JET AIRWAYS (INDIA) Share price

HISTORY AND CERTAIN CORPORATE MATTERSOur HistoryJet Airways was incorporated on April 1 1992 as a private company withlimited liability under the Companies Act. We commenced operations asan Air Taxi Operator on May 5 1993 with a fleet of four leased Boeing737 aircraft. We were granted scheduled airline status on January 141995. Jet Airways became a deemed public company on July 1 1996. OnJanuary 19 2001 Jet Airways was reconverted into a private company.Jet Airways became a public company on December 28 2004.At the time of incorporation of the Company our shareholders were Mr.P.V.V. Chalam and Mrs. Anita Goyal. These shares were transferred toTail Winds on May 12 1994 and Mr. Naresh Goyal holds them on behalfof Tail Winds in terms of an RBI approval letter No. EC.BY.CO (S)250/2251/TS/93/94 dated December 30 1993.Pursuant to an application dated March 12 1993 made by our Companythe FIPB by its letter No. 267/FC/93/NRI dated June 28 1993 grantedits approval to the foreign collabouration proposal for investment inTail Winds in the proportion of 60% by Mr. Naresh Goyal 20% by GulfAir and 20% by Kuwait Airways. Tail Winds in turn held 100% of theEquity Share capital of our Company.The MoCA by its letter dated April 17 1997 directed the Company totake steps for disinvestment of Equity Shares held directly orindirectly by foreign airlines pursuant to the Government of India'spolicy on foreign equity and NRI/OCB equity participation in thedomestic air transport services sector. Consequently with effect fromOctober 15 1997 Mr. Naresh Goyal acquired the 20% Equity Shares fromeach of Gulf Air and Kuwait Airways respectively and became the 100%owner of Tail Winds which is an NRI/OCB and currently owns over 99.99%of our Equity Share capital.We currently provide regular scheduled services to 42 destinations inIndia and two destinations outside India operating 1924 flightsweekly. Our aircraft fleet has grown from four aircraft in 1993 tocurrently 42 aircraft comprising 34 Boeing 737 aircraft and eight ATR72-500 aircraft.