Jet Airways’ director Nasim Zaidi quits board citing personal reasons

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MUMBAI: 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 exchange in regulatory filings.

Before joining the Jet Airways Board, Zaidi had worked as a Civil Aviation Secretary and Chief Election Commissioner.

On April 17, the Jet Airways had cancelled all the flights temporarily after failing to secure emergency funding of Rs 400 crore from its lender.

“Since no emergency from its lenders or any other source is forthcoming, the airlines will not be able to pay for fuel or other critical services to keep the operations going. Consequently, with the immediate effect, Jet Airways is compelled to cancel all its international and domestic flights”, Jet had said in a statement last week.

The Jet had expressed the hope that the airlines would resume function once again in the future post the bid finalisation process by SBI and other lenders.

The Airlines is battling for survival and has yet to receive a loan of about Rs 1500 crore as part of a rescue deal with government-owned lenders.

An SBI-led consortium has taken over the airlines after chairman and founder Naresh Goyal stepped down from the Board on March 25.

Jet Airways is facing the worst financial crisis of its 25-year existence. The airline has grounded about half its fleet, cancelled flights, delayed salaries and defaulted on the loan and other payments.

 

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