it tells what about the business ethics influence on corporates.

1. BUSINESS ETHICS AND CORPORATE GOVERNANCE IN JET AIRWAYS
Submitted in Trimester 5 for Business Ethics and Corporate Governance
For Award of the Degree of
Master of Business Administration
2016 - 2018
Under APJ Abdul Kalam Technological University, Kerala
Submitted by
Sujin Oommen Philip
Vishnu V S
Bettina Ann
Hephziba Susan
Antu Philips
Under Subject Faculty
Ms Alfia Thaha
Assistant Professor
Saintgits College of Engineering, Department of M.B.A.
(Affiliated to APJ Abdul Kalam Technological University, Kerala)
Kottukulam Hills, Pathamuttom, Kottayam-686 532

2. INTRODUCTION
AVIATION INDUSTRY
The civil aviation industry in India has emerged as one of the fastest growing industries in the
country during the last three years. India is currently considered the third largest domestic civil
aviation market in the world.
According to International Air Transport Association IATA, India will displace the UK for the
third place in 2026.
The Civil Aviation industry has ushered in a new era of expansion, driven by factors such as low-
cost carriers (LCCs), modern airports, Foreign Direct Investment (FDI) in domestic airlines,
advanced information technology (IT) interventions and growing emphasis on regional
connectivity.
Market Size
Domestic air traffic rose nearly 16 per cent in August 2017, continuing its double digit growth,
according to the civil aviation regulator Directorate General of Civil Aviation (DGCA). About
9.69 million passengers flew in August, up from 8.38 million a year earlier. Passengers carried by
domestic airlines during January-August 2017 were 75.411 million as against 64.468 million
during the corresponding period of previous year, thereby registering a growth of 16.97 per cent,
as per the DGCA.
As against 395 aircrafts in the fleet of Indian carriers, there are 496 aircrafts in operation today,
and another 654 are under purchase.
Investment
According to data released by the Department of Industrial Policy and Promotion (DIPP), FDI
inflows in air transport (including air freight) between April 2000 and March 2017 stood at US$
1.01 billion.
India is estimated to see an investment of US $25 billion in the next decade in the airports sector,
a demand for 935 more planes and traffic growth of 13 per cent, according to Morgan Stanley.
According to them, the share of air travel in air and rail travel combined in India will grow to 15.2
per cent by 2027 from 7.9 per cent now.
Capex plans to the tune of Rs 65,000 crore (US$ 10.08 billion) have been finalised by the Airports
Authority of India (Rs 17,500 crore (US$ 27.13 billion) for the next five years) and around Rs
22,000 crore (US$ 3.41 billion) for brownfield expansion in Delhi, Mumbai, Hyderabad and
Bengaluru by private operators and around Rs 21,000 crore (US$ 32.55 billion) for greenfield
airports.
Key investments and developments in India’s aviation industry include:
 The Airports Authority of India (AAI) will undertake new development works at Lucknow,
Deoghar, Rajkot and Allahabad airports. The objective is to improve and develop airport
infrastructure to meet growing traffic demands. AAI plans to construct new integrated
passenger terminal building at Chaudhary Charan Singh International Airport, Lucknow at
an estimated cost of Rs. 1230 crore (US$ 190.65 million). The new terminal will be able
to handle 4000 passengers during peak hour and 6.35 million passengers per annum.

3.  State-owned AAI will construct a cargo terminal at Imphal airport at a cost of Rs 16.20
crore (US$ 2.5 million). The proposed terminal is expected to give a boost to the export of
handicrafts items and perishable cargo. In addition to this, the EICT will help establish
better connectivity with South & Southeast Asia and give a boost to trade between India
and the ASEAN countries.
 To meet the demand of increasing air travel in Allahabad, a new civil enclave at will be
developed by AAI at an estimated cost of 125.76 crore (US$ 19.49 million). The new
terminal is to be made operational before the ‘Ardh Kumbh Mela’ to be held in January
2019.
 Rolls-Royce Holdings Plc, the UK-based aircraft engine manufacturer, has opened a new
defence service delivery centre (SDC) in Bengaluru, which would deliver real-time
solutions for improving capability and provide faster front-line support to over 750 aircraft
engines used by the Indian Air Force, Indian Navy and State-owned Hindustan Aeronautics
Ltd (HAL).
 Qatar Airways is planning to start India’s first fully owned foreign airline in partnership
with Qatar Government's investment arm, Qatar Investment Authority, as per Qatar
Airways.
 Indian budget airline carriers Indigo and GoAir, plan to expand their network to Gulf cities
like Doha, Sharjah and Dammam in 2017, which would likely boost the growth of Indian
aviation sector.
 GVK Power & Infrastructure Ltd., which operates the existing airports in Mumbai and
Bangalore, has won the right to build Mumbai’s second airport in Navi Mumbai, which
will require an investment of Rs 16,000 crore (US$ 2.48 billion) to build the airport with a
capacity to handle 10 million passengers annually in the first phase, expected to be
operational by 2019 and 60 million passengers a year by 2030.
Government Initiatives
 In the Union Budget 2017-18, the Civil Aviation Ministry received a substantial increase
of over 22 per cent in budgetary allocation at Rs 5,167.60 crore (US$ 775.14 million) for
the next financial year.
Some major initiatives undertaken by the government are:
 Constructing 17 highways-cum-airstrips are the government's priorities and it will start
work on them this year, Union Minister Nitin Gadkari has said. The projects are designed
in such a fashion that the roads will double up as airstrips and traffic will be stopped when
an airplane lands or takes off. The road and air connectivity will also provide better access
to remote areas.
 Airport building and modernization projects worth over Rs 19,300 crore (US$ 2.99 billion)
have been recommended green clearance, in line with the Government of India’s focus on
improvement in regional air connectivity.

