Naresh Goyal founded Jet Airways has received a notice from the Provident Fund office against non-payment of provident fund dues, the company announced in a statement. Jet Airways has not deposited the Provident Fund of its employees since March 2019. Officials from the beleaguered airline are working with the PF authority, Jet Airways said. In a stern notice issued by EPFO, the organisation has said that the non-compliance from Jet Airways will result in an unpleasant action against Establishment and responsible persons, IANS quoted EPFO assistant PF Commissioner Dilip K. Rathod as saying. The employees of the airline have been waiting since March 2019 for the payment of their salaries, which has now mounted to four-month dues.
Facing severe cash crunch, the airline is still waiting for a bailout from bidders. Recently, Jet’s minority partner Etihad Airways had submitted a binding bid on Friday. However, the company later said that the bid was not binding, leaving the hope of Jet’s revival shrouded in mystery. The Middle-East airline had said that it alone cannot revive Jet and needs other bidders to fuse money. Etihad currently has 24% stakes in the ailing airline. The last day for submission of EoI (Expression of Interest) in the airline ended on 10 May 2019. Only one bidder — Etihad — had submitted an EOI in the troubled airline, SBI confirmed.
Jet Airways had announced temporary shutdown of its operations on 17 April 2019 after struggling to stay afloat for months. Its founder Naresh Goyal was also forced to step down as chairman along with his wife Anita Goyal to quit from the board of members. The SBI-led consortium of lenders is now in control of the airline to whom Jet owes about Rs 8,000 crore.
Meanwhile, shares of Jet Airways Ltd are trading low by 11.4% since the media reports surfaced stating the bailout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the ailing Jet.
