SBI’s Rajnish Kumar talked Naresh Goyal into leaving Jet Airways

Mumbai: It’s very rare for a banker to force a promoter to step down, and take over the reins of a company to save it from the brink of a collapse. State Bank of India (SBI) chairman Rajnish Kumar has managed to do the unthinkable by convincing Naresh Goyal, the founder chairman of Jet Airways (India) Ltd, and his wife Anita Goyal to step down from the board of the airline.

For over five months, SBI-led lenders worked tirelessly to save the beleaguered airline.

On 14 February, Jet Airways announced a bailout plan under which lenders would convert 114 million fresh shares into equity, resulting in the lenders becoming majority shareholders.