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Jet Airways founder Naresh Goyal, wife Anita step down from board
by Joanna Estrada | March 26, 2019 | 01:03
Jet Airways was formed by Naresh Goyal and Anita Goyal in 1993 but the story, as of today, the company is saddled with more than 1 billion $ debt.
The government asked state-run banks to rescue this privately held airline.
In a recent letter sent to Prime Minister Narendra Modi, the National Aviators Guild (NAG) had raised concerns after the pilots' group of Jet Airways revealed that the airline is onthe "verge of collapse".
"Immediate Funding support of up to Rs 1,500 crore by lenders by way of issue of appropriate debt instrument against security of its assets which will restore normalcy to Company's level of operations", it said.
A bidding process will be initiated for new investors, which is expected to be completed in the June quarter.
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.
Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline.
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.
The reports of Goyal's departure led to a rally in Jet's shares of more than 15 percent.
It also needs to pay months' worth of salaries to pilots and other senior employees.
But competition from low-priced carriers, such as IndiGo and SpiceJet Ltd, together with high oil prices, hefty fuel taxes and a weak rupee piled on the pressure in recent months. Goyal says he will continue to "remain just as devoted to cementing Jet Airways' place as the gold standard of service excellence in Indian skies in a different capacity". "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world", he said.
The board also approved issue of 11.4 crore equity shares of the company to the consortium of lenders upon conversion of Rs 1 of the outstanding debt.
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