4.  Indian airline companies like Air India, Air Deccan, SpiceJet, Air Odisha and Turbo
Megha, have been awarded with the right to fly to 128 routes across India, requiring them
to cap half the seats at nearly 50 per cent of the fare, under the Government of India’s
regional aviation scheme named UDAN.
 The Government of India has approved the construction of 18 Greenfield airports in the
country, which would be executed and financed by the respective airport promoters, and
are estimated to require an investment of Rs 30,000 crore (US$ 4.66 billion).
 The Cabinet Committee on Economic Affairs, Government of India, has approved the
proposal to revive 50 un-served and under-served airstrips in three financial years starting
from 2017-18 at an estimated cost of Rs 4500 crore (US$ 698.7 million).
 The Government of India has started a new regional connectivity scheme (RCS) called Ude
Desh ka Aam Nagrik (UDAN) under which fares will be capped at Rs 2,500 (US$ 37.5)
for half the seats in an one-hour flight, as per Mr Jayant Sinha, Minister of State Civil
Aviation. The Government of India has also received bids from 11 airlines for the same.
 The Ministry of Civil Aviation along with Airports Authority of India (AAI) plans to
develop small airports with frugal facilities, and encourage private airlines to bid for routes
connecting these small airports with existing larger airports, thereby increasing regional air
traffic.
 AAI plans to increase its capital expenditure for 2017-18 by 25 per cent to Rs 2,500 crore
(US$ 375 million), primarily to expand capacity at 12 airports to accommodate rising air
traffic, as per Mr Guruprasad Mohapatra, Chairman, AAI.
 The Ministry of Civil Aviation has revised its air services agreement with Netherlands,
which would enable air carriers from both the countries to operate up to 28 flights each
week, up from current weekly limit of 21 flights, which would benefit regional carriers as
well as enhance connectivity between the countries.
 The Executive Development Programme of Rajiv Gandhi National Aviation University in
collaboration with Indo US – American Cooperation Program, inaugurated by Mr Ashok
Gajapathi Raju, Minister for Civil Aviation, aims to promote skill development of senior
leadership and close the gap of increasing demand for trained people in the aviation sector.
JET AIRWAYS
Jet Airways is a major Indian international full-service airline based in Mumbai. In July 2017, it
was the second-largest airline in India after IndiGo with an 18.2% passenger market share. It
operates over 300 flights daily to 68 destinations worldwide from its main hub at Chhatrapati
Shivaji International Airport and secondary hubs at Amsterdam Airport Schiphol, Chennai
International Airport, Indira Gandhi International Airport, Kempegowda International Airport and
Netaji Subhas Chandra Bose International Airport.
Incorporated in April 1992 as a limited liability company, the airline began operations as an air
taxi operator in 1993. It began full-fledged operations in 1995 with international flights added in
2004. The airline went public in 2005 and in 2007, it acquired Air Sahara. It became the largest
carrier by passenger market share in the country by 2010, a position it held till 2012.

