Jet Airways founder Naresh Goyal, wife Anita step down from board

26 March, 2019, 06:55 | Author: Gerard Cortez
  • Jet Airways founder Naresh Goyal steps down amid crisis

The lenders, led by the State Bank of India (SBI), would become majority shareholders in the airline. Afterwards one of the two Etihad nominees will exit the Jet board, the ET report said. Of the debt, Jet needs to repay Rs 1,700 crore by the end of March.

The financially-struggling airline also announced the constitution of an Interim Management Committee "at the instructions of the lenders to manage and monitor the daily operations and cashflow of the company".

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai November 29, 2017.

"Immediate Funding support of up to Rs 1,500 crore by lenders by way of issue of appropriate debt instrument against security of its assets which will restore normalcy to Company's level of operations", it said.

Jet Airways, which was founded by Naresh and Anita back in 1993 ran into debt amounting to over $1 billion.

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As a result, the stake of promoter Naresh Goyal will come down to 25 per cent from 50 per cent, while Abu Dhabi's Etihad Airways, which had a 24 per cent stake in the carrier, came down to 12 per cent.

The report said that if the government's plan for Jet succeeds, then state-run banks including State Bank of India and Punjab National Bank as well as NIIF would together own at least a third of the airline until they find a new buyer. It has deferred payments to banks, suppliers, pilots and lessors for months of which lessors have constrained the airline to ground as many as 40 planes.

Jet's board also approved a plan that will help the airline keep afloat.

The airline is also on the verge of losing hundreds of pilots who are on the lookout for new opportunities after Jet failed to pay their salaries since December.

Jet Airways did not immediately respond to a request for comment.

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