MUMBAI | NEW DELHI: Jet AirwaysNSE 4.65 % founder and chairman Naresh Goyal has agreed to step down from the airline’s board and relinquish decision-making powers, with his shareholding slated to fall below 20% from 51%, multiple people in the know told ET.
Goyal is likely to be replaced on the board by his son, Nivaan, who will represent his stake. Goyal agreed to this after the airline’s top lender, State Bank of India, in a meeting on Thursday insisted that Goyal and Etihad Airways, which owns a 24% stake, resolve their stalemate over shareholding before the airline makes a fresh issue of shares. The share issue is part of a resolution plan to revive the airline which is facing a cash crunch. Jet and Etihad didn’t respond to emails seeking comment, before the story went to press.
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