5. HISTORY
1992–2005: Inception
Jet Airways was incorporated as a limited liability company on 1 April 1992.It started operations
as an air taxi operator on 5 May 1993 with a fleet of four leased Boeing 737-300 aircraft. The
airline was granted a scheduled airline status on 14 January 1995. On 12 May 1994, all the shares
were transferred to Tailwinds International, whose equity capital was held by Naresh Goyal (60%),
Gulf Air (20%) and Kuwait Airways (20%). In October 1997, as per the directive of Ministry of
Civil Aviation forbidding foreign investment in passenger airlines, Goyal took control of the entire
company. The airline launched its first international flight in March 2004 from Chennai to
Colombo. The company was listed on the Bombay Stock Exchange and became public company
on 28 December 2004, with Goyal retaining 51% ownership of the stock.
2006–2009: Growth and expansion
In January 2006, Jet Airways announced its intention to acquire Air Sahara for US$500 million in
an all-cash deal; however, the deal fell through in June 2006.On 12 April 2007, the deal was back
on track with Jet Airways agreeing to pay ₹14.5 billion (US$230 million).On 16 April 2007, Air
Sahara was renamed as JetLite and was marketed between a low-cost carrier and a full service
airline.JetLite became a wholly owned subsidiary of Jet Airways. In August 2008, Jet Airways
announced its plans to integrate JetLite into Jet Airways. In October 2008, Jet Airways laid off
1,900 of its employees, who were later re-instated due to intervention from the Ministry of Civil
Aviation. In October 2008, Jet Airways entered into an alliance with rival Kingfisher Airlines for
code-sharing on domestic and international flights, collaboration on frequent-flyer program and
sharing crew and ground handling equipment. On 8 May 2009, Jet Airways launched another low-
cost brand, Jet Konnect. It operated a fleet of Boeing 737 Next Generation and ATR 72 aircraft
and operated on profitable short-haul routes with higher passenger load factors.
2010–present: Consolidation
In the third quarter of 2010, Jet Airways became the largest airline in India with a passenger market
share of 22.6%. In July 2012, the airline officially sought government approval to join Star
Alliance. Jet Airways is not a member of Star Alliance as of 2017.In June 2011, it became the first
domestic airline in India to ban meat products and liquids in check-in baggage. Jet Airways merged
the JetLite brand into Jet Konnect on 25 March 2012 and started offering business-class seats after
the demise of Kingfisher Airlines. In 2013, Etihad Airways planned to buy a stake in the airline
following the government's announcement in September 2012 that foreign airlines could take a
stake of up to 49% in Indian carriers. On 24 April 2013, Jet announced that it was ready to sell a
24% stake in the airline to Etihad for US$379 million. The deal which was expected to be signed
in January 2013 was postponed and was completed on 12 November 2013.
In 2013, the airline lowered prices and entered into fare war with low-cost carriers IndiGo and
SpiceJet due to falling passenger demand. In February 2013, the airline's market value dropped by
₹4.84 billion (US$75 million) owing to falling share prices. Jet Airways made profits in the third
quarter of the financial year 2013–14, after posting losses over the previous year. Jet Airways

6. announced on 11 August 2014 that it would phase out Jet Konnect by the end of the year as part
of plans to re-position itself as a uniform full-service operator. On 1 December 2014, Jet Konnect
was fully merged with Jet Airways, making it the third full-service airline in India besides Air
India and Vistara. In December 2015, Jet Airways announced the closure of its scissor hub at
Brussels Airport by March 2016 and the opening of new hub at Amsterdam Schiphol Airport
effective 27 March 2016. As of February 2016, it is the second largest airline in India after IndiGo
with a 21.2% passenger market share.
VISION AND MISSION STATEMENT
Corporate Vision
To be amongst the most innovative and admired brands, renowned for service excellence.
Corporate Mission
1. Jet Airways will be renowned for reaching out to all our guests with a heart-warming spirit
that is our unique Indian hospitality.
2. We will delight our guests with genuine care and personalized quality service, along with
consistent, reliable and efficient operations.
3. We will innovate and deliver service excellence, setting standards for competition to
emulate.
4. Jet Airways will be the most sought after place to work.
5. Jet Airways will achieve these objectives whilst simultaneously ensuring sustainable
profitability for all stakeholders.
ETHICAL VALUES AND PRINCIPLES IN JET AIRWAYS
ETHICAL VALUES
A good workplace is not known by its profits but by its work culture. If the employees of your
organisation are happily engrossed in their work, it is surely a good sign that your organisation
is growing. Good work ethics, therefore, are extremely important for making a company reach
the zenith. This is why; we have listed down a few tips, which will help you incorporate good
work ethics in your employees.
1. Stay punctual
Make sure you follow the clock religiously. This simply means that you need to be on or even
before time for all your meetings and appointments. This will give you enough time to review
your notes. Besides, you can connect to others present in the meeting on an informal basis.
This will help you gain an insight into what your client is looking forward to.
2. Be professional

7. Professionalism is not just about perfectly-ironed attire and shiny shoes. It is much beyond it.
Your attitude, values and of course the demeanor are a part of it. So, to stay professional,
inculcate a positive attitude and show a cordial behavior. Also, refrain yourself from all sorts
of gossips. Show respect to others and practice honesty and consistency. All these qualities
when combined together result in pure professional attitude.
3. Practice self-discipline
If you wish to reach the zenith, practicing the attribute of self-discipline is extremely essential.
This basically means that you need to stay focused on the desired goal and not get distracted
by short-term gratifications. Just target your objective persistently and work hard towards
achieving it. Striving for the best without stopping is the soul of self-discipline.
4. Avoid procrastination
Never leave it on for tomorrow if you can do it today. Benjamin Franklin rightly said so. These
words hold much relevance even in today’s scenario. So, the moment you are assigned with a
task, start working on it. This will not only give you an opportunity to finish a task early but
will give you ample time to review it. So, consider time as money and invest it judiciously.
This will also help both you and your company to reap more and more profits.
5. Balancing is the key
If you remain glued to your computer screen for extended hours, this does not indicate that you
are working hard and maintain good work ethic. If you wish to be a good employee, you need
to maintain a balance. This implies that you should invest a good amount of time in
rejuvenating your mind, body and soul. So, take proper rest, eat right and pamper yourself
quite often. If you come to office rejuvenated each day, not only your productivity increases
but the quality also gets improved.
6. Stay away from distractions
The trend of social media is one of the major culprits in distracting people from work. From
the time social media platform is easily accessible on phones, most of the employees spend
hours browsing it. A few other distractions include chatting or texting friends, playing games
and watching television. All you need to do is identify your area of distraction. Once you have
done that, try to overcome the weakness. This will surely help you achieve your goals. Also,
avoid office groups that are too much into gossiping.
THE PRINCIPLES
1. General Responsibilities of Aviators
2. Passengers and People on the Surface
3. Training and Proficiency
4. Security
5. Environmental Issues
6. Use of Technology
7. Advancement and Promotion of General Aviation

