Amidst turbulence, Jet Airways' CEO, CFO resign from the board

Jet Airways CFO and deputy CEO Amit Agarwal quits company

Jet Airways CFO and deputy CEO Amit Agarwal quits company

According to a Jet Airways BSE filing on Tuesday: "We wish to inform you that Vinay Dube, Chief Executive Officer of the company, vide his letter dated May 14, 2019, has resigned from the services of the company with immediate effect due to personal reasons".

Shares of Jet Airways Tuesday plunged over 7 percent, its second day of decline, after Agarwal resigned on Tuesday morning.

Jet's shares closed 7.33% lower at 128.9 rupees on Tuesday, while the broader Mumbai market closed 0.66% higher.

Abu Dhabi-based Etihad Airways submitted its sealed bid to acquire a minority stake in Jet Airways with a lot of conditions that involved finding more investors.

Gulf carrier Etihad's bid for Jet Airways is "disappointing" and lenders see little chance of reviving the beleaguered airline, which has temporarily shut operations. Once the biggest private carrier in the country, it owes vast sums to its lessors, pilots, fuel suppliers, and other parties. Jet Airways stopped its operations on 17 April.

The resignation of these people, along with founder Naresh Goyal no longer being formally associated with Jet, has left employees with no one to look upto in their hour of crisis.

Independent Director Rajshree Pathy and top executive Gaurang Shetty have also quit the board.

Lenders of Jet Airways led by state-run State Bank of India (SBI) are now in the process of selling the airline to recover their dues of over Rs 8,400 crore.

SBI also received two unsolicited, non-binding bids, the bank said on Friday.

That had raised hopes of a bailout for cash-strapped Jet, which has about $1.2 billion in bank debt.

The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80% haircut on their outstanding loans to Jet Airways, Mint reported.

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