Banks should not become owner of ailing Jet Airways : AIBEA

Banks should not become owner of ailing Jet Airways : AIBEA

Agency News

Hyderabad, Mar 21: 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)