Reportedly employees of beleaguered Jet Airways gathered at Jantar Mantar, delhi on Tuesday demanding clarity on the future of the airline and salaries. "Our people are facing so many problems. Many have defaulted on loans. There are no medical benefits for us. Employees are having a hard time managing their families," said Ashish Mohanty, head of the engineering association.
Following is the appeal put out by the employees' association "Jet Airways (I) Ltd was admitted to NCLT after the lenders claimed, that the resolution of the issue is only possible under IBC. Earlier, the lenders initialized a "Bank Led Resolution Plan (BLRP)", in which debt of the Company was supposed to be converted to equity, and thereafter, funds would be infused by the Consortium of Banks. However, that plan was also rolled back, and no fund infusion took place.
In this process, however, employees of the company got victimized, and have suffered for no fault of theirs. It is now over seven months that the employees are without salaries. Although the Banks became absolute owners of the Company, they did not release even a meager amount, which would have given some respite for the employees and they requested the government to release their salaries for one month, implement the Insolvency and Bankruptcy Code (IBC) Amendments and fast track completion of the resolution process.
IMF projected India's growth rate at 6.1% in 2019 The IMF on Tuesday slashed India's GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 % down from its April projections. The International Monetary Fund (IMF) in April said India will grow at 7.3% in 2019. However, three months later it projected a slower growth rate for India in 2019, a downward revision of 0.3%.
- IMF projected India's growth rate at 6.1% in 2019
- 80% of customers of Punjab & Maharashtra Co-operative Bank will get their money back: Amit Shah
- Gold demand could improve in October due to Diwali festival and discounts could narrow
- Banks started using credit score of potential buyers to fix interest rate on loans
- Mukesh Ambani richest Indian Adani claimed second position
- India likely to limit palm oil import from Malaysia over J&K remark
- Oil companies to Air India: pay monthly or will cut fuel supply
- Niti CEO to decide on private rails, stations, not railway
- RSS and BJP lock horns over regional trade grouping
- Malvinder Singh former CEO of Ranbaxy arrested
- SBIs one year MCLR brought down from 8.15% pa to 8.05% pa
- Johnson & Johnson fined 8 billion dollars for not informing consumer of some drugs that grows Male breast
- Former PMC BANK MD kept in Police custody till October 17
- Ravi Prakash arrested now khaidi no. 4412
- US said it would slap 10% tariffs on European-made Airbus