Annual Report cb smile - Jet Airways

Directors’ Report (contd.)
10. Fixed Deposits
The Company has not accepted any Fixed Deposits from the Public.
11. Corporate Governance
We adhere to the principles of Corporate Governance mandated by the Securities and Exchange Board of India and have
complied with all the prescribed requirements. As required by Clause 49 of the Listing Agreement, a detailed report on
Corporate Governance forms part of this Annual Report. The Auditors’ Certificate on compliance with Corporate Governance
requirements by the Company is attached to the Corporate Governance Report. This Certificate is being forwarded to the
Stock Exchanges.
The Chief Executive Officer’s declaration regarding compliance with the Code of Business Conduct and Ethics forms part
of the Corporate Governance Report.
12. Corporate Social Responsibility
Since the year 1997, the Company has been running its in-flight collection programme ‘Magic Box’ in association with
Save The Children India (STCI). This fund-raising programme for STCI is unique to the Company and is implemented on all
its flights in the domestic network, thereby allowing its passengers to participate in this noble cause. Since its introduction
in January 1997, the charity collection contributes close to Rupees One crore each year.
As in previous years, the Company organized “Flights of Fantasy”, where underprivileged children and children with
special needs are taken on specially organized flights and introduced to the world of aviation.
This year, as in past years, our employees participated in the Standard Chartered Mumbai Marathon, that raises funds for
various causes. The number of employees participating has been increasing each year.
13. Employees
Your Directors gratefully acknowledge the commitment, support and understanding of all the employees at all levels
during the difficult times faced by the Company.
An industrial dispute with a section of the Pilots in September, 2009, was amicably settled with the Consultative Group,
comprising Management and Pilots’ representatives, being set up to redress all issues.
The total number of permanent employees of the Company as on 31st March, 2010, was 11,328 (as on 31st March,
2009: 13,078).
Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies
(Particulars of Employees) Rules, 1975, as amended, forms part of this Annual Report. However, as per the provisions of
Section 219(1)(b)(iv) of the Companies Act, 1956, this Report and Accounts are being sent to all the Shareholders of the
Company, excluding the Statement of Particulars of Employees under Section 217(2A) of the Companies Act, 1956.
Shareholders may inspect the said Statement at the Registered Office of the Company between 10 a.m. and 12 noon on
any working day of the Company till the date of the forthcoming Eighteenth Annual General Meeting.
14. Directors’ Responsibility Statement
As required under Section 217(2AA) of the Companies Act, 1956, your Directors confirm that:
● in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with
proper explanation relating to material departures;
● appropriate accounting policies have been selected and applied consistently and such judgments and estimates have
been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company
as at 31st March, 2010 and of the loss of the Company for the year ended 31st March, 2010;
● proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
● the Annual Accounts have been prepared on a going concern basis; and
● proper systems are in place to ensure compliance with the laws applicable to the Company.
15. Directors
Due to personal reasons, Mr. Charles Adams resigned from the Directorship of the Company with effect from 7th July, 2009.
The Board places on record its appreciation of the valuable contribution made by Mr. Adams during his tenure of six years
as a Non-executive Independent Director of the Company.
With deep regret we inform you about the sad demise of Mr. Adams on 30th April, 2010, after battling liver and lung
cancer for months. Mr. Adams was a member of our Board from 20th September, 2003 till 7th July, 2009. Mr. Adams was
70 years of age and is survived by his wife, daughter and son.
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