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Founder of India's Jet Airways held at Mumbai Airport



Indian immigration authorities on Saturday stopped former Jet Airways chief Naresh Goyal and his wife from traveling to London, an official said, a month after it owed the company due to its fleet.

Goyal was taken into custody in the Mumbai International Airport along with his wife Anita after the authorities recalled Dubai-bound Emirates when it went to the path of departure, a spokesman for the immigration department said in a statement to the AFP.

Officials gave no explanation for the couple's travel bid

Goyal has not been investigated, but a number of high-profile businessmen have fled India over their alleged involvement in financial crimes, leading to a massive public outbreak.

Emirates said they "fully cooperated with the relevant authorities."

The 69-year-old declined from the company's board and board in March after a debt restructuring pact with lenders as it reeled under a $ 1

.2 billion loan.

Anita also went down from the board.

When India's top airline, Jet stopped its business after a consortium of lenders refused to pay emergency cash when they failed to find a buyer for a 75 percent stake in the carrier in April.

The consortium led by the State Bank of India, India's largest state-owned bank, took control of Jet in March and promised to provide $ 218 million in "immediate funding support" as part of a rescue plan.

But the lenders refused to pay cash to the alleged airline who has failed to pay employees' salaries since January, forcing hundreds on the streets, as around 20,000 employees face losing their jobs.

Poor investments, competition from several low-cost carriers, high oil prices and a weak rupee have led to Jets' current financial problems. Mishandling has also plagued the airline.

Analysts track the start of Jet's financial problems with their purchase of Air Sahara for $ 500 million in cash.

Goyal, a travel agency-facing entrepreneur, launched Jet 1992 after the Indian government undertook a number of reforms to make the economy more market-driven.

The Mumbai-based carrier quickly gained a reputation for introducing new measures. Jet was the first Indian airline to offer a frequent flyer program and in-flight entertainment.

But it started to be steered by new, well-run budget airlines, including IndiGo, GoAir and SpiceJet, founded between 2005 and 2006.

Another low-cost airline, Kingfisher Airlines closed in 2012 after it failed to repay Loans worth millions of dollars to state-owned banks. Owner Vijay Mallya fled India in 2016 and is currently fighting in a London court case against his deportation to face financial scams.


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