Jet’s domestic pilots seek salary dues; rival IndiGo, SpiceJet try to rope them

By: |
March 26, 2019 4:46 PM

The guild had last week announced that its over 1,100 -odd members would stop flying from April 1 of their salaries dues were not cleared.

Jet Airways, जेट एयरवेज, Naresh Goyal, नरेश गोयल, Naresh Goyal Quit, Jet Airways Stock, Stock Performance, InvestorsMany of the pilots have received offers from rival SpiceJet and IndiGo. 

Jet Airways’ domestic pilots body, the National Aviators Guild (NAG), Tuesday sought a meeting with State Bank chairman Rajnish Kumar over pending salaries, a day after the lenders took over the carrier founded by Naresh Goyal a quarter of a century ago. The guild had last week announced that its over 1,100 -odd members would stop flying from April 1 of their salaries dues were not cleared and a clarity on the revival roadmap was not provided by March 31.

After lots of dilly-dallying, founder chairman Naresh Goyal and his board-member wife Anita, had Monday decided to step down and also pare their stake to 25.5 per cent from 50.1 per cent. The changes also saw its foreign partner Etihad halving its stake to 12 per cent and ceding a board position. Under the new deal, banks, mostly led by state-run lenders, would infuse Rs 1,500 crore of emergency liquidity to the airline and convert total debt of over 9,700 crore (including the fresh capital infusion) into equity worth 50.1 per cent at a price of Re 1.

With this, the public float in the airline has also come down 12.5 per cent from 25 per cent earlier. “We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest,” NAG general secretary Tej Sood said in an e-mail to Kumar. Thanking SBI for putting Jet on the road to recovery, Sood said, “we’d also be grateful if you could spare us some time and meet us to give us an idea of the recovery roadmap,” as this would help us rebuild our confidence and reassure us that the uncertainty is behind us.

The guild represents about 1,100 of around 1,600 pilots of the airline, and many of them have reportedly got offers from rival Indigo and Spicejet. The guild members have come together and stood behind.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1BSNL is offering up to 4 months of free broadband internet to these users; check details
2Apple doubles down on HomePod ambitions, brings back former engineer to head software division
3D-Mart Q2 profit rises twofold to Rs 417 cr