1. CONTINGENT LIABILITIES :                 Amount (Rs. in lakh)
 
 S.No. Particulars                          2010-11      2009-10
 
 a) Service Tax demands in appeals         127,714       78,427
 
 b) Fringe Benefit Tax demands in appeals    8,513          Nil
 
 c) Claims against the Company, pending 
 Civil and Consumer Suits                    4,883        4,291
 
 d) Inland Air Travel Tax demands which 
 are under appeal                              426          426 
 
 Amount deposited with the Authorities 
 for the above demands                         105          105
 
 e) Claim for Octroi                         2,899        2,899
 
 f) Letters of Credit Outstanding          139,345       89,307
 
 g) Bank Guarantees Outstanding             64,767       89,891
 
 h) Corporate Guarantee given to Banks 
 and Financial Institution against credit 
 facilities, and to Lessor against 
 financial obligations extended to 
 Subsidiary Company 
 
 Amount of guarantee                        42,166       73,318
 
 Outstanding Amounts against 
 the guarantee                              42,166       70,736
 
 i) Income Tax demands in appeals           29,173        1,386
 
 j) Sales Tax demands in appeals               Nil            6
 
 k) Disputed Claims against the Company 
 towards Ground Handling Charges               Nil        5,738
 
 
 l) The Company had acquired 100% shares of Sahara Airlines Limited
 (SAL) (now known as Jet Lite (India) Limited) in April, 2007. As per
 the Share Purchase Agreement (SPA) and the subsequent Consent Terms,
 the sale consideration was to be paid to the Selling Shareholders
 (SICCL) in installments by 30th March, 2011. As a result of certain
 disputes that arose between the parties, both the parties had filed
 petitions in the Honble Bombay High Court for breach of SPA and consent
 terms. The Honble Bombay High Court delivered the Judgment on 4th May,
 2011 whereby SICCLs demand for restoration of original price to Rs.
 200,000 lakh was denied and the Purchase Consideration was sealed at
 Rs. 145,000 lakh. However, the Honble Bombay High Court has awarded
 interest of 9% p.a. on the sums payable to SICCL from the date of
 default. In view of this Order, a sum of Rs. 11,643 lakh became payable
 as interest which has been duly discharged by the Company.  As a result
 of this discharge, the undertaking given by the Company in April 2009
 for not creating any encumbrance or alienation of its moveable or
 immoveable assets and properties in any manner other than in the normal
 course of the business, stands released.
 
 Further as regards the Company''s execution proceedings against SICCL to
 recover amounts aggregating Rs. 82,102 lakh for their obligation to
 indemnify the Company for income tax demands raised on Jet Lite (India)
 Limited for assessment years prior to the effective date of Share
 Purchase Agreement / Consent Terms and Consent Award by which SAL
 Shares were acquired presently stands resolved in the light of
 Department quashing such demand on Jet Lite.
 
 Though the Company has complied with the order of the Hon''ble Bombay
 High Court by making payment of Rs. 47,851 lakh including interest of
 Rs. 11,643 lakh, thereafter based on legal advice it has decided to
 file an appeal with the Division Bench of Bombay High Court contesting
 the levy of interest @ 9% p.a. and claiming no interest payable. SICCL
 has already filed an appeal with the Division Bench of Bombay High
 Court for restoration of purchase consideration to Rs. 200,000 lakh and
 for interest to be awarded at 18% p.a. as against 9% p.a. awarded by
 the Hon''ble Bombay High Court.
 
 Hence the interest payment of Rs. 11,643 lakh (Rs. 11,305 lakh up to
 31st March, 2011) till 4th May 2011 effected by the Company on 5th May
 2011 is not provided in the books of accounts as per its stand above
 and will be subject to final determination by the Court.
 
 The Company is a party to various legal proceedings in the normal
 course of business and does not expect the outcome of these proceedings
 to have any adverse effect on its financial conditions, results of
 operations or cash flows.
 
 2.  DISCLOSURE ON DERIVATIVES
 
 (a) The Company has entered into certain derivative contracts viz.
 interest rate swaps (IRS), currency options, IRS cum currency swaps,
 etc in order to hedge and manage its foreign currency exposures towards
 future export receivables and foreign currency borrowings. Such
 derivative contracts which are in the nature of firm commitments and
 highly probable forecast transactions are entered into by the Company
 for hedging purposes only and does not use the same for trading or
 speculation purposes.
 
