03 Mar 2019
After resigning, Jet Airways founder makes heartfelt request to employees
Recently, Jet Airways' founder, Narendra Goyal, resigned as the chairman of the airline's board.
The cash-strapped airlines was close to acquire a rescue deal.
However, Etihad, a 24% stakeholder, was reluctant to grant interim funding of $99 million (Rs. 702cr) to Jet.
Given the situation, Goyal resigned and in his letter, made a heartfelt appeal to the employees for their "continued support."
Goyal wants employees to 'bear with him' a little longer
In his letter, Goyal said that he is filled with "nostalgia, pride and indescribable emotion."
"The deep emotion this has evoked leads me to appeal to each of you from my heart, to bear with me through this difficult situation a little longer, till we emerge out of turbulence and fiscal challenges, into clear blue skies," the 69-year-old founder added.
'I'm prepared to make sacrifice to ensure your future comfort'
"Towards this, I commit to you personally from my heart, that I'm prepared to make any sacrifice to ensure your future comfort and prosperity, viability of the airline and in fact, welfare of all the employees," Goyal wrote.
He further explained how the Board of Directors of Jet passed the Bank Led Provisional Resolution Plan (BLPRP) unanimously in a meeting on February 14.
Goyal says shareholders unanimously approved conversion of debt to equity
"The BLPRP is very critical to the long-term viability of Jet Airways and would provide in due course, a funding package," Goyal wrote.
"On February 21, at the Extraordinary General Meeting, our Shareholders unanimously approved enabling resolutions which allow for the conversion of debt to equity and the appointment of nominee Directors by the consortium of Indian lenders, among other such provisions," he added.
Goyal thanks employees for their support 'despite being unpaid'
Goyal further said some remaining approval processes are "well underway," adding that he was personally working on the situation.
He said that he was grateful for all the stress the employees went through, "despite salaries unpaid."
He made a personal request to each employee to continue their support a little longer "so that we can cross the line together."
Goyal feels situation will ease up by March 18
"I solemnly assure you to keep you updated when our CEO, Vinay Dube, and his team will ensure a fresh-detailed update to be provided..by the 18th of this month, by which time I'm confident of the situation gently easing up in our favor," Goyal wrote.