SC set aside resolution plan for Jet Airways, founded by Naresh Goyal in 1992 shortly after India liberalised its economy. A look at timeline of events that led to its permanent grounding.
The septuagenarian, who turned teary-eyed, submitted that he misses his wife Anita very badly and said she is in the advanced stage of cancer, according to court records.
Investigations are based on complaint that Goyal & others caused wrongful loss to Canara Bank. ED, probing money laundering case, arrested Goyal Friday.
FIR was lodged on Canara Bank’s complaint alleging that it sanctioned credit limits and loans to Jet Airways (India) Ltd to tune of Rs 848.86 cr of which Rs 538.62 cr is outstanding.
FIR lodged on complaint by Canara Bank chief general manager names founder Naresh Goyal, his wife Anita, Gaurang Ananda Shetty, Jet Airways, and refers to unknown public servants.
ED officials said the searches are being carried out at dozen premises in Mumbai and Delhi under FEMA provisions. Goyal is being investigated for financial irregularities.
The Delhi High Court cited India's ongoing efforts to brings back "some people sitting outside the country" to deny Jet Airways' founder Naresh Goyal's plea to travel abroad.
Jet Airways could have survived if banks had understood that Naresh Goyal would not be able to cover costs. They could've instead supplied working capital through an in-court bankruptcy process.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
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