SpiceJet Founder Director Ajay Singh exits board

New Delhi: Ajay Singh, one of the founder directors of SpiceJet, has left the board of the low-cost airline, paving the way for restructuring of the company by its new owner Kalanithi Maran, the promoter of Sun TV.
The company, in its annual general meeting (AGM) held today, also announced that along with Singh, another director of SpiceJet, Atul Sharma, has decided to leave the company.
"One of the agenda items of the Annual General Meeting (AGM) was about Ajay Singh and Atul Sharma leaving the company board. They have been our directors for a long time. We appreciate their contribution," SpiceJet interim CEO Kishore Gupta told reporters after the AGM.
Singh, along with London-based NRI Bhupendra Kansagra, set up the second largest domestic no-frills carrier in 2005. He is likely to keep his 4.13 per cent stake in the airline, although he did not respond to calls or text messages sent to him.
After the exit of Ajay Singh and Atul Sharma, the SpiceJet board now has six members, including interim CEO Kishore Gupta. The other members are Bhupendra Kansagra, Mukkaram Jan, A Maheshwary, Vijay Kumar and Ranjit Nabha.
The restructuring of the SpiceJet board is expected to take place after an open offer by Maran for an additional 20 per cent equity in the company. The open offer was supposed to take place in August, but was postponed by the new promoters.
27/08/10 Press Trust of India/Business Standard

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Categories: SpiceJet Aug 2010, Sun Airways Aug 2010