Mumbai: The Securities and Exchange Board of India (Sebi) may ask Jet Airways and Etihad to rework certain portions of their landmark agreement as the Middle-Eastern carrier's joint control of the domestic airline under the terms of the deal could trigger an open offer to the public.
A key Sebi official told ET that Etihad's investment is not a passive one and that it has significant joint control over Jet Airways, including a say in the appointment of key personnel like the CEO and CFO. The regulator will be discussing this issue with Jet officials when they meet in the next few weeks. The development is significant as it would mean that two airlines would have to rework the terms of the over Rs 2,000-crore deal and may also have to make an open offer if Sebi is dissatisfied with the response and wants an open offer.
01/05/13 Palak Shah & Manisha Singhal/Economic Times
