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Banks should not become owner of ailing Jet Airways : AIBEA

Banks should not become owner of ailing Jet Airways : AIBEA

Hyderabad, Mar 21 (UNI) All India Bank Employees' Association

(AIBEA) on Thursday opined that banks should not become the

owner of ailing Jet Airways as running the airlines is the business

of the company and its management.

'When Jet Airways was making profits, the profits went into

the pocket of the owners. When it is in loss, why public money

and Banks’ money should be spent to save them', AIBEA

General Secretary Ch Venkatachalam said in a release.

He said for the past few days, a lot of news is in the media

about the acute problems being faced by Jet Airways.



Whatever loan they have taken from the Banks should be

repaid. On the contrary it is reported that the Shares of Jet

Airways are sought to be dumped on the shoulders of the

Banks.

Even Ethihad Airlines wants its shares to be purchased by

the Banks, Mr Venkatachalam said there are also reports

in the media quoting SBI Chairman Rajnish Kumar that

“it’s in ‘everybody’s interest’ to keep the airline flying.......

Our aim is that the corporate debtor (Jet Airways) should

not be harmed”.

The Top Union leader said 'we totally disagree with such

proposals and attempts of Banks to purchase the shares

of this ailing Airline with a view to save the company at

the cost of public money'.

All these private airlines were allowed and brought into

operation only on the promises that it would be much

more efficient than public sector airlines. Because of

this open encouragement, Indian Airlines was virtually

weakened, he added.

The AIBEA General Secretary said there are attempts to

sell the Indian Airlines to some private buyers. However,

he said, we observed the ‘performance’ of private airlines,

and hence the government should review their policy of

weakening public sector airlines.

UNI CS 1208

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