Jet Airways is on a time crunch to find investors.
After Kamark's exit, only Ashok Chawla and Sharad Sharma remain on Jet Airways board, which ceased operations around mid-April.
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Etihad Airways earlier said that it could not put in more than Rs 1,700 crore in Jet.
The MCA wants to look into several instances where Jet had written off investments in various subsidiary companies without any apparent reason.
Bankers who have been unable to put their own house in order are now preparing to run an airline, no prices for guessing the outcome
The airline is sitting on a debt mount of Rs 8,000 crore and has continuously defaulted on its loan repayment.
Etihad opting to exit Jet Airways is the worst development in the ongoing saga where the climax is unlikely to be a happy one.
Banks want to avoid initiating insolvency proceedings against the airline as there are no tangible assets that can help recover loans
At the board meeting of Etihad on March 12, several members expressed reservations about the terms proposed by Jet Airways' lenders
Naresh Goyal has been the face of Jet Airways over the past 26 years
On February 28, reports suggested that Naresh Goyal has agreed to step down as chairman of the airline.
Both the airlines are set to sign a memorandum of understanding within days, which would result into stepping down of Jet Airways founder Chairman Naresh Goyal from the board of directors, the report said.
A fresh equity injection and restructuring of debt is a necessary condition for Jet to continue flying. But it is not sufficient.
Uttaresh Venkateshwaran is in conversation with Moneycontrol Corporate Bureau Chief Prince Thomas to discuss the possibilities that could arise out of this situation.
Naresh Goyal has no option but to agree to cede majority control to woo the likes of Etihad.
The aviation regulator flagged off these concerns to the Naresh Goyal-promoted airline as part of its audit of the carrier
The Abu Dhabi-based Etihad had come to the rescue of the Naresh Goyal-controlled airline during the earlier downturn too.
In exchange for funds through equity and soft loans, Goyal is considering handing over operations to Etihad, while retaining his position as Chairman
The response came after the BSE sought a clarification on the news report that Naresh Goyal and Etihad discussing merger of Jet Privilege and Jet Airways.
Jet Airways had a board meeting on Monday, where the company’s lease charges for 17 of its Boeing 737s were discussed
A Reuters report said the UAE-based carrier denied that it was seeking to take over Etihad Airways to create the world's largest airline.
Adverse market circumstances mean that further equity infusion will be important for Jet to secure funding in the short-term, and also bolster its balance sheet to placate shareholders.
The Abu Dhabi-based airline's second consecutive annual loss comes as the long-haul carrier reduced its aircraft fleet from 119 to 115 last year.
Long-haul airline Etihad said it welcomed the decision by the US Department of Homeland Security, which comes "subject to enhanced security measures" at Abu Dhabi International Airport. That airport already has a US Customs and Border Protection facility that allows passengers to clear screening they'd otherwise have to go through when landing in America.