Naresh Goyal and his wife Anita Goyal to exit Jet Airways today 25 years after the establishment of the airline. Last week, the State Bank of India, which is leading the Bank’s Leadership Resolution Scheme for Jet, had asked them to withdraw two more directors from their posts on the company’s board. This decision can be formally announced today.
Official Source said that under the leadership of SBI, the consortium of banks has included the full 51 percent share of Naresh Goyal in the airline. After this, the lender will start looking for a new buyer in the coming weeks.
Naresh Goyal and his wife Anita Goyal to exit Jet Airways today
It has been said in the report that former SBI director and former Jet Airways director Srinivasan Visvanathan can be invited to join the company’s top leadership. Vishwanathan was on the board of Jet as an independent director for three years until August 2018. The borrower may ask former SBI president and former CVC Commissioner Janaki Ballabh to take the seat of Jet Board, daily said further.
In the meantime, Etihad can still be on the board of Jet, but its 24% equity stake in the airline is expected to be diluted over time. According to Indiatimelines report, one out of two Etihad candidates will exit from the jet board. It has been said in the report that Goyal is currently in London and can exit 23,000 employees of Jet on his exit. In his absence, Jet Airways Chief Executive Officer Vinod Dube is expected to reach the end of the crisis-hit airlines.
Goyal’s exit is likely to take a good stake in Jet Airways’ debtor-laden airline, as long as a new promoter is not included in it. The process of getting a new promoter in the board is expected to take two to three months. Once this happens, the banks are expected to take off their steak. For the trending news, you can visit www.indiatimelines.com.
The consortium led by the lenders of the lenders is working on a resolution plan for cash-strapped Jet Airways over the past five months. The full-service carrier has a debt of more than Rs 8,200 crore and needs to be repaid up to Rs 1,700 crore till March end.