Company History: YEAR EVENTS1994 - Jagsons Airlines Limited (JAL) was incorporated on 3rd January under the Companies Act 1956 to operate air-taxi services in India under the "open sky" policy of the Government. The company signed a Memorandum of Understanding on 4th May with `Jagson International Ltd. ' a group company to take over on lease basis the entire airline operations of Jagson Airlines a division of Jagson International Ltd. The company was promoted by J.P. Gupta and Pradeep Kumar Gupta and their associates. - The main object of the company is to Provide air-taxi services for transport of passengers mail cargo and/or freight and to cater to domestic and international tourist traffic.
- As per the terms of MOU between the company and Jagson International Ltd. the company was to acquire four aircraft - Two Dornier 228 and two Dornier 328 on lease from Jagson International Ltd.
- The company was also to deposit with Dornier or Jagson International Ltd. towards advance lease rental for six months.
- The company proposed to start an air taxi service with two aircraft immediately and two aircraft to be added later on under the governments open sky policy.
- The Company commenced operations as private airlines with one Dornier taken on lease from M/s. Jagson International Ltd. Delhi. One more Dornier as inducted to its fleet.
- 700 No. of equity shares submitted for 4 signatories to Memorandum of Associates. 105 79 300 No. of equity shares were issued for cash at par as follows:
- (1) 26 79 300 shares on firm allotment basis is promoter directors etc.
- Of the remaining the following were offered on preferential basis:
- (i) 15 80 000 shares to Mutual Funds: (None were taken up);
- (ii) 7 90 000 shares to NRIs/OCDs (all were taken up);
- (iii) 8 200 shares to employees (only 4000 shares taken up).
- Balance 55 21 800 shares along with unsubscribed to public from preferential quota were issued to public (all were taken up). Additional 67 200 shares were allotted to retain oversubscription.
2003
Ms Shweta Singh has joined the company as Company Secretary w.e.f. December 15 2003 and she will be acting as Compliance Officer in place of Mr Gaurav Puri who resigned from the post of Company Secretary on November 18 2003.
