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The first Indian airline, Jet Airways, faced debt and operating losses.
Now, there may be a new problem: tax problems.
"Income tax officials are investigating Jet Airways' offices," the airline said in a statement on Wednesday (September 19th), referring to the procedures being followed at its offices in Mumbai and Delhi.
Admittedly, an investigation is not an "I-T raid" or a "search". Here, the tax officials check the company documents, on which they can question the company's executives.
In the case of Jet, this is part of the I-T Department's investigation into allegations of embezzlement by the airline. "Account books are being audited to determine the nature of the financial expenses that have occurred within the organization," a senior government official told Quartz on condition of anonymity.
The tax authorities would also review the airline's 2011 deal with Godrej Buildcon, a subsidiary of Mumbai-based real estate broker Godrej Properties, to develop the 2.5-acre property in Mumbai's main shopping mall, the complex. Bandra Kurla.
Meanwhile, the airline may have survived a nightmare involving one of its flights. Early in the morning (Sept. 20), about thirty passengers on a Jet Airways flight between Mumbai and Jaipur reportedly suffered nosebleeds and ear bleeding due to low cabin pressure after the accident. Crew had forgotten to press a button.
It's not just the Ministry of Finance that has formed its goal on Jet Airways. After discovering financial discrepancies in its books, the Ministry of Commercial Affairs issued a directive in August to investigate Jet for allegedly misappropriating funds.
Now this latest survey could only make matters worse for the country's second largest airline in terms of market share.
The trip up to now
Jet Airways' finances have been in the doldrums for some time now. After delaying the announcement of its first quarter results for the year on August 27, it announced a loss of Rs.1,323 million ($ 189.2 million), mainly due to Most of the expenses for airlines are denominated in dollars, resulting in losses if the local currency depreciates.
The period from April to June is the second consecutive quarter of Jet Airways in the red.
He would face a serious cash crisis because his promoter, Naresh Goyal, is in talks to sell part of his 51% stake. According to some information, Jet is also trying to reduce costs by reducing employee salaries.
However, while announcing its quarterly results, the airline has presented a recovery plan to boost its fortunes. She announced her intention to save Rs 2,000 crore over the next two years by limiting maintenance expenses, optimizing fuel rates and loan costs.
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