Some shareholders question Jet revival plan, criticise lack of transparency

The airline has a debt of around Rs 7,600 crore, which includes Rs 1,700 crore of aircraft loan

Some shareholders of Jet Airways questioned the airline’s resolution plan and criticised the management for lack of transparency and giving a raw deal to minority shareholders.

Last week, the airline’s board approved a draft resolution plan, which seeks to raise Rs 8,500 crore through various options, including issue of fresh shares, sale of aircraft, among others. Lenders would receive 114 million shares upon conversion of debt for Rs 1 and secure 50 per cent stake in the company as part of the resolution plan.

The enabling proposal for the same was put to vote at the extraordinary general meeting (EGM) on Thursday.