Jet EGM takes shareholders’ nod for majority stake acquisition by banks

The extraordinary general meeting (EGM) of troubled airline Jet Airways on Thursday failed to discuss its exact financial condition or the way forward and merely restricted itself to discussing and passing resolutions allowing banks to acquire majority stake

The airline is saddled with a bank debt of Rs. 8,200 crore and other dues to vendors, lessors and senior employees. Till the time of going to press, the airline did not inform the outcome of the meeting to the exchanges. Jet Airways chairman Naresh Goyal did not chair the EGM. Rather, whole-time director Gaurang Shetty conducted the meeting held at the airline’s headquarters in Andheri, Mumbai.