8. General Responsibilities of Aviators
I. Pilots should:
1. Make safety the number one priority,
2. Seek excellence in airmanship,
3. Develop and exercise good judgment, and apply sound principles of aeronautical
decision-making,
4. Recognize and manage risks effectively,
5. Maintain situational awareness, and adhere to prudent operating practices and personal
operating parameters.
6. Aspire to professionalism,
7. Act with responsibility and courtesy
II. Passengers and People on the Surface
1. Pilots should:
1. maintain passenger safety first and then reasonable passenger comfort,
2. manage risks and avoid unnecessary risks to passengers, to people and property on
the surface, and in other aircraft,
3. brief passengers on planned flight procedures and inform them of any significant
or unusual risks associated with the flight,
4. seek to prevent unsafe conduct by passengers, and
5. avoid operations that may alarm or annoy passengers or people on the surface
III. Training and Proficiency
2. Pilots should:
1. participate in training to maintain and improve proficiency beyond legal
requirements,
2. participate in flight safety education programs,
3. remain vigilance and avoid complacency,
4. train to recognize and deal effectively with emergencies, and
5. Accurately log hours flown and maneuvers practiced to satisfy training and
currency requirements.
IV. Security
3. Pilots should:
1. seek to maintain the security of all persons and property associated with their
aviation activities,
2. remain vigilant and immediately report suspicious, reckless, or illegal activities,

9. 3. secure aircraft to prevent unauthorized use, and
4. avoid special-use airspace except when approved or necessary in an emergency
V. Environmental Issues
4. Pilots should:
1. recognize and seek to mitigate the environmental impact of aircraft operations,
2. minimize the discharge of fuel, oil, and other chemicals into the environment during
refueling, pre-flight preparations, flight operations, and servicing,
3. avoid environmentally sensitive areas,
4. comply with applicable noise abatement procedures and mitigate aircraft noise over
noise-sensitive areas, and
5. review and adhere to prudent hazardous materials handling procedures.
VI. Use of Technology
5. Pilots should:
1. become familiar with and properly use appropriate affordable technologies,
2. monitor applicable airport advisory frequencies and report position concisely when
approaching airports without an operating control tower and other higher-risk areas,
if radio-equipped.
3. use transponders or other position-indicating technologies during in-flight
operations, if available or otherwise directed by ATC, and use ATC radar advisories
for VFR enroute operations, and
4. carry redundant transceivers and navigational equipment and use them in
appropriate circumstances.
VII. Advancement and Promotion of General Aviation
6. Pilots should:
1. advance and promote general aviation, safety, and adherence to the Code of
Conduct,
2. volunteer in and contribute to organizations that promote general aviation, and use
their aviation skills to contribute to society at large,
3. demonstrate appreciation for aviation service providers,
4. advance a general aviation culture that values openness, humility, positive attitudes,
and the pursuit of personal improvement, and
5. promote ethical behavior within the general aviation community.
ETHICS IN HUMAN RESOURCES – JET AIRWAYS
The concept of HRM includes recruitment, training, compensation and performance appraisal.
Human resource management defines relationship between employees and organization through
processes, practices and guidelines.
The role of the HR department in Jet airways to create effectiveness in service system:

10. 1. Increase effectiveness through job security, training and rewards lead to job satisfaction
and motivation.
2. Monitor and evaluate job performance, enhance job role to maintain excitement andreward
the employees for their excellence
3. Reward for long-term commitment
4. Jet Airways gives high priority on HRM to provide essential services to the customer
satisfaction and enhance shareholders value.
5. Operates within adopted code of conduct and ethics, abide by law, rules and regulations of
the stock exchange.
6. Every employee including directors required to become familiar with code of conduct.
7. Proper training to front end and back end staff
8. Ensuring the basic skills and competencies to handle customer while check in and on board
9. Each employee should avoid using his/her private interest while performing the duty
objectively and effectively.
10. Ambiguity and conflict resolution with fair and justifiable manner
11. Reward and recognition as per the aviation industry practice
12. Qualified and skilled crew members.
ETHICS IN MARKETING – JET AIRWAYS
Environmental Analysis
For success within the airline industry, an awareness of the external environment is essential. This
section aims to highlight the position of the industry, in particular looking at competitors and
assessing Jet airways capability to meet current and future challenges.
PESTEL Analysis of Jet Airways
Political Issue
1. License issue for international operation.
2. Infrastructural constraint.
3. ATF price policy.
4. Open sky policy.
5. FDI Limits: 100% Greenfield airport
6. 74% existing airports.
7. 100% through special permission.
8. 49% for airlines.
Economic Effects
1. The income level is rising.
2. Contribution to the Indian economy.

