Jet Airways stopped operating its airline business on 17 April, 2019. Several attempts were made by different bidders to salvage the situation, but none have been able to rescue the Airline so far.
The Airline’s 16,200 employees suffered a severe blow when it shut shop. While a few employees have been hired by rival airlines, the dire state of unemployment among the workers is grievous.
Yesterday the top brass of the Company also resigned and now the ship is going to face rocky weather, all alone without a captain.
Vinay Dube, CEO, Amit Agarwal, CFO and Rahul Taneja, CHRO have all called it quits. While the lenders continue to look for investors, there is no one at the top of the pyramid now.
Jet announced the resignation of Agarwal, but a pink daily reported in the afternoon that Dube and Taneja have also submitted their resignations.
Etihad Airways, which is one of Jet’s largest stakeholders, has always been keen to restart the business, but matters have not proceeded beyond discussions. Apparently Etihad gave a conditional bid but the funds were not enough to revive the loss-making Airline. It has been reported that the lenders of Jet as well as the representatives of Etihad have approached the Hinduja Group to invest in the Airlines and help it recover from its financial mess.
Meanwhile, the Company is being probed by the ED (executive directorate) and SFIO (Serious Fraud Investigation Office) of the Corporate Affairs Ministry.
Since Jet Airways’ whole-time director, Gaurang Shetty, and two independent directors have also resigned, the carrier is now left with no senior management.