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Naresh Goyal, His Wife Resign From Jet Airways Board

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The founder of Jet Airways, Naresh Goyal has resigned from the board of the distressed airlines, according to its statement to the stock exchanges on Monday. His wife Anita Goyal who was a director on the board also resigned. With the resignation, Goyal ceases to be the chairman of Jet Airways.

 

Naresh Goyal, His Wife Resign From Jet Airways Board

According to the statement, the decision was taken following a board meeting held on Monday. Further, Etihad Airways' nominee Kevin Knight also resigned from the board. Two nominee directors representing lenders have been admitted into the board.

The statement said that the board has approved to constitute an interim management committee led by the State Bank of India to monitor the daily cash flow and operations of Jet Airways at the instruction of lenders. The issue of 11.4 crore equity shares to the lenders upon conversion of Re 1 of the outstanding debt was also approved. Rs 1,500 crore will be infused by lenders via debt instruments against the security of assets.

A bidding process for the sale of shares to a new investor will be initiated and the same is expected to be completed in June quarter.

Jet Airways, has been grounding several of its planes and even delayed salaries to its staff after it defaulted on loan repayment in December.

Shares of Jet Airways closed 15.46 percent higher at Rs 261 apiece on NSE after Goyal's resignation was announced.

Read more about: jet airways
Story first published: Monday, March 25, 2019, 16:55 [IST]
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