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Jet Airways chief financial officer Carl Saldanha quits

Jet Airways chief financial officer Carl Saldanha quits
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First Published: Thu, Jan 17 2008. 11 55 PM IST
Updated: Thu, Jan 17 2008. 11 55 PM IST
Carl Saldanha, chief financial officer of Jet Airways (India) Ltd has resigned after four years at India’s biggest domestic carrier.
“Yes I am leaving the company. But, have not made up my mind on future employment,” Saldanha said.
Jet Airways, however, did not confirm or deny the development. “I will have to wait and find out about this,” said Saroj K. Datta, executive director of the company.
Saldanha’s exit adds to a list of key executives who have left Jet Airways over the past two years, most of them joining billionaire Vijay Mallya’s Kingfisher Airlines Ltd. Prominent among those who left the company recently include Peter Luethi, who was chief operating officer, V. Raja, vice-president (Asia Pacific), Rajesh Verma, vice-president (customer and inflight services), Nandini Verma, vice-president (corporate affairs), Murali Ramachandran, senior general manager (airport services), and Raja Parthasarathy, executive vice-president (finance).
Luethi, who was COO in 2003-06, however, recently returned to Jet as vice-president (eastern and mid-west America and Canada). An analyst with an international brokerage said the exit of high-profile executives will affect Jet Airways’ international expansion plans.
Earlier, there were unconfirmed reports that Jet’s chief executive officer Wolfgang Prock-Schuaer, was leaving to join a rival airline. But, on 5 January, Jet Airways chairman Naresh Goyal had himself denied the reports. He also said the airline has a clear succession plan.
Jet Airways currently has a fleet of 76 aircraft, operating over 355 flights daily to 55 destinations.
The airline flies to international destinations such as New York, Toronto, Brussels, London, Singapore and Kuala Lumpur. It has plans to extend its international operations to other cities in North America, Europe, Africa and Asia in phases with the induction of additional bigger planes into its fleet.
OnMobile plans to raise up to Rs490 cr by IPO
Mumbai: Mobile value added services (VAS) company OnMobile Global Ltd plans to raise between Rs463.3 crore and Rs490.5 crore through an initial public offering of 10,900,545 equity shares. The price band has been fixed between Rs425 and Rs450 per share. The issue will open on 24 January. This will be the first IPO in the barely-eight-year-old mobile VAS industry, which has been one of the highest VC-funded sectors in two years. OnMobile, which was incubated by Infosys Technologies Ltd in 2000, has received several rounds of funding, including a pre-IPO round of $27.8 million from Deutsche Bank AG, The Goldman Sachs Groupand Polygon Investment Partners. It has also acquired two companies— Mumbai-based ITFinity Solutions Pvt. Ltd and French mobile data management software firm Vox Mobili S.A—in the last two years. Namitha Jagadeesh
Govt defers fuel price hike once again
New Delhi: The government has yet again deferred the politically sensitive decision to increase domestic fuel prices in line with the sharp spike in international oil prices and has decided to revisit the decision in the next couple of days. “The meeting was inconclusive. We will meet again either tomorrow or day after to discuss the issue,” Union petroleum and natural gas minister Murli Deora said on Thursday.
The government’s key Left allies have vowed to oppose any price increase. “The Left has not been consulted and we will oppose any such move to raise prices,” CPI’s Gurudas Dasgupta said.
Another Left leader, Prosenjit Bose of CPI(M) said, “We have pointed out that the duty structure is flawed. Until the government settles that issue there is no point in burdening the people any further.” The crude price was $91.97 (Rs3,614) per barrel at the time of filing this story. Utpal bhaskar
Govt denies plans to issue IPO for BSNL
New Delhi: The government on Thursday said the country’s ministry of communications and information technology had not taken any decision to sell up to 20% shares of Bharat Sanchar Nigam Ltd (BSNL), as reported in the last few days.
“The matter would be discussed internally in the ministry and with various stake holders and then a suitable decision would be taken in this regard,” said the office of the minister for communications and IT, in a press release on Thursday. “IPO for BSNL would be issued, if considered appropriate, and same would be intimated to the media accordingly.”
Senior BSNL officials had said the company was valued at around $100 billion (Rs3.93 trillion), and that a listing would bring operational efficiency. “It will help benchmark against its private sector rivals such as Bharti Airtel Ltd,” S.D. Saxena, BSNL’s director finance told Mint on Tuesday. Pankaj Mishra
Govt sop to pvt sector on disabled employees
New Delhi:Fulfilling an assurance made by Union finance minister P. Chidambaram in his last year’s Budget speech, the government said on Thursday it would subsidize the mandatory savings that private firms make on behalf of employees, if they hire people living with a disability. The incentive has an outlay of Rs1,800 crore during the 11th Plan period.
At a meeting of the Union cabinet’s economic affairs committee held on Thursday, the government also decided to release Rs530.06 crore to Maharashtra, Andhra Pradesh, Kerala and Karnataka, as part of a relief package meant to waive off farmers’ debts in 31 districts.
Union minister for information and broadcasting Priya Ranjan Dasmunsi said after the meeting compulsory savings will include government-owned provident fund and employees’ insurance scheme. “A target of 100,000 jobs a year to people with disability has been set and Rs16 crore will be spent to publicize this scheme over the next four years,” he added.
Farmers’ loans waiver will be applicable in districts where farmers had committed suicide by July 2006 on account of high debt burden. “Thursday’s allocation is in excess of the central government’s earlier commitment to provide Rs1,889 crore to these farmers,” Dasmunsi said. The total size of the relief package announced last year is Rs3,778 crore, and the Centre had decided to take up 50% of these payments. Pragya Singh
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First Published: Thu, Jan 17 2008. 11 55 PM IST
More Topics: Jet Airways | OnMobile | BSNL | IPO | Govt |