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

25 March, 2019, 13:10 | Author: Regina Silva
  • Jet Airways founder Naresh Goyal steps down amid crisis

"We need our dues to be paid by 31 March and a clear roadmap for our company", National Aviator's Guild Vice President Asim Valiani was quoted as saying by the news agency.

CNBC-TV18 reported this development in the morning, which also said that Goyal will reduce his stake in the airline to 9.9 percent.

Anita Goyal was a director on Jet Airways board.

The decision was taken at the airline's board meeting held here Monday.

According to reports, Etihad's stakes in the company will be halved from 24 per cent to 12 per cent while Goyal's stake will be reduced to 25.5 per cent from the existing 51 per cent.

At 1528 hours, Jet Airways was quoting at Rs 260.95, up 15.5 percent on the BSE.

As part of this, lenders will now infuse funding support of Rs 1500 crore by way of issue of appropriate debt instrument against security of its assets.

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Finance Ministry sources in New Delhi said on Friday that the lenders of Jet Airways are in the process of securing "substantial stake" in the ailing airline to try and revive it to a manageable state, before selling it to new promoters.

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

Jet Airways has more than Rs 8,000 crore in debt and is looking for urgent liquidity infusion to pay its pilots, engineers and make payments to its lessors.

Meanwhile, Corporate Affairs Secretary Injeti Srinivas said a "good outcome" from the negotiations between the creditors and the company would be better than moving for proceedings under the insolvency law, a PTI report said.

He was responding to a query on whether Jet Airways is a fit case to be referred under the Insolvency and Bankruptcy Code (IBC).

A formal announcement will be made after the airline notifies stock exchanges after market closing.

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