London-based AdiGro Group, the parent company of AdiGro Aviation has offered to restart the Jet Airways' operations by July 1. The company which is one of the unsolicited bidders for Jet Airways has proposed to resume its operations with eight to nine thousand employees and 70 aircraft. Sanjay Viswanathan, Founder and Chairman of AdiGroup expressed his keenness to partner with Etihad Airways and turn around the 25 year old airline which had shut its operations on April 17.
As a part of the six-point plan of the London-based company, Balance sheet management and not operating the airline like a lifestyle company are the two main elements for reviving Jet. Viswanathan said that the company wants its top leadership will need to take a 25% pay cut while the other employees will have to give up 10%, and in return they will be offered ESOPs.
"We have asked for a relevant and practical haircut, but more importantly, we are actually giving equity upside. Our binding bid has an equity component for the lender group, which means that not only will they recover their money, but also get a significant upside once our turnaround plan is executed". State Bank of india (SBI), which leads a consortium of domestic lenders to Jet Airways began approaching unsolicited bidders earlier this week including UK based entrepreneur Jason Unsworth, mumbai based Darwin Platform Group and AdiGro Aviation.
Avoiding credit mismatch while filling GSTR-9 Taxpayers registered under goods and services tax (GST) are all set to file their annual returns in the form GSTR-9 for the first time this June. The annual return is a compilation of data filled in the monthly and quarterly returns, and the onus lies on the taxpayer to ensure that this data matches with the annual return that is being filed. Likewise, the data is also required to tally with the books of accounts
- Patanjali's sales plunged 10% to 81 billion rupees
- Nine of 11 sector gauges compiled by NSE ended higher led by Nifty PSU Bank Index's 1.7% gain
- GoAir offering domestic flight tickets at a starting all-inclusive price of Rs. 1,399
- MPC has cut the repo rate by 25 bps to 5.75%(
- VadVis - Revolutionizing Company Registration and Tax Filing through Advise
- Modi Government plans to revamp social welfare schemes
- 2000 Jet Airways Employees to be hired by SpiceJet
- Sri City bags India's Brand-2019 award
- Tech Mahindra collaborates at Hyderabad Campus with Cisco
- Yes Bank denied that it was considering an exit from the asset management business
- Modi governance ideas influenced by East Asian welfare-growth model & social ethos
- SEBI permitted mutual funds to participate in all exchange-traded commodities derivatives (ETCDs)
- Air Asia India plans to tie up with about 200 companies
- London-based AdiGro Group to restart Jet Airways' operations by July 1
- Singapore Red Cross website been hacked