Naresh Goyal, Jet Airways founder, who is in judicial custody for an alleged Rs 538 crore fraud at the Canara Bank, on Saturday, 7th January, pleaded with “folded hands” that he “lost every hope of life” and that it would be “better if he dies in jail” than to continue living in his current state.
In front of special judge M G Deshpande, Naresh Goyal, 75, filed a bail petition and appeared in court on Saturday. Goyal requested a brief personal hearing during the proceedings, and the judge granted it.
Goyal stated that “his health is very bad and precarious” while he folded his hands and experienced “continuous tremors in his whole body”. In addition, he stated that their lone daughter is ill and that his wife Anita is bedridden. He continued by saying that his wife Anita is receiving therapy for an advanced stage of cancer.
However, the Court gave him the assurance that, while he is incarcerated, he will get the best medical treatment and assistance available for his mental and physical well-being.
What was Naresh Goyal’s plea?
Naresh Goyal pleading in front of a special court was left broken emotionally.
The businessman went on to say that the authorities in jail weren’t able to support him. In addition, he claimed that he could not fold his legs and that his knees were sore and swollen. “I heard him patiently and also observed him when he made the submissions as such. I found that his whole body was trembling. He needs assistance even to stand’, the judge observed.
The aged businessman, whose health is failing, asked to be allowed to “die in the jail itself” rather than be taken to J J Hospital, noting the trip and the follow-ups as challenging.
According to the court’s daily hearing record, Goyal stated that “he has lost every hope of life and (it’s) better he should die rather than be alive in such a situation,” as reported by news agency PTI.
“I have noted all of the information he has provided, and I have also reassured the accused that he will not be left in a vulnerable position, and that all appropriate measures will be taken to ensure his physical and mental well-being,” the court said. The special court instructed Naresh Goyal’s attorneys to take the necessary action about his well-being.
Goyal stated in his December 2018 bail application that he had a number of medical ailments, including a heart illness, a prostrate, and orthopedic problems. In addition, he asserted that there were good reasons to think “he is not guilty.”
Special Judge M G Deshpande is still considering Goyal’s bail request; the next hearing is set for January 16. A CBI FIR alleging a Rs 538 crore fraud at Canara Bank serves as the basis for the ED case against Goyal, his wife, and a few former Jet Airways officials.
The Tail Spin of Naresh Goyals’ Jet Airways?
As Naresh Goyal pleaded in front of judges for his lost hope, one could only believe that he founded India’s oldest airway line, jet airways. Jet airways was an air way giant that began its journey from a few planes to over a 100 birds.
The final flight took place on April 17, 2019, at 10.30 p.m., from Amritsar to Mumbai, ending a 26-year run. Since the banks were unable to offer any further credit and the cash flow had dried up, the suspension was unavoidable.
An airline that operated a fleet of 119 aircraft just three months prior was now operating just five. In addition to the more than 16,000 jobs at risk, hundreds of travelers experienced delays in their travel schedules.
The airline enjoyed great growth, cash flows, and earnings over the period of 1992 to 2004. The airline was able to raise Rs 1,899 crore through its capital market IPO in 2005, which was oversubscribed at 1.8 times.
By the end of 2018, Jet Airways’ market share had dropped from 44% in 2004 to just 15.5%. Losses that began in 2008 never stopped. From Rs.2,631 crore in 2005 to Rs.14,280 crore in 2010 and Rs.8,500 crore in 2018, debt levels skyrocketed.
As a result, there were concerns about loan quality, liability arrangements, liquidity, capital structure, and unencumbered assets. The airline lacked sufficient assets to support its future expansion, let alone its ongoing operations. And thus, a shutdown was imminent.
In an alleged case of fraud of Rs. 538 crore at the Canara Bank, the Enforcement Directorate (ED) filed a chargesheet against Naresh Goyal, the founder of Jet Airways, and five other individuals on November 23.
The ED detained Mr. Goyal on 1st September in accordance with the Prevention of Money Laundering Act (PMLA). He is being lodged at the Arthur Road Jail.
