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

Roman Schwartz
March 25, 2019

Vishvanathan was on the Jet's board as an Independent Director for three years till August 2018.

Mumbai: Debt-laden Jet Airways Founder and Chairman Naresh Goyal, and his spouse Anita Goyal are going to quit from the board on Monday, according to ET Now.

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

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.

As per ICRA's report, the airline has large repayments due in March to the tune of Rs 1,700 crores and further Rs 2,445 crore due in FY20 and Rs 2,168 crore due in FY21.

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Soon after Goyal stepped down from the airline's board, Jet stocks jumped over 13 per cent.

Saddled with more than $1 billion of debt, Jet is struggling to stay afloat. This will restore normalcy to Company's level of operations, the company said in a filing to the exchanges.

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

A bidding process will be initiated for new investors, which is expected to be completed in the June quarter. There were delayed payments to vendors, banks, pilots and lessors, which resulted in the airline having to ground almost 40 of its aircraft.

Jet Airways' joint venture partner Etihad Airways has already expressed interest in divesting its stake in the company, as it did not agree to the revised agreement between the shareholders, under which it had to pump in fresh equity of ₹1,600 crore.

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