Jet Airways promoter and former chairman&nbsp;<a href="https://www.wionews.com/business-economy/jet-airways-board-meeting-underway-pressure-on-founder-naresh-goyal-to-quit-205440">Naresh Goyal quit</a>&nbsp;the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said.

In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board.

<iframe width="560" height="315" src="https://www.youtube.com/embed/1gFv5AT7Uk8" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>

The airline was under pressure for several months hit by debt of nearly $1 billion.

Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option".

The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs.

Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end.

Jet stocks surged over&nbsp;twelve per cent as the news of the founder quitting the airline spread.

In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline. 
&nbsp;
<img alt="Jet Airways founder Naresh Goyal, wife Anita quit board" data-align="center" data-entity-type="file" data-entity-uuid="daeaed6f-7e2a-4fa8-8d8f-84ab7fe5c045" src="//cdn.wionews.com/sites/default/files/inline-images/Jet.jpg" />
&nbsp;

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said.

Jet Airways promoter and former chairman Naresh Goyal quit the airline he founded over two decades ago after the board meeting ended on Monday afternoon, reports said. Naresh Goyal's wife Anita also quit the board. Bank-led board will now run the airline, sources said. In the regulatory filing, Naresh Goyal and his wife Anita Goyal declared that they were stepping down from the board. The airline was under pressure for several months hit by debt of nearly $1 billion. Last week SBI chairman Rajnish Kumar had said that that putting Jet Airways into bankruptcy was the "last option". The airline owes money to banks, suppliers, lessors including pilots. The airline has also grounded several aircraft in an attempt to cut costs. Pilots belonging to the airline had threatened to go on strike from April 1st if their salaries were not cleared by month-end. Jet stocks surged over twelve per cent as the news of the founder quitting the airline spread. In 2013, the airways had survived a similar situation after Abu Dhabi's Etihad Airways had injected $600 million capital for a 24 per cent stake in the airline.

Naresh Goyal quits Jet Airways; bank-led board to run airline

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after two sources told Reuters that<a href="http://www.wionews.com/business-economy/jet-airways-founder-naresh-goyal-agrees-to-step-down-as-chairman-sources-200362"> founder Naresh Goyal had agreed to step down as chairman</a>.

Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 per cent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said.

Jet, saddled with over $1 billion debt, had a rough 2018 as competition intensified in the Indian skies, the rupee depreciated and high oil prices squeezed margins.

Jet did not respond to an email seeking comments. The company had said last week that its board had approved a rescue deal which will make its lenders, led by State Bank of India (SBI), its largest shareholder.

The airline was also forced to ground another six planes on Thursday due to non-payment of dues to lessors, taking the tally to 19 which is about 15 per cent of its fleet. It has a fleet of about 123, mainly Boeing Co planes, including 16-owned aircraft.

The stock posted its biggest daily percentage gain since February 15, hitting a high of 237.05 rupees. It was last up 4.4 per cent as of 0347 GMT.

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after two sources told Reuters that founder Naresh Goyal had agreed to step down as chairman.

Shares of Jet Airways Ltd jumped as much as 6 per cent on Friday, a day after two sources told Reuters that founder Naresh Goyal had agreed to step down as chairman. Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 per cent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said. Jet, saddled with over $1 billion debt, had a rough 2018 as competition intensified in the Indian skies, the rupee depreciated and high oil prices squeezed margins. Jet did not respond to an email seeking comments. The company had said last week that its board had approved a rescue deal which will make its lenders, led by State Bank of India (SBI), its largest shareholder. The airline was also forced to ground another six planes on Thursday due to non-payment of dues to lessors, taking the tally to 19 which is about 15 per cent of its fleet. It has a fleet of about 123, mainly Boeing Co planes, including 16-owned aircraft. The stock posted its biggest daily percentage gain since February 15, hitting a high of 237.05 rupees. It was last up 4.4 per cent as of 0347 GMT.

Jet Airways shares rise after report of chairman stepping down

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake, one source said. The source said Goyal would continue to be a part of the company in some capacity even after stepping down as chairman.

The rising dominance of low-cost carriers like IndiGo in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash.

Saddled with a billion dollars in debt, Jet Airways is struggling to make payments to its pilots, vendors and lessors, some of whom have forced the airline to ground over a dozen planes.

Jet did not respond to an email seeking comment but said last week its board had approved a rescue deal which will make its lenders, lead by State Bank of India (SBI), its largest shareholders.

The deal, which is subject to regulatory approvals, includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft.

Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to put more money into the airline including interim funds of about 7 billion rupees ($99 million), one of the sources said.

The Abu Dhabi carrier, however, is still in discussions to raise its stake in Jet but will not shoulder any management responsibility, said a third source aware of the matter.

"Management of the airline is a hot sticking point that needs to be sorted out," said the source, indicating that Etihad's patience appeared to be wearing thin.

An Etihad spokesman declined to comment.

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal. Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake, one source said. The source said Goyal would continue to be a part of the company in some capacity even after stepping down as chairman. The rising dominance of low-cost carriers like IndiGo in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash. Saddled with a billion dollars in debt, Jet Airways is struggling to make payments to its pilots, vendors and lessors, some of whom have forced the airline to ground over a dozen planes. Jet did not respond to an email seeking comment but said last week its board had approved a rescue deal which will make its lenders, lead by State Bank of India (SBI), its largest shareholders. The deal, which is subject to regulatory approvals, includes an equity infusion, debt restructuring and the sale or sale and lease back of aircraft. Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to put more money into the airline including interim funds of about 7 billion rupees ($99 million), one of the sources said. The Abu Dhabi carrier, however, is still in discussions to raise its stake in Jet but will not shoulder any management responsibility, said a third source aware of the matter. "Management of the airline is a hot sticking point that needs to be sorted out," said the source, indicating that Etihad's patience appeared to be wearing thin. An Etihad spokesman declined to comment.

Jet Airways founder Naresh Goyal agrees to step down as chairman: Sources