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Jet Airways: Ashok, Sharad resign as independent directors

Jet Airways: Ashok, Sharad resign as independent directors

India Blooms News Service | @indiablooms | 18 Jun 2019, 12:03 pm

New Delhi, Jun 18 (UNI) Saddled airline Jet Airways Independent Director Ashok Chawla and Sharad Sharma have resigned from their post after the Board continued to be in non-compliance with the provisions of the Companies Act.

The resignation came into effect from June 17, the airline said in a stock exchange filing on Tuesday.

With this, no additional director in the Board would be appointed, the carrier said.

'Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we wish to inform you that Mr Ashok Chawla (DIN 00056133) and Mr Sharad Sharma (DIN 05160057), resigned as Independent Director of the company with effect from 17 June, 2019 in view of the Board continuing to be in non-compliance with the provisions of the Companies Act, no additional directors being appointed and the process of bank-led resolution plan not moving forward,” the filing said.

On Monday, the SBI-led consortium had decided to take the debt-ridden airline to the bankruptcy court to recover their Rs 8,500 crore.

"After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received and requirement of the investor for SEBI exemptions and resolution of all creditors is possible under the IBC process," the SBI said in a statement after a meeting of lenders.

The lenders are expected to file the insolvency proceedings by June 20 before the next NCLT hearing.

The Jet Airways has been facing a mountain debt of more than Rs 8,500 crore. The airline had also suspended all flights on April 17 after it ran out of cash to run operations and failed to raise interim loans from banks. A consortium of domestic lenders led by SBI had engaged SBI Caps for sale of the carrier.