India's troubled Jet Airways said Monday that founder Naresh Goyal has stepped down as chairman and left the company board as part of a rescue plan.
MUMBAI: India's troubled Jet Airways said on Monday that founder Naresh Goyal has stepped down as chairman and left the company board as part of a rescue plan.
This is because it was unable to pay aircraft lessors. Its pilots have also complained of delays in receiving their salaries, while the firm also defaulted on loan payments.Thousands of customers have been stranded in recent weeks after hundreds of flights were cancelled, in some cases with little or no notice.A collapse would deal a blow to Prime Minister Narendra Modi's pragmatic pro-business reputation ahead of elections starting on April 11.
In February, it secured a US$1.19 billion bailout from lenders including State Bank of India to bridge a funding gap. Goyal, 69, was India's 16th richest person according to Forbes magazine in 2005. He currently does not feature in the list.
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