While the Jet Airways board has announced a restructuring plan that will see lenders taking a controlling stake in the company, the key question being asked by investors is whether Naresh Goyal will continue to be the promoter of the debt-laden airline.
Jet Airways’ management did not directly respond to this question at an analyst call on Friday. “The promoter will be the Chairman of the board,” said Vinay Dube, CEO of Jet Airways.
“Jet Airways will continue with the structure of a professionally run management reporting to the board of directors.”
According to industry sources, since banks do not want to stay in control of Jet in the long term, they may have agreed to let Goyal stay as the promoter even though the latter’s stake in the company will come down to 20-25 per cent from the current 51 per cent.
