New Delhi: Jet Airways founder and Chairman Naresh Goyal and his wife Anita Goyal on Monday stepped down from the company's board, the company said in a BSE filing on Monday.


COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Goyal who set up the company with his wife in 1993, would also cease to be the chairman, the filing said. Meanwhile, one nominee of Gulf carrier Etihad, which owns 24 percent, will also step down from board.


The company further said that a resolution plan being formulated by a  consortium of domestic lenders led by State Bank of India in accordance with the guidelines set out under the Reserve Bank of India on. Under this, an Interim Management Committee will be constituted at the instructions of the Lenders to manage and monitor the daily operations and cashflow of the Company


Jet, battling acute financial woes estimated to be more than Rs 8,000 crore, is looking at all possible options. The liquidity crunch has not only forced the Airline to ground aircraft leading to cancellation of several flights, it has also caused delayed salary payments to its pilots, engineers and other senior staff.


Jet said said there will be immediate funding support by lenders for the cash-strapped airline.


“Immediate Funding support of upto Rs 1500 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,” the company said.


The board has also approved issue of 11.4 crore equity shares to the Airline's lenders upon debt to equity conversion of Re 1/ of the outstanding debt.