Insta
ED Raids Premises Belonging To Jet Airways Founder Naresh Goyal In Delhi, Mumbai Over Violation Of FDI Norms
Naresh Goyal at a press conference in New Delhi. (Hemant Chawla/The India Today Group/GettyImages)
The Enforcement Directorate (ED) on Friday (23 August) carried out major searches and raids on the residence and official premises of beleaguered aviation tycoon Naresh Goyal, reports Economic Times.
Searches are being carried out to unravel the alleged malpractices with respect to foreign investment in the loyalty programme of presently de-funct Jet Airways, founded by Goyal. The raids follow interrogation of senior executives of the airline in the month of May by the ED.
The investigation is being carried out to probe an investment of about Rs 900 crore by Etihad Airways PJSC into Jet Privilege Pvt Ltd (JPPL), which handled the frequent-flyer programme of the airline. Etihad was the airline's strategic partner, with shareholding in the company.
The federal investigative body is probing if Goyal had taken requisite approvals from the Foreign Investment and Planning Board (FIPB) before pursuing the said investment given the laws of the land do not permit a foreign investment of above 49 per cent in a company while Etihad's shareholding stands at 50.1 per cent in the present.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
