Mumbai: Naresh Goyal, the founder of Jet Airways (India) Ltd, has resigned from the board of the troubled airline, the company said in a BSE statement. Goyal, who found Jet Airways over two decades ago, resigned after a meeting with the airlines board of directors.
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.
Etihad Airways has two nominees on Jet Airways board of directors, Kevin Knight and Robin Kamark. Anita Goyal was a director on Jet Airways board.
The statement said that the lenders of the airline, led by the State Bank of India, will constitute an interim management at Jet Airways, which will monitor the daily cash flow and operations of the airline at the instruction of lenders.
The lenders will also immediately pump about ₹1,500 crore into Jet Airways by way of issue of appropriate debt instruments against security of assets.
The statement added that a bidding process will be initiated by lenders for sale of shares to a new investor, expected to be completed in June quarter.
A person close to the matter told Mint that the lenders of the airline, led by SBI, have also bought a portion of Etihad Airway's stake in Jet Airways.
A spokesperson of SBI was not immediately available for comment.
Cash-strapped Jet Airways, which had defaulted on loan repayment in December, has grounded several planes and delayed salaries to staff due to a cash crunch.
On Monday, Jet Airways share rose 12.69% to ₹254.50 apiece on the BSE while the benchmark Sensex fell 0.93% to end the day at 37,808.91 points.