 Nominal amounts of derivatives contracts entered into by the Company
 and outstanding as on 31st March, 2011, Rs. 93,650 lakh (Previous Year
 Rs. 126,036 lakh). The category-wise break-up thereof is as under :
 
 Based on the Announcement of The Institute of Chartered Accountants of
 India Accounting for Derivatives along with the principles of
 prudence as enunciated in Accounting Standard (AS-1) Disclosure of
 Accounting Polices the Company has accounted for outstanding
 derivative contracts at fair values as at the balance sheet date.
 
 On that basis, the changes in the fair value of the derivative
 instruments as at 31st March, 2011 of Rs. 4,817 lakh has been credited
 (Previous Year Rs. 7,045 lakh) to the Profit and Loss Account and
 disclosed as an exceptional item in the current year. The credit on
 account of derivative gains has been computed on the basis of MTM
 values based on the confirmations from the counter parties.
 
 3.  The Company has equity and preference investments aggregating to
 Rs. 164,500 lakh (Previous year Rs. 164,500 lakh) in Jet Lite (India)
 Limited, a wholly owned subsidiary, and an amount of Rs. 152,951 lakh
 (Previous Year Rs. 68,207 lakh) advanced as interest free loan as on
 31st March, 2011. The said subsidiary has improved its operating
 revenue by 13% from previous year but mainly due to uncontrollable rise
 in fuel cost during the year, the results finally turned out to be
 negative and subsidiary company continues to show a negative net-worth
 as on 31s March 2011. The Company as a part of its annual test of other
 than temporary diminution in its investment and impairment of loans
 advanced to the said subsidiary, subsequent to the balance sheet date,
 had appointed a reputed valuer to reassess the position of its exposure
 in the said subsidiary company. The equity interest in the said
 subsidiary, as reassessed by a reputed valuer, based on revised
 business plans as approved by the Board of subsidiary company supports
 the carrying value of such investment and loan outstanding. The Company
 continues to provide financial support to subsidiarys operations to
 further such business plans and expects improved performance in the
 future. Accordingly, the financial statements of the subsidiary company
 have been prepared on Going Concern basis and no provision is
 considered necessary at this stage in respect of its investments and
 loans outstanding from the said subsidiary company at the year end.
 
 4.  EMPLOYEE BENEFITS
 
 a) Defined contribution plan
 
 The Company makes contributions at a specified percentage of payroll
 cost towards Employees Provident Fund (EPF) for qualifying employees.
 
 The Company recognised Rs. 3,314 lakh (Previous Year Rs. 3,256 lakh)
 for provident fund contributions in the Profit and Loss Account.
 
 b) Defined benefit plans
 
 The Company provides the annual contributions as a non-funded defined
 benefit plan for qualifying employees.  The gratuity scheme provides
 for payment to vested employees as under : i) On Normal retirement /
 early retirement / withdrawal / resignation :
 
 As per the provisions of Payment of Gratuity Act, 1972 with vesting
 period of 5 years of continuous service.
 
 ii) On death while in service :
 
 As per the provisions of Payment of Gratuity Act, 1972 without any
 vesting period.
 
 The most recent actuarial valuation of plan assets and the present
 value of the defined benefit obligation for gratuity were carried out
 at 31st March, 2011 by an actuary. The present value of the defined
 benefit obligations and the related current service cost and past
 service cost, were measured using the Projected Unit Credit Method.
 
 The present value of defined benefit obligation was Rs. 4,367 lakh as
 on 31st March, 2009; Rs. 4,723 lakh as on 31st March, 2008 and Rs.
 3,603 lakh as on 31st March, 2007.
 
 The fair value of planned assets was Rs. Nil on 31st March 2009, 31st
 March 2008 and 31st March, 2007.
 
 * The details of the Experience adjustments arising on account of plan
 assets and liabilities as required by paragraph 120(n)(ii) of AS-15
 (Revised) on Employee Benefits of previous financial years are not
 available in the valuation report for the financial year 2006-07,
 2007-08, 2008-09 and hence, are not furnished.
 
