Jet Airways founder Naresh Goyal is open to the suggestion of him stepping down

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Naresh Goyal, according to banking sources, is open to the suggestion of him stepping down from Jet Airways’ board and having no role in managing the airline. He, according to the sources, has also agreed to reduce his equity stake from 51 per cent to around 22 per cent and pledge his shares in Jet Privilege Pvt Ltd (JPPL) as securities.

Jet Airways is looking to restructure its debt as well as raise funds in the face of mounting unpaid dues. Earlier in February, the company had informed the exchange that its board had approved a plan by its consortium of lenders, led by State Bank of India. The draft resolution plan primarily comprises of infusion of funds, restructuring of debts and monetisation of assets.

Shareholders of Jet Airways had approved conversion of loan into shares and other proposals during the extraordinary general meeting (EGM) last week.

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