Dr Subramanian Swamy says Jet Etihad deal raises National Security concerns


About janamejayan

A Viraat Hindu dedicated to spread the message of Paramacharya of Kanchi
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3 Responses to Dr Subramanian Swamy says Jet Etihad deal raises National Security concerns

  1. Observer says:

    Dr Swamy,

    Could it be, this Mr. Goyal was an Agent of India’s adversaries right from the start i.e 20 years back.??? How & from where did he raise the money to start Jet Air & he being a major promoter, still very much unknown in an article i read some years back. . Was he fronting any one since then & now trying to be loyal by taking advantage of the Economic Climate of India to be grateful to his past benefactors who were his perhaps financiers ? . Perhaps many of our concerned innocent politicians are ignorant of Goyals part in this episode of the long gone past. All they are only looking of economic benefit at the expense of National security as you see primarily. With Indian Rupee at Rs. 60+ to a USA $. it will be a bonanza for any outside country to buy the Indian equity & its values in numerical figures for a song by countries whose currencies are strong and are at par with USA $. This will wipe out India’s meager reserves just after a while perhaps, just watch. It looks FFI knew this game of India. & pulled out of Indian Debt market in June with some 500 million $.!!!. adding it to Indian currencies further fall. Who is this Mr. Goyal? Did he descend from Heaven 20 yrs back?

  2. As per the law, foreign companies can hold maximum 49% stake in a domestic carrier. This was permitted in September 2012. However, even on March 2013, Tailwinds, a foreign registered entity, was holding 79.99% stake in Jet Airways. This was way above the stipulated 49% limit of FDI. However, neither the ministry of civil aviation nor any other regulator seems to be bothered by this.

    According to the company’s Articles of Association, the bulk of Goyal’s shares in Tailwinds are held on behalf of several other individuals who all seem to be resident citizens of India. While Indian government officials have been satisfied that these arrangements do not compromise Jet Airways’ status as an Indian-owned airline that is effectively controlled by Indian citizens, they were viewed as ‘problematic’ by the American authorities.

    Earlier, it took Jet Airways more than two years to get the necessary clearances from US authorities to fly to the US. The US State Department gave permission to proceed on 15 November 2006. The more serious allegation that delayed Jet Airways being permitted to fly to the US focused on its opaque ownership structure as well as its alleged links to organised crime in India and abroad. Jet was originally set up as a subsidiary of Tailwinds, an Isle of Man-based holding company designed as a tax shelter, whose sole shareholder was Goyal, the airline’s NRI founder and chairman.

    Even today, Goyal, termed as an NRI, holds nearly 66% stake. He may not be a resident Indian but he is not foreign shareholder either. Classic Indian situation where anything goes!

    • Observer says:

      ok, thanks, So Mr.Goyal raised funds from Indians through a tax haven to invest in India as a NRI. Sounds good. He is a good man. But can’t this be done by NON Indian investors, using Indians as proxy for a fee & long term acquistion, as & when rules change. In India rules may change if you get favorable folks sitting at the helm of affairs at the corporate level or other wise.

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