outlined," a Jet spokesman said in the statement, adding that the meeting took place in an atmosphere of cordiality and mutual appreciation. The turnaround plan involves creating a competitive cost structure and restructuring the balance sheet, among other things, and is expected to "deliver a positive impact on the financials of the company," he said. SBI and SMBC Aviation did not immediately respond to requests for comment. DAE Aerospace, GECAS, Aircastle and Jackson Square did not respond outside of regular business hours. Etihad, BOC Aviation and Avolon declined to comment. The people familiar with the talks were not authorised to speak publicly on the matter and so declined to be identified. Financial help Jet, controlled by Goyal, has turned to Etihad for financial help. However, the Abu Dhabi airline is not "in any position to sink new equity into Jet at this juncture," said a person familiar with Etihad's position. Etihad posted a "significant loss" at the end of last year that would continue into 2019, according to an internal memo seen by sources on Thursday. The memo also showed 50 pilots would lose their jobs as the airline cut costs. Jet held talks with Indian conglomerate Tata Sons Ltd about financial aid last year. Sources told Reuters that Goyal ended the talks because Tata would have wanted him to step down or take a less prominent role. A source close to Tata on Thursday said there had been no recent engagement with Jet and doing so was "extremely unlikely" because Tata people had "moved on internally". Tata Sons declined to comment on Friday. Repossession After the disorderly collapse of Kingfisher Airlines in 2012, India modified rules in line with the Cape Town convention, an international treaty making it easier for foreign owners to repossess aircraft when airlines default on payments. Lessors can file a complaint with the government which has the power to cancel the registration of a plane within five working days and allow lessors to repossess it subject to certain conditions, including unpaid dues on the aircraft. Some laws conflict with full implementation of the convention and the government in October said it was consulting to revise those laws - a move that could reduce lease rates for Indian carriers. Nevertheless, the ability to repossess a plane can be a more complicated process in India than in some other countries. On Tuesday, Jet proposed to creditors that it would catch up with debt payments in arrears as of September, and from April meet debt payments as they come due, showed a document seen by Reuters. Jet's debt payments will be large over the next few years, starting with about 17 billion rupees due by March-end, credit-ratings firm ICRA said in a Jan. 2 research note.

Lessors to troubled Jet Airways consider taking back planes: Report

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