Who owns Jet Airways?
Tail Winds, registered in the Isle of Man, Mauritius, owns 99.99% in Jet Airways. The rest is owned by a number of shell companies. Shell companies are those that generally do not have active business operations. They basically exist as legal entities and are used as instruments by which another company can carry out its dealings. All these shell companies are owned by Naresh Goyal, chairman of Jet Airways. Let’s see what the Red Herring draft prospectus has to say. This is the preliminary prospectus filed by the company with the Securities and Exchange Board of India and is subject change before the issue. It states that Tail Winds is an Overseas Corporate Body (an overseas company directly or indirectly controlled by NRIs) which was de-registered by the Reserve Bank of India. Now, to comply with SEBI guidelines, Tail Winds will have to divest its holding to resident and non-resident Indian investors. The draft prospectus refers to these arrangements/agreements as possible causes for
