Founder of Jet Airways Naresh Goyal Resigns

Guwahati: Founder of Jet Airways Naresh Goyal resigned from the board of the Airlines which was undergoing trouble.

Earlier, Goyal and his wife Anita Goyal announced that they will step down from the Board of Directors.

At present, Goyal is in London and might address the 23,000 employees of jet from there itself.

It has been reported that the shares of Jet Airways rose as much as 3.87 percent to hit an intraday high of Rs. 234.80 on the National Stock Exchange (NSE).

A media report also says that the Chief Executive Officer, Vinay Dube is expected to stay on board of the airline. Jet Airways is holding a crucial board meeting and the speculation is that Jet promoter and founder Naresh Goyal may be shown the door as the airline works on a revival plan. The Airlines currently fly 30-35 planes out of its total fleet of 119 aircraft.

According to sources, Jet's troubles are much more although several aircraft grounded and pilots being poached by low-cost carriers like Spice Jet and Indigo. Jet's lenders' consortium started looking for a new buyer in the weeks to come and they might invoke the entire 51 percent stake of Naresh Goyal in the airline.

Sources further informed that the airlines has delayed payments to banks, suppliers, pilots and lessors as it has a debt of more than Rs. 7000 crores. Directorate General of Civil Aviation has further informed that only 41 Jet Airways aircraft are currently under operation.

Earlier, Air India also said that it wouldn't accept any passengers that have got cancelled tickets of the Jet Airways as it continues to face severe financial problems.

The airlines followed a rule like if other airline cancels a flight due to some exigencies, other airlines accommodate the former's passengers in their flights. The airlines that got its flight cancelled has to pay to other airlines for accommodation of its passengers in other flights.

An order of Air India said that with immediate effect and till further notice Jet Airways (India) Limited and Jet Lite Limited documents (including Flight Interruption Manifest (FIM) and endorsed/involuntary rerouted/rebooked/exchanged/reissue documents) should not be accepted for travel on Air India flights.

Sources said that Jet is trying to raise funds for its operations as it has a debt of around Rs. 8200 crore currently due to which 15 aircraft of Jet Airways have been grounded by the lessors due to non-payment.

The Jet Airways pilots also threatened to stop flying from April 1 if the airlines do not come up with an alternative plan in place by March 31.

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