Jet Airways is facing huge financial crisis with National Aviators Guild (NAG) - the organisation of domestic pilots of Jet Airways being surrounded by problems.
The notice has been handed to the management to pay due salaries till April 14. With this, the number of daily flights has been reduced to 32 from Jet Airways.
Jet operated only 22 flights from Mumbai. Engineers, senior pilots and senior executives of Jet Airways have not received their salary for the last three months. Due to this, the market cap on Tuesday was just ₹3040 crores.
Also Read: IndiGo To Introduce 20 Additional Domestic Flights
As stated in Economic Times, Jet CEO Vinay Dube told employees that the airline is working to secure interim funding to get more planes flying. It also supports the resolution plan by lenders.
Meanwhile, a lawyer representing Jet pilots on Tuesday wrote to Dube, saying they would be forced to “resort to all constitutional and legal methods” if the outstanding salaries weren’t cleared by April 14 and future salaries by the 1st of each month.
Notably, Naresh Goyal is the largest shareholder with 51 per cent followed by Etihad with 21 per cent with State Bank of India (SBI) being its lender. Naresh Goyal is seeking to rescue the carrier by pledging 31.2 per cent of his shares to the lenders on the condition that they release the promised interim loan funding of ₹1500 crores without delay.
Also Read: Jet Airways Pilots Threaten To Go On Strike From April 1
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