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Senior management exit Jet as revival hopes fade

IANS  |  New Delhi 

An exodus of senior management personnel has hit the now grounded on Tuesday, further damaging hopes of the airline's revival.

The airline's CEO, and Company Secretary have resigned, even as lenders are currently in the process of selling the to recover their dues and resurrect the company.

On Tuesday, Officer (CEO) Vinay Dube, Chief Financial Officer (CFO) and Deputy Chief and resigned.

According to a filing in the BSE: "We wish to inform you that Vinay Dube, Officer of the company, vide his letter dated May 14, 2019, has resigned from the services of the company with immediate effect due to personal reasons."

Dube's resignation comes as a double blow on Tuesday for the grounded as earlier in the day, Agarwal also resigned.

The exodus comes days after the airline's top executive Gaurang Shetty, considered close to founder Naresh Goyal, resigned from the board of directors.

Having run out of cash, suspended its operations on April 17. Besides employees exiting, its aircraft are also being gradually de-registered. These events have added to the growing uncertainty about airline's revival.

Lenders of Jet Airways led by state-run (SBI) are currently in the process of selling the to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, and (NIIF) and had been shortlisted to place their bids after they submitted Expressions of Interest (EoIs).

On May 10 -- the last date for submitting the binding bids -- only Etihad gave its offer and that too in the eleventh hour. The other two bids for the airline were unsolicited.

Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 00:00 IST