Debt recast plan includes board composition, says Jet Airways
Beleaguered carrier Jet Airways Friday said its debt recast plan also contemplates appropriate governance structure including board composition, among other measures.
Beleaguered carrier Jet Airways Friday said its debt recast plan also contemplates appropriate governance structure including board composition, among other measures. "...Along with the restructuring of the company, the Bank Led Provisional Resolution Plan (BLPRP), inter alia, also contemplates appropriate governance structure including Board composition," Jet Airways said in regulatory filing.
The filing was in response to a clarification sought from Jet Airways on reports of Jet Airways shares jumping 6 percent following reports of airline chairman Naresh Goyal stepping down. Goyal, who founded the airline 25 years ago, has agreed to step down as the lenders gear up to acquire majority stake in the airline under a bailout plan, sources had said.
On February 14, Jet Airways' board had approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline. Its shareholders have also approved conversion of loan into shares and other proposals during the extraordinary general meeting on February 21.
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"We are committed to make appropriate disclosures in accordance with applicable regulations to avoid any speculative activities," Jet Airways said in the filing. There is no discussion or decision in the Board which would require a disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the airline said.
The company is, however, unable to comment on the reasons for the increase in its share price on the stock exchanges, it added.
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