Jet Airways appoints two whole-time directors, CFO from tomorrow onwards

Grounded Jet Airways on Thursday announced the appointment of two whole time directors and a non-executive director.

Sundaram Ramesh has been appointed as a Whole Time Director and Chief Financial Officer, Gautam Acharya as a Whole Time Director and Rajesh Prasad as a Non-Executive Director, according to a regulatory filing.

The appointments, with effect from Thursday, have been approved by the airline's monitoring committee.

As per the filing, the appointments have been made "for the purpose of ensuring compliance with applicable laws, to execute and make filings with the Registrar of Companies and assist in implementation of the resolution plan".

Ramesh has more than 40 years experience in finance, accounts and taxation, among other areas. Prasad, who has around 40 years of diversified experience, had joined Jet Airways in July 2018 as its Chief Strategy Officer while Acharya is an aviation professional having specialised in commercial aviation for the last 20 years, the filing said.

In April this year, Jet Airways' CEO-Designate Sanjiv Kapoor had quit and it followed a string of senior executives leaving the grounded carrier.

After flying for more than 25 years, the once-storied Jet Airways stopped flying in April 2019 due to financial woes. Later, it went into an insolvency resolution process and the Jalan Kalrock Consortium (JKC) emerged as the winning bidder.

The consortium's resolution plan was approved by the National Company Law Tribunal (NCLT) in June 2021. However, the ownership transfer process has been facing headwinds for long.

Shares of the airline dropped 4.19 per cent to close at Rs 37.02 on the BSE.