With hopes of Jet Airways revival fading, the top brass is deserting en masse.
Four top Jet executives – chief executive officer Vinay Dube, chief financial officer Amit Agarwal, chief people officer Rahul Taneja and company secretary and compliance officer Kuldeep Sharma – resigned on Tuesday, plunging the defunct airline further into chaos. Insiders claim that Tuesday's development is a clear indication that the bid won't fructify and the airline would head for insolvency.
The exodus comes days after Gulf-based Etihad Airways made a non-binding bid offering mere Rs 1,700 crore for the ailing airline, even as Jet Airways needs immediate funding of at least Rs 5,000 to smoothly run its operations. The airline's debt, though, stands at Rs 15,000 crore, with some estimate putting it in excess of Rs 25,000 crore. Also, Etihad Airways wants the lenders to find a majority stakeholder as it will not increase it will limit its stake to 24% and take a massive haircut on its exposure.
According to the airline insiders, Agarwal, who was also a full-time director and deputy CEO was the first to resign, followed by Dube and Taneja. Jet Airways in a regulatory filing on Tuesday said that Agarwal resigned with effect from Monday due to "personal" reasons. On Dube's resignation, the carrier said that the resignation was with immediate effect, also due to 'personal' reasons.
With most of the top level executives gone, the airline's employees who are unpaid for the past few months are clueless about whom to approach. "We are clueless as nothing left now. Not even hope," said a senior employee of the company.
Mark Martin, founder and CEO of Dubai-based aviation Martin Consulting, earlier said that the lenders have played a very sad role in bringing Jet Airways to the situation it is in at present.
15/05/19 DNA
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Four top Jet executives – chief executive officer Vinay Dube, chief financial officer Amit Agarwal, chief people officer Rahul Taneja and company secretary and compliance officer Kuldeep Sharma – resigned on Tuesday, plunging the defunct airline further into chaos. Insiders claim that Tuesday's development is a clear indication that the bid won't fructify and the airline would head for insolvency.
The exodus comes days after Gulf-based Etihad Airways made a non-binding bid offering mere Rs 1,700 crore for the ailing airline, even as Jet Airways needs immediate funding of at least Rs 5,000 to smoothly run its operations. The airline's debt, though, stands at Rs 15,000 crore, with some estimate putting it in excess of Rs 25,000 crore. Also, Etihad Airways wants the lenders to find a majority stakeholder as it will not increase it will limit its stake to 24% and take a massive haircut on its exposure.
According to the airline insiders, Agarwal, who was also a full-time director and deputy CEO was the first to resign, followed by Dube and Taneja. Jet Airways in a regulatory filing on Tuesday said that Agarwal resigned with effect from Monday due to "personal" reasons. On Dube's resignation, the carrier said that the resignation was with immediate effect, also due to 'personal' reasons.
With most of the top level executives gone, the airline's employees who are unpaid for the past few months are clueless about whom to approach. "We are clueless as nothing left now. Not even hope," said a senior employee of the company.
Mark Martin, founder and CEO of Dubai-based aviation Martin Consulting, earlier said that the lenders have played a very sad role in bringing Jet Airways to the situation it is in at present.
15/05/19 DNA
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