Jet Airways CFO and deputy CEO Amit Agarwal quits company

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The lenders, whom Jet Airways owe over Rs 8,000 crore in debt, are offering 31.2 per cent-75 per cent stake in the company on a fully diluted basis.

Shares of Jet Airways Ltd. fell as much as 11.4 percent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

Among its conditions, Etihad Airways, which owns about 24% stake in Jet, wants an exemption from an open offer that may be triggered by a change in ownership structure of Jet Airways. Given its massive debt, the airline is expected to fly only with an infusion of about Rs 15,000 crore. Agarwal's resignation was effective May 13, the company said.

Agarwal resigned due to personal reasons and his resignation is with effect from Monday, the airline said in a statement. It stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying. Dube was the public face of the revival attempts.

Colleagues said Dube and his team tried hard to pull the airline through in its last days before being grounded, keeping angry creditors at bay and encouraging employees to not lose faith in their company.

Jet Airways CEO Vinay Dube speaks at an aviation conference in Mumbai, India, January 16, 2019.

Before joining Jet, he was senior VP (Asia Pacific) at Delta.

Thereafter, a team led by Taneja engaged with companies in India and overseas to facilitate alternative employment for Jet. He has over 25 years of experience in diverse industry sectors and has worked in HR leadership positions across leading Indian and global companies. Former Chief Election Commissioner Nasim Zaidi resigned from his position as Non-Executive and Non-Independent Director on the airline's board citing personal reasons and time constraints. Of these, nearly 480 slots have been given to other airlines with SpiceJet getting 130, IndiGo 125, Vistara 110, GoAir and AirAsia India 40 to 45 slots each. Meanwhile, the suspension of operations by Jet left over 750 slots vacant at Indian airports.

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