11. 3. There is a rise in the cost of fuel.
4. Investment in the sector of aviation.
5. The growth of the middle income group family affects the aviation sector.
6. Reduced fare but yet not enough.
Social Effects
1. Developing of the cities to better services and airports.
2. Employment opportunities.
3. Safety regulations.
4. The status symbol attached to a plane travel.
Technological Effects
1. Modernization of aircrafts.
2. The growth of e-commerce and e-ticketing.
3. Satellite based navigation system.
4. Modernisation and privatisation of the airports.
5. Modern technology like CAT3 and ILS.
Environmental Sector
1. There is an increase in the global warming.
2. The sudden change and the unexpected behaviour of the climate and to depend on the
atmosphere.
3. Shortage of the infrastructural capacity.
4. There is a tourism saturation.
Legal Factors.
1. FDI limits.
2. Bilateral treaties.
3. Airlines acquisitions and the leasing cost.
Porter's Five Forces Model of Jet Airways:
1. The threat of the entry of new competitors:
The threat of the new entrants is very high for Jet Airways, because right now there are so many
new airline company that has come with new strategies and services. The more profitable the

12. industry is the more attractive it will be to new competitors. And as we know that Jet Airways is a
very well- known airline company of India since many years and it has a brand image and has a
good reputation on the customers mind but then also Jet Airways has to give the best service quality
to the customers to remain the market leader in the business.
2. The intensity of the competitive rivalry:
The intensity of the competitive rivalry is high for Jet Airways. Jet Airways has many competitive
rivals like Kingfisher Airlines, British Airways, Air India, Virgin Atlantic, etc. Jet Airways has
both long haul flights and short haul flights. They are losing the domestic share market so in this
competitive industry they have to bring some innovation in their business. Their strategy is very
powerful because they are concentrating more in the service quality. Their aircrafts are modernised
and they have the modernised technology like CAT3 and ILS.
3. The threat of substitute products or services:
The threat of substitute for Jet Airways is low. There are few substitutes for Jet Airways:
For short haul flights they have: Jet Connect and Jet Lite.
For long haul flights they have: No notable substitute.
4. The bargaining power of customers:
The bargaining power of buyer is medium. Jet Airways has the option to switch the suppliers and
according to that the customers of Jet Airways also has the option to switch.
5. The bargaining power of suppliers:
The bargaining power of supplier is high. The supplier can switch to any other option at any time.
ETHICS IN FINANCE – JET AIRWAYS
SPECIAL REPORTING OBLIGATIONS AND PROCEDURES RELATING TO
CONCERNS REGARDING ACCOUNTING OR AUDITING
Practices Employees should bring to the attention of the Compliance Officer any questions,
concerns or complaints they may have regarding accounting, internal accounting controls or
auditing matters. A perceived wrongdoing or an act for Whistle Blowing may be reported by a
Whistle Blower in oral or V2-Feb2016 5 written form as per the procedure laid down in the Whistle
Blower Policy of the Company which is hosted on its website.
RECORD KEEPING; REPORTING
The Company requires honest and accurate recording and reporting of information in order to
make responsible business decisions. All of the Company's books, records, accounts and financial
statements must be maintained in reasonable detail, must appropriately reflect the Company's

13. transactions and must conform both to applicable legal requirements and to the Company's system
of internal controls. Records and documents should always be retained or destroyed according to
the Company's record retention policies. The Company shall provide full, fair, accurate, timely,
and understandable disclosure in all reports and documents that it files with, or submits to, any
governmental agency or securities exchange, and in other public communications made by the
registrant. All directors and employees are expected to read the Code which is hosted on the
Company’s website and periodically circulated to the employees through internal
communications. Each director and member of the Senior Management of the Company are
required to provide the following annual confirmations:
 Confirmation of compliance with the Code
 Disclosure of financial and commercial Transactions / Personal interest.
FINANCIAL CONTROLS
The Jet Airways financial management system is designed to assure, among other things, that
company resources are effectively and efficiently managed and that reporting requirements are
satisfied with integrity and reliability and in compliance with all relevant laws, regulations and
generally accepted practices and principles. Specific to anti-corruption controls, all employees are
required to maintain accurate financial records and appropriately document and obtain approval of
costs and expenses. Employees may not approve expense reports for themselves or their peers.
Use of company credit cards for non-business expenses is strictly prohibited. Personal credit cards
may not be used for business expenses, except in very limited circumstances. Company policy
prohibits falsification of accounting or other business records.
CODE OF BUSINESS CONDUCT AND ETHICS IN JET AIRWAYS
This Code Business Conduct and Ethics (‘Code’) has been adopted by Jet Airways (India) Limited
to comply with applicable law and the rules and regulations of the Stock Exchanges on which the
securities of the Company are listed. This Code covers a wide range of business practices and
procedures and serves as a guide to ethical decision-making. This Code does not cover every issue
that may arise, but it sets out basic policies to guide directors and employees of the Company and
its affiliates. All directors and employees must become familiar with this Code and conduct
themselves in accordance with these policies and seek to avoid even the appearance of improper
behaviour.
The principal duty of the Board of Directors, along with management, is to ensure that the
Company is well managed in the interests of its shareholders. The Board of Directors plays the
central role in the Company’s governance. It is the Company’s decision-making authority on all
matters except those reserved to shareholders or delegated to the management. The Board of
Directors is not expected to assume an active role in the day-to-day management of the Company.

