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Jet Airways’ scrip down 5% as four aircraft grounded

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Mumbai, Feb 8 (IANS) Financially stressed Jet Airways’ stocks fell by around 5 per cent on Friday a day after the airline said that four of its aircraft have been grounded for non-payment of dues to lessors.

The company’s scrip at the BSE on Friday fell by 4.78 per cent or Rs 11.30 to Rs 225.30 from its previous close.

In another development, the company in a separate regulatory filing said that its Board will meet on February 14, 2019 to approve the unaudited financial statements for the third quarter and nine months ended 31 December 2018.

On the issue of grounding of aircraft, the airline on Thursday said that it is actively engaged with all its aircraft lessors and “regularly provides them with updates on efforts undertaken by the company to improve its liquidity”.

“The company is making all efforts to minimise disruption to its network…and is proactively informing and re-accommodating its affected guests,” it said in the filing on Thursday.

“The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard.”

The airline on Thursday also said that three aircraft that were grounded for engine normalisation are back in commercial operations.

Lately, Jet Airways has been in a tight spot financially as a rescue plan is being stitched between its partner Etihad and a consortium of banks.

The airline has a loan burden of over Rs 8,000 crore and it could see some of that amount being converted into equity by the banks.

Last month in a filing, Jet Airways said an Extraordinary General Meeting (EGM) of the company would be held on February 21 where a special resolution would be put forth to consider and “approve conversion of loan into shares or convertible instruments or other securities”.

The question about the financial health of Jet Airways has also been raised in the Lok Sabha.

Replying to a question on the airline, Minister of State for Civil Aviation Jayant Sinha in a written reply informed the Parliament that efficient operations and financial performance is the responsibility of each airline and their shareholders.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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