Jet Airways CFO & Deputy CEO Amit Agarwal Quits Amid Ongoing Crisis

Grounded airline carrier Jet Airways deputy chief executive and chief financial officer (CFO) Amit Agarwal has resigned, the airline said on Tuesday. Agarwal’s resignation was effective from the 13th of May.

The firm in a regulatory filing said, “We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13.”

Jet Airways, India’s oldest private airlines tumbled itself into an acute liquidity crisis forcing it to temporarily shut down all it’s operations in April.  Over 20,000 of it’s employees haven’t received  their salaries for over three months now.

A group of lenders headed by public bank SBI, said it received a flattened response in the first round of bidding that closed on the 10th of May. It ended with UAE’s Etihad Airways’ emerging as the sole bidder, that too with conditions.

Etihad said that it was ready to re-invest in a minority stake in India’s Jet Airways, and it cannot be expected to be the sole investor. Their statement further went on to say that additional suitable investors would need to needed to provide the majority of Jet Airways’ required recapitalisation.

Analysts say that Etihad bid was very little doubting that it would help Jet fly again.

Source : Various