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Jet Airways CFO and deputy CEO Amit Agarwal steps down, resigns for 'personal reasons'

FP Staff
Jet Airways, founded by Naresh Goyal, said the resignation is with effect from 14 May, 2019

Jet Airways CFO and deputy CEO Amit Agarwal has resigned from the company for personal reasons, the debt-ridden airline informed stock exchanges today.

The cash-strapped airline founded by Naresh Goyal, said the resignation is with effect from yesterday.

"We wish to inform you that Mr. Amit Agarwal, Deputy Chief Executive Officer and Chief Financial Officer of the Company has resigned from the services of the Company due to personal reasons, with effect from 13 May 2019," Jet Airways said in a statement to the stock exchanges, a PTI report said.

The airline seized operations temporarily around mid-April due to acute liquidity crisis. Most of the airline's board members have also quit in the last one month.

Shares of Jet Airways (India) Limited plummeted over 8 percent on Monday amid continued uncertainty over bidders.

The scrip tumbled 8.14 per cent to close at Rs 139.45 on the BSE. During the day, it plunged 11 percent to Rs 135.05. On the NSE, shares tanked 8.40 percent to close at Rs 139.

Meanwhile, the embattled airline which received two unsolicited bids is now looking at it, raising hopes for the revival of the debt-laden carrier which was forced to ground its entire fleet last month.

Middle Eastern carrier Etihad Airways submitted a bid for a stake in India's Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday.

SBI had invited binding bids for a stake in the airline, which is saddled with roughly $1.2 billion in bank debt. Binding offers were due by 1800 IST (1230 GMT) on Friday.

Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier said earlier on Friday.

However, he added that Etihad "cannot be expected to be the sole investor" and "additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation."

Etihad gave no indication whether it was working with any other investors that might take a majority stake in Jet.

Also See: Jet Airways pilots ask PM to probe Etihad's role in airline's debacle: Can't expect foreign investors' hearts to bleed for domestic partners

Jet Airways crisis: Etihad Airways submits binding bid; State Bank of India says it has received two unsolicited bids

Jet Airways revival: Etihad Airways bids for minority stake in beleaguered airline; SBI-led lenders’ consortium, NIIF to get hit

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