Another Jet Airways' director Nasim Zaidi steps down amid operational woes

Grounded carrier Jet Airways said on Monday its Non-Executive and Non-Independent Director Nasim Zaidi has quit the board citing personal reasons and time constraints. "This is to inform you that Nasim Zaidi has submitted his resignation as a Non-Executive, Non-Independent Director of the company with effect from April 21 due to personal reasons and constraints of time," Jet Airways informed stock exchanges in regulatory filings.

At 10:30 am, the Jet Airways stock crashed down 10.10 per cent at Rs 147.35.

Zaidi was the former Civil Aviation Secretary and Chief Election Commissioner before joining the Jet Airways board in August 2018.

Under management of SBI-led consortium of lenders

Worth noticing, Jet Airways founder Naresh Goyal, along with his wife Anita, was forced out of the airline late last month by the banks who have taken over control of the airline which ceased all its operations temporarily last week.

The airline is under the management control of State Bank of India-led consortium of lenders following a debt-restructuring plan approved by its board last month. SBI-led banks had invited bids for selling anywhere between 31 and 75 per cent stake in the airline and have already received four initial bids from Jet Airways' foreign partner Etihad Airways, the sovereign wealth fund NIIF, and two private equity funds--TPG Capital and Indigo Partners.

Employees battle uncertain future

Amid uncertainty over the future course of the carrier, two employees' unions have now written to the President and the Prime Minister. In separate but similarly-worded letters this week, the Society for Welfare of Indian Pilots(SWIP) and Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA) have requested help in clearing their outstanding salary dues.

"We request you to consider the situation with the urgency it deserves and direct the management of Jet Airways (India) Ltd to expeditiously disburse all outstanding dues to affected employees. We also urge you to expedite the process of emergency funding, as every minute and every decision is very critical in these testing times," one of the letters said.