Jet Airways founder steps down

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New Delhi: The founder and chairman of Jet Airways, Naresh Goyal, and his wife Anita Goyal have stepped down from the board of the cash-strapped airline on Monday.

A report said the stakes of Goyals’ have been reduced to 25.5% from 51% earlier.

The  lenders hold more than 50% stake in Jet Airways. Lenders will provide immediate support of Rs 1,500 crore to clear dues to lessors and unpaid salaries.

According to media reports, SBI, the lead lender in the consortium of banks that have lent to Jet Airways, has proposed the name of Janki Ballabh, former chairman of State Bank of India, to lead the airline.

It is worthwhile to mention that the lenders are set to take over the airline and run it for a few months before selling it.

Banks are likely to get more than a 50% stake in the airline along with an investor, according to reports.

Jet Airways has been facing one of the worst financial crisis in its history. It has defaulted on debt payments to a consortium of Indian banks, prompting rating agencies to downgrade.

The airline has not paid its dues to lessors and salaries to pilots. The pilots have already threatened that they will stop flying from April 1.

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