Jet Airways Crisis: CFO Amit Agarwal resigns from the board

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Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

Most of the airline's board members have also quit in the last one month.

With no hope of revival, at least anytime soon, Jet Airways saw four of its top people exit - chief executive officer Vinay Dube, deputy CEO-and-CFO Amit Agarwal, chief people's officer Rahul Taneja and company secretary-cum-compliance officer Kuldeep Sharma - on Tuesday.

"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 said in a regulatory filing. Its whole-time director Gaurang Shetty resigned last week, the third in a month after two independent directors -former bureaucrat Nasim Zaidi and businesswoman Rajshree Pathy - had put in their papers. Subsequent to this, hundreds of employees have left the carrier to join rival companies.

Jet Airways Chairman Naresh Goyal and his wife Anita, who held 51 per cent of the equity, resigned from the board on March 25 and transferred control to the lenders.

Etihad Airways might have responded by submitting its bid just before the 6 p.m., May 10, 2019 deadline, but it has clarified that its bid is purely conditional and not binding as made out to be.

SBI had invited binding bids for a stake in the airline, which is saddled with roughly $1.2 billion in bank debt. On Thursday, mortgage lender HDFC has put up the office space of Jet Airways for sale with a reserve price of Rs 245 crore.

SBI is believed to be in talks with National Investment and Infrastructure Fund (NIIF), a joint venture between Government of India and Abu Dhabi Investment Authority, to join hands with Etihad Airways to revive the airline. Etihad also wants a one-time settlement by banks with operational creditors.

Jet Airways employees protest at Jantar Mantar in New Delhi.

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