Jet Airways’ I Ltd Board of Directors to Look into Financial Restructuring Plan DGCA will also Monitoring Jet Airways' Financial Health, Safety Issues
Jet Airways’ board will meet on Thursday to discuss the next possible steps in its
fundraising efforts, even as the Airline undergoes a forensic investigation Directed by
its top Lender SBI NSE - 2.22 % and tries to convince Etihad Airways to invest in it, said two people in the know.
“The board will take stock of the financial restructuring plans and how far it has progressed,” said a person close to the development. “Etihad’s Directors too will be there.” Abu Dhabi-based Etihad owns 25% The forensic investigation means Jet will not get liquidity assistance from SBI or the lender consortium it is leading until the findings of the probe are tabled.
“But SBI is playing a constructive role in this scenario, contrary to what may be the perception,” said the person quoted above.
The ministry of corporate affAirs is also investigating alleged irregular financial transactions at Jet. The Airline is grappling with arguably the worst financial crisis of its 20 Notably, in late August the DGCA had carried out a financial audit of Jet Airways to assess its fiscal health and ensure that the carrier was not compromising on safety due to financial stress.
With a net debt of INR 8,000 crore as on September 30, and losses in excess of over INR 1,100 crore each in the last three quarters, Airline is working on ways to raise funds and reduce costs. Last month, Jet Airways Chief Executive Officer Vinay Dube had said the Airline was in active dis ..
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