Khan to get off Jet

Mumbai: Shah Rukh Khan has decided to bail out of Jet Airways after a three-year stint as a non-executive director on the board of the loss-laden private airline.
Khan, who signed a multi-crore deal here today with FoxStar Studios for the distribution of his forthcoming movie My Name is Khan, has informed the airline that he won’t be able to stay on as a director on the board of the airline because of “other business commitments”.
The busy actor-producer has not attended a single board meeting in the past three years.
King Khan will not be seeking re-appointment as a director when shareholders meet to vote on resolutions at the annual general meeting in Mumbai on August 17.
The airline, which suffered a loss of Rs 402 crore last year, said it would not fill Khan’s vacancy on the 10-member board. The superstar had joined Jet Airways as an additional director on August 16, 2006, when the airline had the largest market share in the country.
Although Khan hasn’t received any sitting fees from Jet Airways while missing board meetings, the airline has been reasonably generous with other payments.
A quick glance through annual reports reveal that in 2008-09, Jet paid Rs 1.70 crore as production cost for television advertisements to a company in which Khan was a director.
In 2007-08, the airline paid Rs 1.63 crore as an advance against production of television ads to a company in which Khan was a director. In 2006-07, Khan earned a commission of Rs 3.3 lakh.
07/08/09 The Telegraph

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Categories: Jet Airways Aug 2009