ED searches Jet Airways founder Naresh Goyal's premises in Delhi, Mumbai in connection with violation of FEMA

The Enforcement Directorate (ED) conducted searches on Friday at the premises of Jet Airways founder Naresh Goyal in connection with a case of an alleged contravention of the foreign exchange law, officials said. They said the searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence. Premises in Mumbai and Delhi are being searched, they said. A full-service carrier, Jet Airways shuttered operations on 17 April after running out of cash. [caption id=“attachment_6327991” align=“alignleft” width=“380”] A file photo of Naresh Goyal, former chairman of Jet Airways. Reuters[/caption] A Ministry of Corporate Affairs (MCA) inspection report had found large-scale irregularities, including diversion of funds, at the airline, sources had said in July. In March, Goyal stepped down as chairman of the airline. Currently, Jet Airways is undergoing resolution process under the Insolvency and Bankruptcy Code and at least three entities have put in initial bids for the carrier. Recently, the Centre extended the process of temporary allocation of slots and bilateral foreign flying rights of Jet Airways to other airlines till December. Consequently, the Centre decided to temporarily allocate the slots as well as the international flying rights of Jet Airways till September to other airlines, who could immediately launch new flight services and fill the supply gap. On Wednesday, the National Company Law Appellate Tribunal (NCLAT) asked lenders of Jet Airways whether they would cooperate with the Dutch court administrator who is also pursuing insolvency proceedings against the debt-ridden carrier. A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhyay asked the Committee of Creditors (CoC) of Jet Airways to file an affidavit within a week in this regard. The appellate tribunal also asked the CoC to inform whether they are ready to pay fees and bear costs incurred by the Dutch administrator. With PTI inputs