14. Those who violate the policies in this Code will be subject to disciplinary action, up to and
including discharge from the Company. If you are in a situation that you believe may violate or
lead to a violation of this Code, you must report the situation as described herein.
APPLICABILITY
The Code is applicable to employees (including Senior Management) of the Company as well as
the Board of Directors of the Company.
GUIDELINES FOR CONDUCT OF DIRECTORS
Each director should seek to use due care in the performance of his/her duties, be loyal to the
Company, act in good faith and in a manner such director reasonably believes to be not opposed
to the best interests of the Company. A director should seek to also:
(a) make reasonable efforts to attend Board and committee meetings;
(b) dedicate time and attention to the Company;
(c) Seek to comply with all applicable laws, regulations, confidentiality obligations and
corporate policies of the Company.
(d) An Independent Director, as defined in the Companies Act, 2013 and SEBI (Listing
Regulations and Disclosure Requirements) Regulations, 2015, shall be subject to certain
additional duties.
CORPORATE BUSINESS OPPORTUNITIES
In carrying out their duties and responsibilities, employees and directors are prohibited from:
(a) appropriating corporate business opportunities for themselves that are discovered through
the use of Company resources or information or their position as directors or employees;
(b) using Company resources or information, or their position as
Directors or employees, for personal gain; and
(c) Competing with the Company, directly or indirectly.
A corporate business opportunity is an opportunity
(1) Which is in the Company’s line of business or proposed expansion or diversification,
(2) Which the Company is financially able to undertake and
(3) Which may be of interest to the Company.
A director or employee who learns of such a corporate business opportunity and who wishes to
avail of it should first disclose such opportunity to the Company’s Board of Directors. If the Board
of Directors determines that the Company does not have an actual or expected interest in such
opportunity, then, and only then, may the director or employee avail of it, provided that the director

15. or employee has not wrongfully utilized the Company's resources in order to acquire such
opportunity.
CONFLICTS OF INTEREST
A "conflict of interest" occurs when the private interest of an employee or director interferes in
any way – or even appears to interfere – with the interests of the Company. A conflict situation
can arise when an employee or director takes actions or has interests that may make it difficult to
perform his or her work objectively and effectively. Conflicts of interest also arise when an
employee or director or a member of his or her family, receives improper personal benefits as a
result of his or her position in the Company. Each employee and director should avoid having his
or her private interests interfere with
(i) the interests of the Company or
(ii) his or her ability to perform his or her duties and responsibilities objectively and effectively.
Employees and directors should avoid receiving, or permitting members of their immediate family
to receive, improper personal benefits from the Company, including loans from or guarantees of
obligations by the Company. A director or a member of the Senior Management should make a
full disclosure to the Board of any transaction or relationship that such a director reasonably
expects could give rise to an actual conflict of interest with the Company and seek the Board’s
authorization to pursue such transactions or relationships.
COMPANY PROPERTY
In carrying out their duties and responsibilities, all employees and directors should endeavor to
protect the Company’s assets and proprietary information, and ensure that the same are being used
by the Company and its employees only for legitimate business purposes of the Company. Any
suspected incident of fraud, mismanagement of Company assets or theft should be immediately
reported as per the procedure laid down in the Whistle Blower Policy of the Company which is
hosted on its website.
CONFIDENTIAL INFORMATION
Employees and directors should maintain the confidentiality of confidential information entrusted
to them in carrying out their duties and responsibilities, except where disclosure is approved by
the Company or legally mandated or if such information is already in the public domain.
Confidential information includes all non-public information that might be of use to competitors,
or harmful to the Company or its customers, if disclosed. The Company’s confidential information
shall not be inappropriately disclosed or used for the personal gain or advantage of anyone other

