Advertisement

India

Updated on: Wednesday, May 29, 2019, 08:07 PM IST

Lack of emergency funds don’t allow Jet Airways staffers to withdraw savings from Credit Society

Jet Airways Employees Protest Outside International Airport In Mumbai |

Jet Airways Employees Protest Outside International Airport In Mumbai |

Advertisement

Mumbai: Since last two to four months, Jet staffers are been deprived of salaries. Therefore, Jet Airways employees have been trying to withdraw their savings in the Jet Airways Employees Co-operative Credit Society, but the society has not been able to disburse any amount due to lack of emergency funds.

According Mumbai Mirror report, to compound this problem, the previous managing commettee of the society had been dismissed by the Deputy Registrar of Co-operative Society K East Ward on April 10 after an audit allegedly showed finanacial irregularities under section 77 (A) (B-1) of the Maharashtra Co-operative Societies Act.

A three member committee has also been appointed led by giverment administrator RM Dode and two employee members.

Advertisement

Daulate Kanhurkar, one of the two employee members of the Society assisting Dode was quoted in Mumbai Mirror saying, “We have been getting a lot of calls and employees have been visiting us in an attempt to withdraw their savings, but we are not in a position to help them. The new committee has just taken over on May 11 and we are still trying to retrive all the information of the society financials.”

Also Read:

After resignation of CFO Amit Agarwal, Jet Airways CEO Vinay Dube resigns

Advertisement

Talking to Mumbai Mirror, a jet cabin crew member said, “The credit society was offering fixed deposits at 12 per cent, when the market rate was 7 or 8 per cent. That’s why a lot of us parked our savings with the credit society. But during crisi, when people desperately need money, they are unable to withdraw their hard-earned money”.

The Jet Airways Employees Credit Society boasts over 2,700 employees as members and had clocked a turnover of Rs 72 crore in the 2016-17 fiscal. In 2017-18, Its turnover dipped to Rs 50 crore. However, sources said the Rs 3 crore emergency fund maintained by the society earlier was used up by the previous managing committee to disburse loans.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Advertisement
Published on: Wednesday, May 15, 2019, 01:39 PM IST
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement