Jet Airways founder Naresh Goyal, wife step down from board

Naresh Goyal wife Anita Goyal to step down from Jet Airways board today

Crunched under debt, Jet Airways chairman Naresh Goyal, wife Anita Goyal have resigned from the board of directors of the airline. "I am happy with this decision", he said here. According to Reserve Bank of India (RBI) regulations, lenders must resolve cases pertaining to defaulting companies such as Jet Airways within 180 days of their first default.

Bidding process to be initiated by lenders for sale to new investor (s), the process expected to be completed in June quarter as per the resolution plan. At the board meeting on Monday, it was decided that the airline will also receive immediate funding of up to Rs 1,500 crore by lenders.

The next steps, which include the amount of equity capital being infused and the selection of the new board, are more critical, said CAPA India CEO Kapil Kaul.

Even as news of Goyal's departure led to a rally in Jet's shares, which ended the day 12.4 percent higher, analysts say there is still a long road ahead.

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

Jet's debt exceeds $1bn (£750m) and the airline has grounded some flights as it is struggling to pay employees, suppliers and leasing companies.

Last week, Jet Airways' pilots threatened to stop flying from April 1 if the cash-strapped airline did not come up with a rescue plan in place by March 31, a trade union body said. But, if you get a cancellation message with more than three days left for the flight, Jet Airways has opened up a separate website to get you accommodated on another flight if possible.

"Today is indeed a sad day for Indian aviation", said Ajay Singh, chairman and managing director at rival SpiceJet, adding that Goyal and Anita made India proud by launching a "world class" airline. "We urgently need to address structural challenges that make India's airlines uncompetitive to airlines around the world", Singh said.

The banks will also give the airline a fresh loan of Rs 1,500 crore to meet payments and restore normal operations and the lenders will form an interim management committee to manage the airline, Jet said.

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