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

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

Goyal's departure, however, could reignite investor interest in India's oldest private airline.

Goyal is presently in London and could address around 23,000 Jet employees upon his exit from there, the report said. His government urged state-run banks to rescue the airline without pushing it into bankruptcy, sources have told Reuters.

The SBI-led consortium of lenders is working on a resolution plan for the cash-strapped Jet Airways for the last five months.

In recent weeks, it had grounded more than two-thirds of the 119 aircraft in its fleet. "I am happy with this decision", he said here.


A bidding process will be initiated for new investors, which is expected to be completed in the June quarter.

"Immediate Funding support of upto Rs 1500 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", the company said. Most companies in Jet's financial condition would have been placed by creditors into India's new bankruptcy process.

"It is critical to have a world class board led by a chairman with proven credentials", Kaul said, adding that the short timeline for the lenders' plan to sell their controlling stake was also ambitious unless they have an investor in mind. Its lenders will convert their outstanding debt into equity shares for a token amount of one rupee and take a controlling stake in Jet. That means the airline still needs to service all of its existing loans and it owes millions of dollars to leasing companies.

Jet Airways staff and officers body on Monday sought representation in the interim management committee which will oversee the functioning of the airline under the banks-led management.


Goyal and his wife will step down from Jet Airways' board under a resolution plan piloted by its lenders.

Jet has survived collapse once before when it also got close to running out of cash in 2013.

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.


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