Jet Airways founder Naresh Goyal, wife Anita step down from board

Naresh Goyal Chairman of Jet Airways speaks during a news conference in Mumbai

A man speaks on the phone outside the Jet Airways headquarters in Mumbai, India, March 25, 2019.

They also pushed for Goyal to step down and his exit means he is no longer the chairman of the airline he had found in 1993 soon after India's drastic economic reforms, popularly known as liberalisation, were launched.

Saddled with debt of more than $1 billion, Jet has been on the brink of collapse, and had to ground more than two-thirds of its fleet as it struggled pay lenders, suppliers, pilots and leasing companies. "No body is barred from bidding or taking over the airline as per the rule", he said.

The lenders will nominate two directors to the Jet board and will shortly initiate an auction process to find a new strategic investor for the company.

The government asked state-run banks to rescue this privately held airline.

Jet Airways, which is facing a severe cash crunch, defaulted on a domestic loan repayment in December.

No Winner In Powerball Drawing, Prize Now Up To $750 Million
With no one picking the jackpot winning numbers, Wednesday's drawing goes up to $750 million with a cash value of $465.5 million. It is the seventh largest jackpot in US lottery history. "I play it all the time, but 625 million, that would be flawless ".

The airline has not paid salaries to a section of its employees, including pilots.

Bids to buy a stake in Jet will open on April 9 and close on April 30 with the expectation that a new investor will be in place by May 31, SBI Chairman Rajnish Kumar told CNBC-TV18, adding that even Goyal would be eligible to bid for it.

The consortium of banks, led by SBI, may invoke the entire 51 per cent stake of Naresh Goyal in the airline, said a report by The Economic Times.

Goyal and his wife will step down from Jet Airways' board under a resolution plan piloted by its lenders.

Currently, Abu Dhabi's Etihad Airways is Jet's single-largest shareholder with a 24% stake. This has all been possible because of the tireless, unrelenting efforts of each and every one of you, tight-knit members of our Jet Airways family, setting guest-service benchmarks to the envy of our competitors, helping us collectively realise our dream of our Jet Airways emerging as a global gold standard of warm Indian hospitality", Goyal says, adding "Looking back I would not want to change a thing. "By launching a truly world class airline, Naresh and Anita Goyal made India proud", Singh said in a statement.

Related news:

Hot News

isis-killer-beheading-video-story-top Netflix Testing Low-Cost Mobile Only Subscription Options
Mar 26, 2019 - 00:40
Netflix has started testing out a new streaming plan in India to lure more people into using the service in the country. The news subscription service has been rumored since Apple acquired the news aggregator startup Texture previous year .

isis-killer-beheading-video-story-top New Zealanders gather for public prayers 1 week after mosque shootings
Mar 24, 2019 - 00:38
He provided the required references and was interviewed the following month in person in his home, which was also inspected. Many people responded to the tweet , with one person saying: "Our PM reflects the hearts of the New Zealand people".

isis-killer-beheading-video-story-top Venezuelan forces detain Guaido's chief of staff
Mar 24, 2019 - 00:31
It also imposed sanctions on state-owned Venezuelan commercial banks, including Banco de Venezuela and Banco Bicentenario. The Lima Group, an association of about a dozen Latin American countries and Canada, also condemned Marrero's detention.

isis-killer-beheading-video-story-top Valve is revamping your Steam Library, introducing Events feature
Mar 23, 2019 - 01:18
Game developers can inform customers about ongoing events happening in a game, such as broadcasts, tournaments and game updates. Thankfully, that's finally happening this summer, and before that, we'll see the launch of the Steam Events feature.

isis-killer-beheading-video-story-top Cadence of Hyrule is a Zelda and Crypt of the Necrodancer mashup
Mar 23, 2019 - 01:17
Playing the game on a console with such a big focus on local co-op really reminds Jared and I of days gaming together as kids. The game was first introduced to the public as a Microsoft-exclusive, through Xbox One, and to PC users.

isis-killer-beheading-video-story-top Mueller has released his report. What's next?
Mar 23, 2019 - 01:14
It will now be up to Bill Barr, the U.S. attorney general, to decide how much of the report to release to Congress and the public. The report, still confidential, marks the end of Mueller's probe but sets the stage for big public fights to come.

isis-killer-beheading-video-story-top System Shock 3 teaser unveiled at Unity's GDC keynote
Mar 22, 2019 - 01:15
Well, that all changed today as a teaser trailer for System Shock 3 was released during Unity (game engine) GDC 2019 Keynote. This remake looks incredibly faithful to the original game and that has me very excited.

isis-killer-beheading-video-story-top Trump, Netanyahu to meet next week in Washington
Mar 22, 2019 - 01:14
The president will welcome Netanyahu for his third White House visit since Trump took office, the White house said Wednesday. Others, like former White House counsel Don McGahn, are referring their inquiries from the committee to the White House.

isis-killer-beheading-video-story-top 'Whack job': Trump escalates feud with Conway's husband
Mar 21, 2019 - 00:30
Conway declined to comment on the fight's impact on his career and refused to say anything at all about his marriage. In a tweet, Trump wrote that George Conway is upset that he did not get a job in the Trump administration.

isis-killer-beheading-video-story-top Disney Completes Negotiations to Acquire Fox in $71.3 Billion Deal
Mar 21, 2019 - 00:29
Disney would get valuable data on customers and their entertainment-viewing habits, which it can then use to sell advertising. Disney charges $5 a month for ESPN Plus, a service that offers programming distinct from the ESPN cable channel.

isis-killer-beheading-video-story-top Get ready for the 'super worm equinox moon'
Mar 21, 2019 - 00:26
Google introduced this year's seasonal series protagonist, Quinn, with the spring equinox doodle . On the equinox, which happens twice a year, both hemispheres receive the same amount of daylight.

isis-killer-beheading-video-story-top New Zealand shooter is ‘lucid’ and understands charges, lawyer says
Mar 19, 2019 - 00:44
At the Linwood mosque, Abdul Aziz said he had run towards the gunman outside the mosque, throwing a credit card machine at him. Ardern's cabinet will meet on Monday for the first time since the attacks , with a tightening of gun laws on the agenda.

isis-killer-beheading-video-story-top Hurricane kills 166 in southern Africa as heavy rains persist
Mar 18, 2019 - 10:45
It's also cut electricity exports from a hydropower dam to South Africa , worsening a shortage there . The storm has already affected 1.5 million people, according to the United Nations .

isis-killer-beheading-video-story-top Apple hits back at Spotify over European Commission complaint
Mar 18, 2019 - 10:28
And we built a secure payment system - no small undertaking - which allows users to have faith in in-app transactions. When Spotify filed an antitrust lawsuit against Apple this week, it fired a direct shot at the tech giant's strategy.

isis-killer-beheading-video-story-top Philadelphia Eagles: Golden Tate to the Giants is a best-case scenerio
Mar 17, 2019 - 00:39
Tate told reporters after the season that if he didn't stay with Philadelphia, he hoped to latch on with a contender. Meanwhile, the Giants also added outside linebacker Markus Golden on a one-year deal, according to multiple reports.