A couple of news flashes on the business channels in the last few days mentioned:
1) Jagson not likely to get scheduled operator status
2) Their CEO U.K.Bose (formerly of S2) is likely to quit.

Incidentally, has anyone actually seen Jagson flights operating lately? Their website lists a number of flights, but without the "from" and "to" dates which most airlines clearly specify (see the websites of Indian, Jet, Air Deccan to see what I mean)