Skip to content
Search

Latest Stories

Fund diversion probe stops Naresh Goyal, wife from flying abroad

BUSINESS tycoon, Naresh Goyal and his wife Anita were detained in Mumbai airport on Saturday (25) amid continuing inquiry into the diversion of funds and the source of their equity in the grounded airline, Jet Airways.

The couple was de-boarded from Dubai bound Emirates flight on the basis of an alert as the country’s law enforcement and economic intelligence agency, Enforcement Directorate (ED) is looking into Goyal’s case as his airline owes over Rs 85 billion to its lenders, The Times of India quoted sources as saying.


The federal agency, ED is now probing if funds were routed out of the beleaguered carrier.

Until now, the role of the lenders, led by the State Bank of India (SBI) is not under the scrutiny of the probe agencies.

Naresh Goyal founded company was repaying its loans on time until January.

Now, the company’s lenders have taken control of the carrier and searching for a new investor as the airline defaulted its payments to its lenders.

Speaking on the latest development which stopped Goyal and his wife from moving abroad, the sources said there were written instructions to the immigration branch that the founder of Jet Airways and his wife should not be permitted to leave India.

The couple, who are non-resident Indians, were on their way to Dubai to attend business meetings when they were asked to get off the Dubai-bound Emirates flight, according to media reports.

They have also informed that they could not leave India following a lookout circular issued by the country’s home ministry.

In India, a lookout circular is issued against a person (or persons) directing the immigration officials to ensure that the person does not leave India through an airport or seaport.

Later, Goyal and his wife were permitted to go home and their passports handed over to them.

Jet Airways is also facing many investigations by the income-tax department and the corporate affairs ministry for tax evasion and other non-compliance issues.

The company’s liabilities are estimated to have crossed the level of Rs 200bn.

The airline reportedly defaulted in depositing provident fund (PF) money deducted from the payments of its employees as well as a certain amount of the tax it had collected.

In recent weeks, the lessors have intensified their activities to deregister and repossess planes after Jet Airways stopped its all operations indefinitely last month.

Hundreds of pilots, staff members, engineers, and top executives including the chief executive of the airline have already moved out of the company.

Valuable slots of Jet Airways reallocated to other airlines.

The airline struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies and the debt-laden carrier was forced to ground its entire fleet last month, resulting in the loss of over 20,000 jobs.

Jet Airways has debts of more than $1 billion and been in a tailspin for months.

It defaulted on loans and failed to pay many staff since the start of the year.

After its lenders declined to extend more funds, the carrier was forced to ground its entire fleet on April 17, triggering protests by thousands of employees who have been not paid salaries.

More For You

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less