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m3n4.net April 21, 2019


Jet Airways founder Naresh Goyal, wife step down from board

26 March 2019, 12:39 | Vera Richards

Jet Airways founder Naresh Goyal, wife step down from board

Jet Airways founder Naresh Goyal steps down amid crisis

At present, Jet Airways is operating with just 41 planes out of its fleet of 119 planes after failing to repay rentals.

Naresh Goyal has quit as the chairman of Jet Airways (India) Ltd, stepping down from the board of the airline he founded two-and-a-half decades ago, as part of a plan that involves lenders taking control of the carrier.

The last time Jet was suffering with ballooning debt, Etihad Airways infused $600 into the airline and pick up a 24% stake, three London Heathrow slots and a major share in Jet's frequent flyer programme. At the board meeting on Monday, it was decided that the airline will also receive immediate funding of up to Rs 1,500 crore by lenders.

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Last week, Reuters reported, citing two people in the know, that the central government had asked state-run banks to rescue the airline without pushing it into bankruptcy as Prime Minister Narendra Modi sought to avert thousands of job losses weeks before a general election.

The carrier defaulted on loan repayments to banks on December 31.

The lenders, led by the State Bank of India (SBI), would become majority shareholders in the airline.

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The airline has not paid salaries to a section of its employees, including pilots.

Lenders to undertake a bidding process for its shares. "There will be expression of interest which will be given by April 9 and binding bid by April 30", SBI Chairman Rajnish Kumar told CNBC TV18.

Saying that the development was a wake-up call for Indian policymakers, SpiceJet chairman and managing director Ajay Singh said there was an urgent need to address structural challenges in the aviation sector.

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According to a regulatory filing by Jet, an interim management committee will be formed by its lenders led by the State Bank of India that will manage and monitor the daily operations and cash flow of the airline. This has all been possible because of the tireless, unrelenting efforts of each and every one of you, tight-knit members of our Jet Airways family, setting guest-service benchmarks to the envy of our competitors, helping us collectively realise our dream of our Jet Airways emerging as a global gold standard of warm Indian hospitality", Goyal says, adding "Looking back I would not want to change a thing.



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