16. than the Company. These obligations apply while employed or serving as a director of the
Company even after employment or the director’s term with the Company ends.
FAIR DEALING
In carrying out their duties and responsibilities, employees and directors should endeavor to deal
fairly, and should promote fair dealing by the Company, its employees and agents, with customers,
suppliers and competitors.
No employee or director should seek to take unfair advantage of anyone (including the Company)
through manipulation, concealment, abuse of privileged information, misrepresentation of material
facts or any other unfair dealing practice.
COMPLIANCE WITH LAWS AND REGULATIONS
In carrying out their duties and responsibilities, directors and employees must comply with
applicable laws, rules and regulations. In addition, if any director or employee becomes aware of
any information that he or she believes constitutes evidence of a violation of any securities or other
laws, rules or regulations applicable to the Company or the operation of its business, by the
Company, any employee or director, then such employee or director should report such
information as per the procedure laid down in the Whistle Blower Policy of the Company which
is hosted on its website.
INSIDER TRADING
Employees and directors should observe all applicable laws and regulations including the
Company’s policies and codes as applicable to them with respect to the purchase, sale or otherwise
dealing in the Company’s securities, either on their own or through their Relative.
All non-public information about the Company should be considered confidential information. To
use non-public information for personal financial benefit or to "tip" others who might make an
investment decision on the basis of this information is not only unethical but also illegal. A more
detailed discussion of the insider trading laws can be found in the Company’s Code of Internal
Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders.
It is the responsibility of each employee and director to become familiar with and understand these
laws, regulations, policies and codes, and to seek further explanations and advice concerning their
interpretation, if required.

17. ENCOURAGING THE REPORTING OF ILLEGAL OR UNETHICAL BEHAVIOUR
Directors and employees should endeavour to promote ethical behaviour and to encourage
employees to report evidence of illegal or unethical behaviour to appropriate Company personnel.
It is the policy of the Company to not allow retaliation against any employee who makes a good
faith report about a possible violation of this Code.
Suspected violations of this Code may be reported to the Chairman of the Board or the Chairman
of the Audit Committee. All reported violations will be appropriately investigated. When in
doubt of the best course of action in a particular situation, employees are encouraged to talk
promptly to their supervisor, managers or the Head of Human Resources. Employees are expected
to fully cooperate in internal investigations of misconduct.
A director charged with a violation of this Code should not participate in a vote of a Committee or
the Board concerning his/her alleged violation, but may be present at a meeting of the Board or of
a Committee convened for that purpose.
Employees should bring to the attention of the Compliance Officer any questions, concerns or
complaints they may have regarding accounting, internal accounting controls or auditing matters.
A perceived wrongdoing or an act for Whistle Blowing may be reported by a Whistle Blower in
oral or written form as per the procedure laid down in the Whistle Blower Policy of the Company
which is hosted on its website.
RECORD KEEPING; REPORTING
The Company requires honest and accurate recording and reporting of information in order to
make responsible business decisions. All of the Company's books, records, accounts and financial
statements must be maintained in reasonable detail, must appropriately reflect the Company's
transactions and must conform both to applicable legal requirements and to the Company's system
of internal controls. Records and documents should always be retained or destroyed according to
the Company's record retention policies.
The Company shall provide full, fair, accurate, timely, and understandable disclosure in all reports
and documents that it files with, or submits to, any governmental agency or securities exchange,
and in other public communications made by the registrant.
All directors and employees are expected to read the Code which is hosted on the Company’s
website and periodically circulated to the employees through internal communications.
Each director and member of the Senior Management of the Company are required to provide the
following annual confirmations:
• Confirmation of compliance with the Code

18. • Disclosure of financial and commercial Transactions / Personal interest
Note: Senior Management shall mean personnel of the company who are members of its core
management team excluding Board of Directors and comprises all members of management one
level below the Board of Directors and/or Executive Directors and includes all functional heads.
NO RIGHTS CREATED
This Code sets forth guidelines for conduct of the employees and directors of the Company. This
Code is not an expressed or implied contract of employment and does not create any contractual
rights of any kind between the Company and its employees. In addition, all employees should
understand that the Code does not modify their employment relationship, whether at will or
governed by contract.
WAIVERS AND AMENDMENTS
Any amendment to this Code must be approved by the Board of Directors.
Any waiver of this Code for the benefit of any employees or director of the Company may be made
only by the Company’s Board of Directors and shall be disclosed promptly as required by
applicable laws and regulations including the rules of any exchange on which the Company’s
securities are listed or traded.
COMPLIANCE STANDARDS AND PROCEDURES
We must all work to ensure prompt and consistent action against violations of this Code. However,
in some situations there may be “grey areas” for which it may be difficult to know the right thing
to do. Since we cannot anticipate every situation that will arise, it is important that we have a way
to approach a new question or problem. These are some steps to keep in mind:
• Make sure you have all the facts. In order to reach the right solutions, we must be as fully
informed as possible.
• Ask yourself: What specifically am I being asked to do? Does it seem unethical or
improper? This will enable you to focus on the specific question you are faced with, and the
alternatives you have. Use your judgment and common sense; if something seems unethical
or improper, it probably is.
• Clarify your responsibility and role. In most situations, there is shared responsibility. Are
your colleagues informed? It may help to get others involved and discuss the problem.
• Discuss the problem with your supervisor. This is the basic guidance for all situations. In
many cases, your supervisor may be more knowledgeable about the question, and will
appreciate being brought into the decision-making process. Remember that it is your
supervisor's responsibility to help solve problems.

