IN RE: JET AIRWAYS (INDIA) LIMITED Vs. STATE

JUDGEMENT

(1.) JET Airways (India) Limited (hereinafter referred to as "Jet") is a company incorporated in India having its registered office at Siroya Centre, Sahar Airport Road, Andheri (East), Mumbai, Pin -400099 and its shares are listed on Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). Tail Winds Limited ('Noticee 1 or 'TWL'), Shri Naresh Goyal ('Noticee 2') and Ms. Anita Naresh Goyal ('Noticee 3') were promoters of Jet at the relevant time.

(2.) ON April 24, 2013, Etihad Airways PJSC (hereinafter referred to as 'Etihad' or 'Noticee 4') entered into an Investment Agreement with Jet and its existing promoters to subscribe to 24% equity shares in Jet for USD 379 million (price per share of INR 754.74). The following documents were executed/drawn (collectively termed as "the Transaction Documents"): -

(3.) ON October 10, 2013, the Foreign Investment Promotion Board (FIPB) accorded its approval with regard to the aforesaid investment of Etihad in Jet and pursuant to the said approval, on November 20, 2013, Jet issued and allotted 2,72,63,372 equity shares (24% of its paid up equity capital) of the face value of Rs. 10/ - each on a preferential basis to Etihad at a price of Rs. 754.74 per equity share. Consequently, the Promoter and Promoter Group of Jet and Etihad, respectively held 51% and 24% shareholding in Jet as on November 20, 2013.