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Naresh Goyal pledges 26% stake in Jet Airways for loans

Friday, April 12, 2019

Jet Airways founder Naresh Goyal has pledged 26% stake in the ailing airline as security for loans from Punjab National Bank, according to a regulatory filing.

Last month, Goyal and his wife Anita Goyal quit the board of cash-strapped carrier as part of a debt resolution plan.

Jet Airways yesterday informed the stock exchanges that Goyal has pledged over 2.95 crore shares or 26.01% stake with Punjab National Bank.

The pledge was created on April 4 as "security for existing/ new borrowings taken by Jet Airways (India) Ltd," the filing to the BSE said.

On the same day, over 5.79 crore shares held by him were released. Those were kept under "non disposal undertaking" as security for borrowings taken by the airline, as per the filing.

Goyal gave up the chairmanship of Jet Airways, which he founded more than 25 years ago, under a debt restructuring plan wherein lenders have taken control of the carrier.

Shares of the airline were trading flat at Rs 264.65 apiece on the BSE.

Jet indefinitely suspends ops to Northeast markets
In an indication of a possible hard-landing, crippled Jet Airways yesterday indefinitely suspended operations to the Eastern and Northeastern states after its active fleet came down to just 14, a travel industry source said. The development comes on a day when the continuity of its international operations also came under threat.

"All Jet Airways operations in the Eastern region are suspended. And effective today, there are no Jet flights to and from Kolkata, Patna, Guwahati and other airports in the region," said the travel industry source.

When contacted, Jet Airways said its Mumbai-Kolkata, Kolkata-Guwahati and Dehradun-Guwahati via Kolkata were cancelled for Friday due to "operational reasons."

As of yesterday the airline operated just 14 planes-- way down from 123 planes in operations at the peak.

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