Jet Airways defaults on loan repayment; shares tank 7 percent

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Crisis-hit Jet Airways has defaulted on repayment of loans to a consortium of Indian banks, according to a filing. The full service carrier, which has been grappling with financial woes for some time now, has been making delayed salary payments to its staff. Shares of the airline tumbled 7 per cent to Rs 261.45 in afternoon trade on the BSE on Wednesday..

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    Crisis-hit Jet Airways has defaulted on repayment of loans to a consortium of Indian banks, according to a filing. The full service carrier, which has been grappling with financial woes for some time now, has been making delayed salary payments to its staff. Shares of the airline tumbled 7 per cent to Rs 261.45 in afternoon trade on the BSE on Wednesday.

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    Debt-ravaged Jet Airways India, the country's biggest so-called full-service airline, is selling a majority stake for 1 rupee - a little more than 1 US cent. It's part of a bailout plan by its state-owned lenders that will give the airline time to arrange fresh equity. The complicated arrangement is on track to be voted through on February 21, in what would represent the rescue of one of the country's most visible companies at a sensitive time, with India's general election just weeks away.

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    India's oldest private carrier suspended all operations temporarily on Wednesday, with no money to fly and banks refusing to lend any more. It has left more than 15,000 employees in the lurch. What will be the future of Jet Airways? Anirban Chowdhury has more.

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    - ASHI, Haryana's website - https://ashi-haryana.org/

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    All Rights Reserved - Pinaka Mediaworks LLP - 2019
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    Director: Ojaswwee Sharma

    Production House - Pinaka Mediaworks LLP
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    Surinder Singh
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    SAMARPAN is an ode to the dedicated team of ASHI, Haryana and Ashiana Children's Home, as they mark their Golden Jubilee this year in 2019. Available in Hindi and English Subtitles.
    Watch the full film 'SAMARPAN' online on
    - Rolling Frames Entertainment - (https://rfetv.in)
    - VEBLR - (https://veblr.com/)
    - ASHI, Haryana's website - https://ashi-haryana.org/

    About ASHI, Haryana:
    Association for Social Health in India (ASHI) is a Voluntary and Social Organization aiming at challenging those conditions that lead to exploitation of women and children for anti-social purposes by providing shelter for Destitute & Orphan children and arranging for their education, vocational training and rehabilitation are one of the Association’s main activities. The Governor of Haryana, their Chief Patron, visits the Home once a year to encourage and bless the children.

    All Rights Reserved - Pinaka Mediaworks LLP - 2019
    Produced by: Association of Social Health in India (Haryana State Branch), Pinaka Mediaworks & Rolling Frames Entertainment.
    Director: Ojaswwee Sharma

    Production House - Pinaka Mediaworks LLP
    - Associate Director: Rohit Kumar
    - Editor: Bhasker Pandey
    - Cinematography Team:
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    Surinder Singh
    - Subtitles: Diveeja Sharma

    For Pinaka Mediaworks LLP (India)

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    - Head of Post Production: Bhasker Pandey
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    SAMARPAN is an ode to the dedicated team of ASHI, Haryana and Ashiana Children's Home, as they mark their Golden Jubilee this year in 2019. Available in Hindi and English Subtitles.
    Watch the full film 'SAMARPAN' online on
    - Rolling Frames Entertainment - (https://rfetv.in)
    - VEBLR - (https://veblr.com/)
    - ASHI, Haryana's website - https://ashi-haryana.org/

    About ASHI, Haryana:
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    All Rights Reserved - Pinaka Mediaworks LLP - 2019
    Produced by: Association of Social Health in India (Haryana State Branch), Pinaka Mediaworks & Rolling Frames Entertainment.
    Director: Ojaswwee Sharma

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    Harjas Singh Marwah
    Surinder Singh
    - Subtitles: Diveeja Sharma

    For Pinaka Mediaworks LLP (India)

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    - Brand Communication Head: Diveeja Sharma
    - Head of Post Production: Bhasker Pandey
    - Legal Advisor: Vishal Taneja

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