Published: Mon, March 25, 2019
Markets | By Otis Pena

Naresh Goyal, wife step down from Jet Airways’ board

Naresh Goyal, wife step down from Jet Airways’ board

The founder of cash-strapped Indian airline Jet Airways has stepped down as chairman of the company.

Jet Airways' lenders may this week invite expressions of interest (EoI) from investors looking to acquire the ailing airline.

Rs 1500 crore would be infused by lenders consortium lead by the State Bank of India, earlier smaller PSU banks in consortium were unwilling but now they have agreed to pour in money.

Goyal who set up the company with his wife in 1993, would also cease to be the chairman, the filing said. The resolution plan, under the guidelines of Reserve Bank of India's "Revised Framework for Resolution of Stressed Assets", would require Naresh and Anita to step down from the board.

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Goyal holds 51 per cent stake while Gulf carrier Etihad Airways has 24 per cent shareholding in the airline. The company's lenders will nominate two members to the board.

The lenders will also constitute and interim management committee, which will manage and monitor the daily operations and cashflow of the company.

According to the BSE statement, the decision taken at the board meeting included resignation of Naresh Goyal, his wife Anita Goyal, and Etihad Airways nominee Kevin Knight from the Jet Airways board.

A bidding process will be initiated for new investors, which is expected to be completed in the June quarter. 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. The carrier defaulted on loan repayments to banks on December 31.

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