 The estimates of rate of escalation in salary considered in actuarial
 valuation, takes into account inflation, seniority, promotion and other
 relevant factors including supply and demand in the employment market.
 
 c) Other Long Term Employee Benefit
 
 The Leave Encashment provision for the year ended 31st March, 2011,
 based on actuarial valuation carried out using the Projected Accrued
 Benefit Method, amounting to Rs. 598 lakh (Previous Year reversal of
 Rs. 621 lakh) has been recognized in the Profit and Loss Account.
 
 Note:
 
 The remuneration reported above excludes charge for gratuity fund and
 compensated absences since the same is ascertained on an aggregated
 basis for the Company as a whole by way of actuarial valuation and
 separate values attributable to directors are not ascertained.  b)
 Computation of Net Profit in accordance with Section 349 of the
 Companies Act, 1956, has not been given as commission by way of
 percentage of profit is not payable for the current year and the
 previous year to the Directors of the Company.
 
 5.  SEGMENT REPORTING :
 
 a) Primary Segment : Geographical Segment
 
 The Company, considering its higher level of international operations
 and internal financial reporting based on geographic segment, has
 identified geographic segment as primary segment.
 
 The geographic segment consists of :
 
 i) Domestic (air transportation within India)
 
 ii) International (air transportation outside India)
 
 Leasing operations are classified into (i) or (ii) above based on the
 domicile of the lessee being within or outside India.
 
 Revenue and expenses directly attributable to segments are reported
 based on items that are individually identifiable to the respective
 segments, while the remainder of the expenses are categorized as
 unallocated which are mainly employee remuneration and benefits, other
 selling and distribution expenses, other operating expenses, aircraft
 lease rentals, depreciation / amortization and interest, since these
 are not specifically allocable to specific segments as the underlying
 assets / services are used interchangeably.
 
 The Company believes that it is not practical to provide segment
 disclosures relating to these revenue and expenses, and accordingly
 these expenses are separately disclosed as unallocated and directly
 charged against total revenues.
 
 The Company believes that it is not practical to identify fixed assets
 used in the company''s business or liabilities contracted, to any of the
 reportable segments, as the fixed assets are used interchangeably
 between segments. Accordingly, no disclosure relating to total segment
 assets and liabilities are made.
 
 b) Secondary Segment : Business Segment
 
 The Company operates into two business segments viz Air Transportation
 and Leasing of Aircraft and identified the same as secondary segment to
 be reported considering the requirement of Accounting Standard 17 on
 Segment Reporting issued by the Institute of Chartered Accountants of
 India and is disclosed as under :
 
 6.  RELATED PARTY TRANSACTIONS :
 
 As per Accounting Standard - 18 on Related Party Disclosures, the
 disclosure of transactions with the related party as defined in the
 Accounting Standard are given below :
 
 a) List of Related Parties with whom transactions have taken place and
 Relationships :
 
 Sr. No.  Name of the related party        Nature of relationship
 
 (1) Tail Winds Limited                   Holding Company
 
 (2) Jet Lite (India) Limited             Wholly Owned Subsidiary 
                                          Company (Control exists)
 
 (3) Naresh Goyal                         Controlling Shareholder of 
                                          Holding Company
 
 (4) Anita Goyal
                                          Relative of controlling 
                                          shareholder of Holding
 
 (5) Nivaan Goyal                         Company
 
 (6) Namrata Goyal
 
 (7) Saroj K Datta                        Key Managerial Personnel
 
 (8) Jetair Private Limited
 
 (9) Jet Airways LLC
 
 (10) Trans Continental e 
 Services Private Limited                Enterprises over which 
                                         controlling shareholder of
 
 (11) Jet Enterprises Private Limited    Holding Company and his 
                                         relatives are able to
 
 (12) Jet Airways of India Inc.          exercise significant influence 
                                         directly or indirectly.
 
 (13) India Jetairways Pty Limited
 
 (14) Jet Airways Europe Services N.V.
 
 (15) Jetair Tours Private Limited
 
 Note: Above mentioned related parties are identified by the Management
 and relied upon by the Auditors.
 
