The Jet AirwaysNSE 7.83 % board became dysfunctional Friday after Etihad Airways’ representative Robin Kamark resigned, the fourth director to quit in less than a month, leaving it with only two members. The board of a publicly listed company requires a minimum of three members, according to capital market norms.
The airline announced Kamark’s exit in a filing to the exchanges, saying it was effective April 16. Kamark’s departure comes as Jet faces two regulatory probes while its lenders look for investors to save the airline.
To be sure, a new board will be formed if Jet finds investors. Kevin Knight, the other Etihad representative, resigned on March 25, along with founder Naresh Goyal and his wife Anita Goyal. Jet announced the resignation of whole-time director Gaurang Shetty on May 9.
