Three Kingfisher Airlines directors quit

Resignations come at a time when bank's fourteen lenders have initiated steps to sell airline's brand after it defaulted on Rs 6,500 cr loan

Three Kingfisher Airlines directors have stepped down from the board of directors, left with Vijay Mallya, the promoter chairman, as the sole member.

On Monday, the airline notified stock exchanges A K R Nedungadi, S R Gupte and M S Kapoor had resigned from the board.

Nedungadi is the UB Group’s head of finance and also president; Gupte is a veteran with the group; and Kapur, the former chairman of Vijaya Bank.

An airline spokesperson said the three persons had resigned for personal reasons but their exit cast a big question mark on the airline’s revival attempts. Nedungadi, associated with the airline since its inception, was actively involved in the restructuring.