Taasir English News Network | Uploaded on 14-May-2019
Jet Airways said on Tuesday that its deputy chief executive and chief financial officer Amit Agarwal has resigned. The now-grounded airline said that Mr Agarwal stepped down due to personal reasons. Shares in Jet Airways declined more than 12 per cent during Tuesday’s session. Mr Agarwal’s resignation comes at a time the airline is struggling with a debt of more than $1.2 billion, and owes money to lessors, suppliers, pilots and oil companies. His resignation took effect on May 13, it said in a regulatory filing.
Here are 10 things to know:
- Jet Airways did not mention a replacement for Mr Agarwal.
- He had joined Jet Airways as chief financial officer in 2015.
- Lenders of the now-grounded Jet Airways have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues.
- SBI Capital Markets, a unit of SBI – which leads the group of Jet Airways’ lenders, said last week that it received a solicited bid from Etihad Airways and three unsolicited bids for the airline. (Also read: Etihad, three others bid for Jet Airways)
- The deadline for interested parties to submit their bids under the stake sale ended on Friday.
- The Jet Airways stock declined as much as 12.44 per cent to Rs. 122.10 apiece on the Bombay Stock Exchange (BSE), compared with its previous close of Rs. 139.45.
- At 10:16 am, Jet Airways shares traded 10.33 per cent lower at Rs. 125.05 apiece on the bourse, underperforming the benchmark Sensex index market which was down 0.15 per cent.
- Jet Airways earlier this month accepted the resignation of its whole-time director Gaurang Shetty. (Also read: Jet’s 26th anniversary “saddest” day, Naresh Goyal writes to staff)
- The airline temporarily suspended its flight operations on April 17. Till Monday, Jet Airways shares had declined 42.16 per cent since the grounding of the airline.
- Hundreds of Jet Airways pilots, engineers and technicians have joined rival aviation companies.