Is SBI deliberately killing Jet Airways?

Is SBI deliberately killing Jet Airways?

FPJ BureauUpdated: Wednesday, May 29, 2019, 12:01 AM IST
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New Delhi: The employees of the Jet Airways on Monday accused the State Bank of India (SBI) in an open letter to its chairman Rajneesh Kumar of callousness in killing their company by delaying infusion of funds and forcing out their boss Naresh Goyal who would have ensured that the entire operations of their airline are not grounded.

Ridiculing the SBI chairman’s words on March 20 that “it’s in everybody’s interest that Jet Airways continues to fly,” the employees expressed shock that their company is being destroyed deliberately by various vested interests at the instance of the SBI.

“First, we were promised Rs 1500 crore, then Rs 1000 crore and then tranches of Rs 250 crore, but nothing came” and no urgency even after the airline’s operations were stopped. Their appeal is “to provide us the promised funding and hasten the process of getting new investors in the board. You will not regret this, and neither will the new investor. This is a promise from 20,000 hearts and souls of this company.”

The employees accused the SBI chairman of going through all the motions and processes to further delay infusion of funds in the company. Why inordinate delay in calling for binding bids from investors, why the date of May 10 for bids being bundled and why bringing investors on board as late as on May 30, they asked.

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