Interups Inc (ITUP)

[NewJerichoMan]

ITUP yet to infuse capital into TruJet

Article link at the very bottom. Laxmi's response below.

The above (actually below) article was published in Hindu Business Online and I responded back to them immediately, the summary excerpt of which I am copying below on LinkedIn. I truly hope fair journalism prevails in this country. If a news paper of the standard of Hindu, known for its spotless journalism in my younger days, carries an article hearing anything and everything to write the article, neither the journalist gets affected nor the readers but people like me as it puts my name into shambles and our efforts to do something back to the country into dirt. We get exhausted. Media does not run the company and its challenges. Nor there is any requirement for us to share every piece of information. There are umpteen challenges in transiting the small airline and I have to be stone faced, look tough, drained and exercise extreme financial care to bail the airline out and not fall into the pits of emotions. We cannot throw money into a hole. Lot of financial structuring and muscle should be toned to handle the airline survival and its expansion. Rome does not get built in a day and so the airline industry. Media – Please allow us to work through our challenges but not exhaust our reputation wrongly. I am not asking not to present. But Please adopt fair journalism. Before you publish, hear both ends. If we are not available, please draft a message on the points you would like to hear from us and offer us time to respond back. We are dying hard here to save the company. Please kindly realize this before getting the article onto the press.

My response excerpts: I am presenting as an attachment the notarized secured promissory note that we offered to the previous ownership of TruJet.

To the best of our senses, the sale is consummated and I am surprised with your news that they are looking for new buyers. Against consummation of sale and continued expenses underwritten by the previous management, we agreed to be treated as a debtor if we do not pay by June 30 and have accordingly executed secured promissory note for the amount in value duly notarized by the consulate, we being an American company.

Further to assert under penalty of perjury,

(1) As I have noted, our consideration payment is still pending because the security clearance on directors we proposed is still in process.
(2) Until we pay in full, we agreed that the management to remain with the previous ownership, and we requested salaries for May & June to be paid as we cannot execute any inward remittance, pending this security clearance and transfer of ownership.
(3) We put June 30 as the date because we expected clearances to happen by this date.

https://www.thehindubusinessline.com/companies/us-based-interups-yet-to-infuse-funds-into-regional-airline-trujet/article35350861.ece