In March 2019, who among the following stepped-down from the board of Jet Airways?

The correct answer is Anita Goyal.

Key Points

• In March 2019, Anita Goyal, the wife of Jet Airways founder Naresh Goyal, stepped down from the board of Jet Airways.
• This move was part of a debt resolution plan aimed at salvaging the financially struggling airline.
• The resignation came after Naresh Goyal himself stepped down as the Chairman of Jet Airways to facilitate the resolution process.
• Jet Airways was facing a severe cash crunch, leading to grounded flights and delayed payments to employees and creditors.
• The decision to step down was a condition set by lenders to restructure the airline's debt and bring in fresh capital.

Additional Information

• Jet Airways Crisis:
  • Jet Airways, once India's largest private airline, faced financial difficulties due to rising fuel costs, price wars, and mounting debt.
  • By April 2019, the airline had to suspend operations as it failed to secure emergency funding.
• Debt Resolution Plan:
  • Lenders, led by the State Bank of India (SBI), proposed a resolution plan to restructure the airline's debt and attract new investors.
  • Key conditions included the resignation of Naresh Goyal and the reconstitution of the board.
• Impact on Employees:
  • The airline's financial crisis led to delayed salaries for employees and job losses for thousands of workers.
  • Many employees protested against the company's inability to manage its finances.
• Industry Lessons:
  • The Jet Airways crisis highlighted the importance of sustainable business practices and effective debt management in the aviation sector.
  • It also underscored the challenges faced by Indian airlines in a highly competitive and cost-sensitive market.