19. • Seek help from the Company’s resources. In the rare case in which it may not be appropriate
to discuss an issue with your supervisor or where you do not feel comfortable approaching
your supervisor with your question, discuss it with the Head of Human Resources.
• Your report of violations of this Code is in confidence and without fear of retaliation. If
your situation requires that your identity be kept secret, your anonymity will be protected. The
Company does not permit retaliation of any kind against employees for good faith reports of
violations of this Code or questionable accounting or auditing matters. “Good faith” does not
mean that you have to be right – but it does mean that you believe that you are providing
truthful information. The important thing is that you bring your question or concern to our
attention through one of the available channels.
• Always ask first, act later. If you are unsure of what to do in any situation, seek guidance
before you act.
BOARD OF DIRECTORS OF JET AIRWAYS
During the year, Mr. Aman Mehta (DIN: 00009364) and Mr. I M Kadri (DIN: 00081694)
ceased to be Independent Directors with effect from 27th
December, 2016. The Board places
on record its appreciation for the services rendered by them during their tenure with the
Company.
As per the provisions of the Companies Act 2013, Mrs. Anita Goyal (DIN:01992051), retires
by rotation at the ensuing Annual General Meeting and being eligible, seeks re-appointment.
The Board recommends her re-appointment as a Director.
Our definition of ‘Independence’ of Directors is derived from Regulation 16 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 with Stock Exchanges
and Section 149(6) of the Companies Act, 2013. Based on the confirmation / disclosures
received from the Directors and on evaluation of the relationships disclosed, the following
Non-Executive Directors are Independent in terms of Section 149(6) of the Companies Act,
2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as at
31st
March, 2017:-
- Mr. Dinesh Kumar Mittal
- Mr. Javed Akhtar
- Mr. Srinivasan Vishvanathan
- Ms. Rajshree Pathy
- Mr. Vikram Mehta
-
Mr. Ranjan Mathai
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Board of Directors has undertaken an

20. evaluation of its own performance, the performance of its Committees and of all the individual
Directors based on various parameters relating to roles, responsibilities and obligations of the
Board, effectiveness of its functioning, contribution of Directors at meetings and the
functioning of its Committees.
REMUNERATION POLICY
The Board has, on the recommendation of the Nomination and Remuneration Committee
framed a policy for selection and appointment of Directors, Senior Management and their
remuneration. Details of the Remuneration Policy are provided in the Report on Corporate
Governance.
CORPORATE GOVERNANCE
Company’s philosophy on Corporate Governance
The Company strives for continued excellence by adopting best-in-class governance and
disclosure practices. The Company’s Code of Business Conduct and Ethics and the Code of
Conduct for prevention of Insider Trading reflect our commitment to good corporate
governance framework. Transparency, Integrity and accountability are the fundamental
principles to sound Corporate Governance, which ensures that the Company is managed and
monitored in a responsible manner. Our actions are governed by our values and principles,
which are reinforced at all levels within the Company. Success, we believe, requires the highest
standards of corporate behaviour towards everyone we work with, the communities we touch
and the environment on which we have an impact. The Company views Corporate Governance
as more than just regulatory requirements as it believes there exists a fundamental link between
the Company and the Society. The Corporate Governance Structure of the Company is vested
with: The Board of Directors (“the Board”): The Board is responsible for the management,
direction and performance of the Company as well as to provide an independent view of the
Company’s Management while discharging its objectives. Committees of the Board: The
Committees have oversight of operational issues assigned to them by the Board which are
constituted to oversee specific areas.
Board Training and Induction
At the time of appointing a Director, a formal letter of appointment is given to him, which,
inter-alia, explains the role, function, duties and responsibilities expected of him as a Director
of the Company. The Director is also explained in detail the compliances required from him
under the Companies Act, Clause 49 of the Listing Agreement and other relevant regulations
and his affirmation taken with respect to the same.
Appointment of Independent Director

21. Pursuant to the provisions of section 149 of the Companies Act, 2013, that came in to effect
from 1st April, 2014, every listed public company is required to have at least one-third of the
total number of Directors as independent Directors. Such Independent Directors shall be
appointed for not more than two terms of five years each and shall not be liable to retire by
rotation. The Board of Directors of the Company has decided to adopt the provisions with
respect to appointment of Independent Directors which is consistent with the Companies Act,
2013 and the amended Listing Agreement. 49
Familiarization program for Independent Directors
The Company has conducted the familiarization program for Independent Directors appointed
during the year. The Program aims to provide insights into the Company to enable the
Independent Directors to understand its business in depth, to acclimatise them with the
processes, businesses and functionaries of the Company and to assist them in performing their
role as Independent Directors of the Company. The Company’s Policy of conducting the
Familiarization Program has been disclosed on the website of the Company at
www.jetairways.com.
Committees of Board
To focus effectively on specific issues, the Board has constituted the following Committees
with detailed Charters laying down specific terms of reference:
a. Audit Committee of the Board
b. Nomination and Remuneration Committee
c. Stakeholder Relationship Committee
d. Corporate Social Responsibility Committee
The Company Secretary acts as the Secretary to all these Committees. The Minutes of the
Meetings of the above Committees are placed before the Board for discussions.