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Letter to BS: The role of banks in Jet saga is a matter of concern

It is imperative to look into the real reasons for the fall of this airline - the role of promoters and banks, the diversion of bank funds and accounting irregularities

Jet Airways
Jet Airways

This refers to the editorial “Lessons from Jet”. The role of the banks in this sad saga is a matter of concern. First, the banks completely ignored the danger signals which were emanating over the past few months. Were there issues such as diversion of bank funds? Was income accruing to Jet Airways being booked in private, closely held firms of the promoters? Second, in the latter half of last year why didn’t banks force the politically influential and well networked promoters to bring in new investors in Jet Airways? Thirdly, all these months, why was the chairman of the ...