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Monday, 25 March, 2019, 18 : 05 PM [IST]

Lenders take over Jet after Goyal & wife quit board

Jet Airways Ltd Chairman Naresh Goyal and his wife Anita Goyal have quit its board, the cash-strapped airline said on Monday as it closes in on a rescue deal led by state-run banks.

The banks, led by State Bank of India (SBI), will convert their debt into equity and take a controlling stake in the airline for a token sum of INR 1 (USD 0.0145), Jet said in a statement to the stock exchanges after a meeting of its board. The lenders will constitute an interim committee to manage the airline, reported Reuters.

Etihad Airways nominee Kevin Knight has quit the board too. Jet said the banks will initiate a bidding process to sell their stake in the airline to a new investor and that the process is expected to be complete by end-June.
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