 The salient features of a Hire Purchase / Finance Lease Agreement are :
 
 - Option to purchase the aircraft either during the term of the Hire
 Purchase on payment of the outstanding Principal amount or at the end
 of the Hire Purchase term on payment of a nominal option price.
 
 - In the event of default, the Hirer / Lessee is responsible for
 payment of all costs of the Owner including the financing cost, and
 other associated costs. Further a right of repossession is available to
 the Owner / Lessor.
 
 - The Hirer / Lessee is responsible for maintaining the aircraft as
 well as insuring the same.
 
 - In the case of Finance Lease the property passes to the Lessee, on
 the payment of a nominal option price at the end of the term.
 
 b) Operating Leases
 
 i) The Company has taken various residential / commercial premises and
 amenities under cancelable and non-cancelable operating leases. These
 lease agreements are normally renewed on expiry.
 
 The Salient features of an Operating Lease agreement are :
 
 - Monthly rentals paid in form of fixed and variable rental. Variable
 Lease Rentals are payable on a pre determined rate payable on the basis
 of actual flying hours. Additionally, the predetermined rates of
 Variable Rentals are subject to the annual escalation as stipulated in
 the respective leases.
 
 - The Company neither has an option to buyback nor does it generally
 have an option to renew the leases.
 
 - In case of delayed payments, penal charges are payable as stipulated.
 
 - In case of default, in addition to repossession of the aircraft,
 damages including liquidated damages as stipulated are payable.
 
 - The Lessee is responsible for maintaining the aircraft as well as
 insuring the same. The Lessee is eligible to claim reimbursement of
 costs as per the terms of the lease agreement.
 
 - The leases are non-cancellable.
 
 The Salient features of Dry Lease agreement are :
 
 - In this leasing arrangement aircraft is leased without insurance and
 crew.
 
 - Monthly rentals paid in form of fixed and variable rental. Variable
 Lease Rentals are payable on a pre determined rate payable on the basis
 of actual flying hours. Additionally, the predetermined rates of
 Variable Rentals are subject to the annual escalation as stipulated in
 the respective leases.
 
 - The Lessee neither has an option to buyback nor does it generally
 have an option to renew the leases.
 
 - The dry leases are non-cancelable.
 
 Note: During the previous financial year, in the absence of virtual
 certainty, Deferred Tax Asset on account of unabsorbed depreciation and
 business loss has been recognized to the extent it can be realized
 against reversal of deferred tax liability on account of depreciation.
 
 7. As per Accounting Standard 29, Provisions, Contingent Liabilities
 and Contingent Assets, given below are movements in provision for
 Frequent Flyer Programme, Redelivery of Aircraft, Aircraft Maintenance
 Costs and Engine Repairs Costs.
 
 a) Frequent Flyer Programme :
 
 The Company has a Frequent Flyer Programme named ‘Jet Privilege'',
 wherein the passengers who frequently use the services of the Airline
 become members of ‘Jet Privilege'' and accumulate miles to their credit.
 Subject to certain terms and conditions of ‘Jet Privilege'', the
 passenger is eligible to redeem such miles lying to their credit in the
 form of free tickets.
 
 The cost of allowing free travel to members as contractually agreed
 under the Frequent Flyer Programme is accounted considering the
 members'' accumulated mileage on an incremental cost basis. The movement
 in the provision during the year is as under :
 
 b) Redelivery of Aircraft :
 
 The Company has in its fleet aircraft on operating lease. As
 contractually agreed under the lease agreements, the aircraft have to
 be redelivered to the lessors at the end of the lease term in the
 stipulated technical condition. Such redelivery conditions would entail
 costs for technical inspection, maintenance checks, repainting costs
 prior to its redelivery and the cost of ferrying the aircraft to the
 location as stipulated under the lease agreement.
 
 d) Engine Repairs Cost :
 
 The aircraft engines have to undergo shop visits for overhaul and
 maintenance at specified intervals as per the Maintenance Program
 Document. The same was provided for on the basis of hours flown at a
 pre-determined rate.
 
 8.  W.e.f. 1st April 2008, the Company adopted the option offered by
 the notification of the Companies (Accounting Standards) Amendment
 Rules, 2006 which amended Accounting Standard 11 The Effects of
 Changes in Foreign Exchange Rates.
 
