Wednesday, May 26, 2021

Kalrock-Jalan start process to set up board for Jet Airways

Mumbai: The winning bidders of Jet Airways including Murari Lal Jalan and Kalrock Capital have started the process to constitute the board.

According to sources, Jalan himself, his relative Ankit Jalan and Ankit Khandelwal have been nominated by him. On behalf of Kalrock Capital, Manoj Madnani, board member of Kalrock Capital, has been nominated.

Multiple security approval for those to be on the board of an airline is compulsory along with approvals from the Ministry of Civil Aviation and Home Ministry. Multiple sources confirmed that the security approvals for Murari Lal Jalan, Ankit Jalan and Ankit Khandelwal are in process. However, Manoj Madnani, a board member of Kalrock Capital, has been nominated but his documentation process hasn’t started yet.

Sources have also said that Rajesh Prasad, who was the Chief Strategy Officer at the airline prior to its grounding, too, could make his way to the board. Prasad has been instrumental in spearheading the multiple processes for Jet Airways since the CIRP process started in June 2019. It isn’t clear whether Prasad will be on the board only for the transition period or post that, too, however, the approvals for him too have been processed.

For the transition period, Ashish Chhawcharia, the Resolution Professional appointed for Jet Airways, too, will be on the board. There is no clarity on who could fill the compulsory female board member’s position yet.

Along with this, the consortium is hunting for a CEO to lead Jet Airways post its operations start. Rumours in the corporate corridors were that an ex-United Airlines CEO and Nikos Kardassis, the erstwhile Chief Executive Officer of Jet Airways in 2013, too, had been approached, however, sources have denied the same.

Sources have said that the process on the approvals for erstwhile slots of Jet Airways too is progressing. The Mumbai Bench of NCLT has given Directorate General of Civil Aviation and Ministry of Civil Aviation to submit their affidavits on the said matter by May 31. The matter will now be heard on the same date.

26/05/21 Forum Gandhi/Business Line

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