New Delhi: The blame game has begun in right earnest over who is responsible for grounding of Jet Airways. Banks are blaming the airline promoter’s alleged failure to let go of Jet in time and let some other investor in its flight deck. The promoters, on their part, insist they have signed on the every dotted line insisted upon by the lenders so that the airline could have got emergency funds and did not have to stop flying.
Amid the blame game, neither the lenders nor the promoters (Naresh Goyal) / strategic shareholder (Etihad) have given any emergency funding so that at least one month’s pay could be given to employees.
Jet CEO Vinay Dube on Friday wrote to employees: “We have told (SBI-led lenders) repeatedly employees are facing grave hardships owing to non-payment of their salaries and that if this were to continue any longer, our employees will have no option but to find employment elsewhere. Unfortunately, the banks have said that they are unable to make any salary commitments, if at all, until after the bidding process is complete.”
“While on the one hand, we are being told to preserve the value of Jet Airways during the bid process, on the other hand, with no salary payment, some of our colleagues, who are the very fabric and value of this airline, have no choice but to find employment elsewhere. When we highlight the disappointing irony of this situation to the lenders, we are simply told that this problem is to be addressed by the Company’s shareholders, who should and could have agreed on a Resolution Plan a long time ago,” Dube’s mail added.
26/04/19 Saurabh Sinha/Times of India
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Amid the blame game, neither the lenders nor the promoters (Naresh Goyal) / strategic shareholder (Etihad) have given any emergency funding so that at least one month’s pay could be given to employees.
Jet CEO Vinay Dube on Friday wrote to employees: “We have told (SBI-led lenders) repeatedly employees are facing grave hardships owing to non-payment of their salaries and that if this were to continue any longer, our employees will have no option but to find employment elsewhere. Unfortunately, the banks have said that they are unable to make any salary commitments, if at all, until after the bidding process is complete.”
“While on the one hand, we are being told to preserve the value of Jet Airways during the bid process, on the other hand, with no salary payment, some of our colleagues, who are the very fabric and value of this airline, have no choice but to find employment elsewhere. When we highlight the disappointing irony of this situation to the lenders, we are simply told that this problem is to be addressed by the Company’s shareholders, who should and could have agreed on a Resolution Plan a long time ago,” Dube’s mail added.
26/04/19 Saurabh Sinha/Times of India
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