Jet Airways Crisis: CFO Amit Agarwal resigns from the board

Cornelia Mascio
Mag 15, 2019

Dube's resignation comes as a double blow on Tuesday for the grounded airline as earlier in the day, the company's Chief Financial Officer (CFO) and Deputy Chief Executive (CEO) Amit Agarwal also resigned.

Jet Airways shares, which have tumbled nearly 70% over the past year, were trading at ₹144.05, down 5.11% or ₹7.75.

Having run out of cash, Jet Airways suspended its operations on April 17.

Agarwal's resignation is effective from May 13, it said.

Late on Tuesday, the company said that Kuldeep Sharma, who was its company secretary and compliance head, has also stepped down with immediate effect. But suitors had some qualms and a deadline for any interested parties to submit binding bids for the carrier ended on Friday with no such offers.

Shares of Jet Airways Ltd fell upto 11.4% today morning after reports said a bid for a minority stake by Etihad Airways is non-binding and subject to fulfilment of certain conditions by Jet's lenders.

"It was long expected that Jet will eventually shut down and I think now that's coming to fruition".

According to multiple people familiar with the development, SBI Capital Markets will evaluate all bids received for Jet Airways over the weekend.

Etihad Airways, which holds 24 percent stake in Jet Airways, in an email to CNBC-TV18 confirmed its bid, "Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet's return as a viable and competitive Indian airline, and continues to do so". He joined Jet Airways in August 2017.

In its regulatory filings, the airline said Dube and Agarwal resigned due to personal reasons, without providing further details. Agarwal had been acting as CEO during that time. Shares of the carrier, which have tumbled nearly 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

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