1994 - 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
- 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,
- Of the remaining the following were offered on preferential
- (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
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.