Naresh Goyal the founder chairman of Jet AirwaysNSE 6.20 %, India’s oldest private sector airline and his wife Anita Goyal have stepped down from the airline’s board, the airline said Monday. Goyal has also resigned as chairman.
Lenders to Jet have taken over the company’s management and board. The lenders will shortly initiate an auction process to find a new strategic investor for the company.
A person close to the development said lenders will now own slightly more than half of Jet, while Goyal’s shareholding will reduce to half of his earlier holding of 50.1%. The airline’s lenders led by the State Bank of India will further infuse Rs 1,500 crore into the company via debt instruments “against security of its assets”, Jet said in a statement to the Bombay Stock Exchange.
