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Jet Airways Chairman Naresh Goyal, wife Anita Goyal resign from board of cash-strapped airline

BusinessToday.In     March 25, 2019

Naresh Goyal and his wife Anita Goyal have resigned from the board of the cash-strapped Jet Airways on Monday.

Since morning there was speculation in the market that Naresh Goyal and his wife Anita Goyal may step down from the board of directors of the airline they founded 25 years ago.

Last week, the State Bank of India, which is leading the bank-led resolution plan for Jet, had asked them as well as two more directors to step down from their positions on the company's board.

The company in a filing to exchange said that its board of directors, at its meeting held today, considered the resolution plan being formulated by a consortium of domestic lenders led by the State Bank of India. "As per the resolution plan, two nominees of promoter, Naresh Goyal and Anita Goyal, and one nominee of Etihad Airways PJSC to step down from the board," it said. 

Also Read: Naresh Goyal, wife Anita Goyal to step down from Jet Airways board today

Additionally, Naresh Goyal also ceased to be the Chairman of the company, it added.

The board has given approval for issuance of 11.4 crore equity shares of the company to the lenders upon conversion of Rs 1 of the outstanding debt..

Among others, the board of directors of the company also approved constitution of an interim management committee at the instructions of the lenders to manage and monitor the daily operations and cash flow of the company.

The company also informed that its board approved creation of appropriate security over the company's assets for securing the existing facilities extended by the Lenders and the proposed immediate funding support of upto Rs 1,500 crore by way of issue of appropriate debt instrument.

Also Read: Jet Airways shares zoom 18% as Chairman Naresh Goyal exits

Edited by Chitranjan Kumar

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