financetom
Business
financetom
/
Business
/
Naresh Goyal to Jet Airways employees: Resigned, pledged shares, provided Rs 250 crore to banks, but your sacrifice greater
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Naresh Goyal to Jet Airways employees: Resigned, pledged shares, provided Rs 250 crore to banks, but your sacrifice greater
May 7, 2019 7:09 AM

Two days after the 26th anniversary of Jet Airways, its founder and former chairman Naresh Goyal has penned an emotional letter to employees and compared their sacrifices greater and nobler by far.

In the letter, Goyal underlined his sacrifices and commitment to save Jet Airways, by resigning from the company, pledging shares and providing Rs 250 crore to banks.

After running out of cash, the full-service carrier temporarily shut down operations on April 17 and a bidding process is underway with final bidders expected to be known on May 10.

"I have been learning through the media of the various peace marches outside various city airports and prominent landmarks and am deeply moved. This deeply decent, selfless and self-sacrificing act of yours, is both venerable and humbling,” Goyal said in the letter.

“My heart goes out to each and every one of you and I hope and pray that the banks will finalise the bidders on the 10th of May and move forward in the interest of all employees, so that you can all return to work and resume normal lives with your salaries paid,” Goyal, who began his aviation journey as a travel agent, said in the letter.

Describing non-payment of salaries as an extremely emotional and difficult period, he said, "I cannot even begin to describe how terrible it is for me to contemplate the difficult situation each of you and your dear families is going through and cannot find the words to explain my deep personal anguish."

Goyal, in his letter, further explained, "I have been in Mumbai and have been watching and closely monitoring the untiring efforts and sacrifices you are all making as a close-knit team for the survival of the company overall self-interests and I am truly, deeply moved."

"Each year since the past 25 years, the 5th day of May has held a special place in the hearts of each of us. But yesterday, our 26th anniversary was the saddest of all days, with no flights, added to which the sad coincidence that on 18th April 1993 we received our first aircraft in Mumbai, while in the early hours of the morning of 18th April 2019 we operated our last service from Amritsar to Mumbai," he added.

Goyal had held 51 percent stake in the carrier, while Abu Dhabi-based carrier Etihad Airways had held 24 percent stake in the airline.

"We both fervently pray that the “Joy of Flying” may once more bring cheer and solace to all of you and your dear families in the very near future. Your loyalty, dedication and brilliance of the past 25 years, is worthy of this new dawn," Goyal concluded.

First Published:May 7, 2019 4:09 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Macatawa Bank Q1 Earnings Decline; Keeps Dividend Steady
Macatawa Bank Q1 Earnings Decline; Keeps Dividend Steady
Apr 26, 2024
02:13 PM EDT, 04/26/2024 (MT Newswires) -- Macatawa Bank ( MCBC ) reported Q1 diluted earnings late Thursday of $0.29 per share, down from $0.35 per share a year earlier. Analysts polled by Capital IQ expected $0.30. Revenue for the quarter, expressed as the sum of net interest income and total noninterest income, was $25.4 million, down from $27.1 million...
Trans Mountain expansion requires six more leave-to-open permits, regulator says
Trans Mountain expansion requires six more leave-to-open permits, regulator says
Apr 26, 2024
April 26 (Reuters) - The Canada Energy Regulator (CER) has six leave-to-open applications left to consider for the 590,000 barrel-per-day Trans Mountain pipeline expansion project, a CER spokesperson said on Friday. The Canadian government-owned pipeline expansion will nearly triple the flow of crude from Alberta to Canada's Pacific Coast and open up access to Asia and the U.S. West Coast....
Deutsche Bank Previews Shopify Q1, Says Shopify Plus Momentum
Deutsche Bank Previews Shopify Q1, Says Shopify Plus Momentum "Should" Drive Upside
Apr 26, 2024
02:06 PM EDT, 04/26/2024 (MT Newswires) -- Deutsche Bank's recent industry conversations suggest Shopify Plus momentum is accelerating, as seen by the pace of mid-enterprise migrations and pipeline build. This, in conjunction with analysis of app usage data and Bloomberg alternative data, suggests FQ1 results will be ahead of expectations across GMV, Revenue, and Operating Income, writes analyst Bhavin Shah....
Top Midday Gainers
Top Midday Gainers
Apr 26, 2024
02:12 PM EDT, 04/26/2024 (MT Newswires) -- Alphabet (GOOG) jumped nearly 10% Friday amid heavy trading after the Google ( GOOG ) parent reported, late on Thursday, a surge in Q1 earnings and revenue. The company also said its board approved the launch of a quarterly cash dividend program and buyback of up to an additional $70 billion of its...
Copyright 2023-2026 - www.financetom.com All Rights Reserved