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Naresh Goyal and his wife Anita Goyal resigned from the board of Jet Airways and leave the airline they founded nearly 25 years ago, on Monday.
Last week, the State Bank of India, which is leading the bank-led resolution plan for Jet, had asked them as well as two more directors to step down from their positions on the company's board. The decision could be formally announced later today.
The current CEO Vinay Dube is expected to stay on and steer Jet out of the current crisis.
Earlier this month, Reuters reported that Goyal had agreed to step down as chairman and reduce his 51 percent stake in the airline.
The report also said that Jet's lenders may invoke Goyal's entire stake in the airline, and start looking for a new buyer in the coming weeks.
Meanwhile, Etihad may remain on Jet's board for now, but its 24 percent equity stake in the airline is expected to be diluted over the course of time. Afterward one of the two Etihad nominees will exit the Jet board, the ET report said.
With Goyal's exit, lenders of Jet Airways are likely to pick up a substantial stake in the debt-laden airline till a new promoter is roped in. The process of getting a new promoter on board is likely to take another two to three months. Once that is done, the banks are expected to offload their stakes.
The SBI-led consortium of lenders is working on a resolution plan for the cash-strapped Jet Airways for the last five months. The full-service carrier has a debt burden of more than Rs 8,200 crore and needs to make repayments worth up to Rs 1,700 crore by March-end.