I understand it a little differently.
If Jet is under investigation, Jet's aircraft cannot fly to US till the issue is resolved, whether under Air India's label or under anyone else's.
It is summer, and the Indian politicians like to travel like everyone else. The wise men in India also like to tag their family along. We had one memorable chap who took his grand children along as well on an african jaunt, saying that the kids wants to see the giraffes... (or was it some other exotic species...). Currently we have had a local head honcho going to Israel and Dubai (what a combo......) but since his birthday is falling in between, has carried along the whole family too.......!
The seniormost honchos ..... the President/Vice President/PM et all have the privilege to go in their exclusive aircraft. However since the VIP aircraft of the government are a few antique 737s, for their international trips, these guys commandeer aircraft from Air India. Nothing less than a 747 (310s wont do ,it wont even fit the family properly let alone the assorted press cops who are dutifully carried to report among other things whether the worthy in question ate Chicken or Lamb for dinner- if he ate beef - well no one will report - after all there is the Hindu vote..!).
Well, as I understand the politicians are travelling all round the world (the PM went to SIN and wasted no time in jet setting to Glenagles soon after) and unfortunately Air India finds that it is struggling to accomodate the fare paying passengers.... So they have decided to get some help from Jet (nothing unsual....they are already helping out Air india in the maintenance of their 737 NGs used by Air India Express). As I understand, the 340s are to be used in the non US routes where the 747s are deployed (like the LON turnarounds andthe NRT route), while the 747s thus freed up will be used to cover up for those pulled out for the political jaunts.