Ready to infuse up to Rs 700 cr in Jet Airways subject to conditions, says Jet Chairman Naresh Goyal
New Delhi, Jan 17: Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.
Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.
In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".
Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.
This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.
"Should this not be possible, then I would not be able to infuse any funds or pledge my shares, unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter.
When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code.
SBI is the lead lender of a consortium of Indian banks that has provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.
According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.
Shares of the airline were trading 3.54 per cent lower at Rs 261.40 apiece on BSE.
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Purported sleazy videos case: Action on suspended DGP after dept inquiry, says Home Minister
Bengaluru (PTI): Karnataka Home Minister G Parameshwara on Sunday said that the government will decide on further action against the now-suspended DGP K Ramachandra Rao based on recommendations following a departmental inquiry into a case concerning videos purportedly showing him behaving obscenely with women in his office.
The minister's comments followed reports that the special probe committee has ruled out Rao's claims that the clips were fake and AI-generated.
"After further departmental inquiry, whatever they recommend, the government will decide based on that. The department has to give a report to the government, and based on the recommendation made, we will take a decision," Parameshwara told reporters here in response to a question.
Since Rao claimed the circulating videos were fake AI creations, they were sent to the Forensic Science Laboratory (FSL), the minister said in response to a question.
"A team was formed in the department to find the truth. They have submitted a report to the department. The department will have to inform the government about the same, based on which further action will be taken," he added.
The state government had formed a team of four IPS officers, led by R Hitendra, Additional Director-General of Police (Law and Order), to conduct a preliminary inquiry in the case.
The government in January suspended Rao, the 1993-batch IPS officer serving as the DGP, Directorate of Civil Rights Enforcement (DCRE), after viral videos purportedly showing him acting in an obscene manner surfaced.
The videos purportedly show the 59-year-old hugging and kissing women while in office. He was wearing a police uniform in a few videos. Rao had, however, called the videos "fabricated" and vowed to take legal action.
There were even reports that the videos were shot in 2016-17 inside the office of the Inspector General of Police - Belagavi range.