 Pursuant to the aforesaid notification, exchange differences relating
 to long term monetary items have been accounted for as described in
 Accounting policy ‘L'' of Schedule S. Accordingly, cumulative foreign
 exchange loss (net) of Rs. 90,649 lakh (Previous Year Rs. 94,895 lakh)
 upto balance sheet date has been adjusted to the cost of the fixed
 assets / capital work-in-progress being the exchange differences on
 long term monetary items relatable to the acquisition of fixed assets.
 As a result of this, the net profit before tax for the year is lower by
 Rs. 4,246 lakh and previous year net loss before tax was higher by Rs.
 120,661 lakh.
 
 9.  In the previous year, the Company had entered into a Power by the
 Hour (PBTH) Engine Maintenance agreement with a Service provider for
 its Next Generation Boeing 737 Aircraft fleet. Earlier to previous
 year, the Company was charging variable rent payable to various
 Lessors, with respect to all Aircraft on operating lease, to the Profit
 and Loss Account as per the agreement entered into with them.
 
 Consequent to such arrangement in the previous year with the Engine
 Maintenance Service provider, which includes the cost of future engine
 shop visits, the Company continues to expense out the monthly cost of
 PBTH at the rate specified in the contract to the Profit and Loss
 Account and continues to treat the variable rental payable to the
 Lessors as receivables as good of recovery to be set off against the
 future claims payable on engine shop visits.  Accordingly, the variable
 rent of Rs. 21,403 lakh (Previous Year Rs. 9,712 lakh) upto balance
 sheet date has been grouped under Advances recoverable in cash or in
 kind in Loans and Advances.
 
 10.  Disclosures relating to amounts payable as at the year end
 together with interest paid / payable to Micro, Small and Medium
 Enterprises have been made in the accounts, as required under the
 Micro, Small and Medium Enterprises Development Act, 2006 to the extent
 of information available with the Company determined on the basis of
 intimation received from suppliers regarding their status and the
 required disclosure are given below :
 
 11.  The Airline Industry was adversely affected by the general
 economic slowdown witnessed globally in the year 2008.  This coupled
 with high fuel cost significantly impacted the performance and cash
 flows of the Company and its subsidiary resulting in substantial
 erosion of the net worth. The Management has been constantly
 implementing initiatives to improve the operating results through cost
 control measures, route rationalization, leasing out aircraft etc.
 During the financial year 2010-11, the Company improved its operating
 performance consequent to passenger traffic returning to normalcy and
 reflected operating profits in the first three quarters. However, as a
 result of significant increase in the crude oil prices not matched by
 increase in fares, the Company could not maintain its profitable
 performance during the last quarter of the year. This, in the view of
 the Company is purely temporary as the fuel prices have now subsided
 and going forward, the Company expects to perform better. The Company
 is also exploring options of raising finances to meet its various short
 term and long term obligations including financial support to its
 Subsidiary – Jet Lite (India) Limited. These measures would result in
 sustainable cash flows and accordingly continues to present these
 financial statements on a going concern basis, which contemplates
 realization of assets and settlement of liabilities in the normal
 course of business.
 
 12.  Depreciation on all owned tangible assets (including Simulators)
 other than Aircraft was hitherto provided on Written Down Value method.
 In order to reflect a more appropriate preparation / presentation of
 financial statements, the Company has changed the method of
 Depreciation on all owned tangible assets (including Simulators) other
 than Aircraft from Written Down Value Method to Straight Line Method
 w.e.f. 1st April, 2010 and the surplus amount of Rs. 12,225 lakh
 arising from retrospective computation has been accounted and disclosed
 under Exceptional Items for the year ended 31st March, 2011.
 Consequently, charge on account of depreciation for the year ended 31st
 March, 2011 is lower by Rs. 699 lakh.
 
 13.  Comparative financial information (i.e. amounts and other
 disclosures for the previous year presented above as corresponding
 figures), is included as an integral part of the current year''s
 financial statements, and is to be read in relation to the amounts and
 other disclosures relating to the current year. Figures of the previous
 year have been regrouped / reclassified wherever necessary to
 correspond to figures of the current year.